China’s gasoline, diesel prices set to decline
The most important and market-moving stories from the Chinese-language media
Domestic fuel prices are set to decline when the price adjustment window opens on Thursday, with gasoline falling US$53.75 a ton and diesel US$52.28 a ton, reported CCTV Finance on Wednesday evening. Gasoline with octane ratings of 90, 92 and 95 look set to drop to below 6 yuan per liter, or 88 US cents.
State-owned giants join debt-to-equity swaps
Shandong Energy Group, the state-owned conglomerate in Shandong province, signed a US$3.09 billion debt-to-equity swap with China Construction Bank, reported National Economic Daily. Shandong joins six other state-owned regional companies, including Yunnan Tin, Xiamen CCRE Group, and Guangzhou Traffic Investment Company, signing swap deals with the bank worth a total US$13.99 billion.
What’s next for China’s bond yields?
Analysts interviewed by Caixin differ on the direction of China bond yields, with some seeing a fall in 10 year bonds, others forecasting it may break 3%. The yield was at 2.8652% Wednesday evening, up 20 basis points from the end of October. For 30 year bonds , the yield stands at 3.3231%, up more than 20 basis points since October 21.
Gree scraps Yinlong bid; resumes trade Thursday
Gree Electric Appliances Inc. has scrapped a takeover bid for Zhuhai Yinlong following opposition from shareholders, and Gree shares will resume trading on Thursday, according to a statement by the company to the Shenzhen Stock Exchange on Wednesday evening cited by National Economic Daily.
Tetra Pak slapped with monopoly fine
Tetra Pak, the multinational food packaging and processing company, was fined US$98.37 million under domestic anti-monopoly laws, Xinhua reported.