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China Press/Corporate Summary Ahead of Open   
Wed, 27 May 09:29 PM EST/02:29 AM GMT
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Following Haitong International and GF Securities, more brokerages in China tightened margin lending rules. Four companies, Changjiang Securities (000783.CN), Guosen Securities (002736.CN) and Southwest Securities (600369.CN) and China Merchants Securities (600999.CN) announced to raise margin deposit ratio by 10-20% amid Shanghai Composite reached 7.5 year high and total margin debt exceeded record CNY2T.

PBoC said in its annual report that China GDP will maintain at official target of "around 7.0%" and stay within reasonable range. Other key takeaways include M2 growth this year will be 12% y/y, which comes in line with official target. Domestic price expectations are unstable with price likely to remain at low levels. PBoC also reiterated to keep prudent monetary policy despite increasing downward pressure on the economy. Governor Zhou also emphasized the bottom line to prevent from systematic risks in financial sector.

China banking regulator head Shang Fulin recently allowed developers to extend the maturities on construction loans. He also warned the rising risk from real estate finance and saw rapid growth of banks' bad loans would continue for a while. Analysts see the extension could help developers to relieve financing risk signaling government's sustained support for property market as housing recovery in Tier-1 cities could spread to smaller cities.

NDRC eased requirements on corporate bond issues overnight to support the economy. The authorities encourage corporates to issue bonds to fund key projects in industries and under public-private partnership (PPP) mode.

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