NDRC Once Again Held a Conference to Stabilise Coal Prices

SHANGHAI, Feb 23 (SMM) – The Economic Operation Bureau of the National Development and Reform Commission held a video conference on stabilising coal prices on Tuesday.

PBOC’s net currency issuance stood at 90 billion yuan

The People’s Bank of China conducted a 7-day reverse repurchase operation of 100 billion yuan today, and the interest rate was 2.10%.

As today's 10 billion yuan 7-day reverse repurchase expired, a net investment of 90 billion yuan was realised.

Minister of Finance: 484.4 billion yuan of local special bonds were issued in January, accounting for 1/3 of the quota

Liukun, Minister of Finance, said at a press conference today that 1.46 trillion yuan of local government special bonds had been allocated in advance at the end of 2021, and 484.4 billion yuan was issued in January, accounting for 1/3 of the quota issued in advance. The bonds are all issued to key areas such as transportation, municipal administration, industrial park infrastructure, and affordable housing projects.

The local governments have reserved some funds at the end of last year for the issuance in 2022. There are many new projects under construction in various places, and quite a number of projects have used the funds from special bonds of local governments.

China to focus on expanding accurate and effective investment to ensure the stable operation of the industrial chain and supply chain

The National Development and Reform Commission and the Ministry of Industry and Information Technology held a system-wide teleconference on promoting the steady growth of the industrial economy.

The meeting called for the implementation of bailout policies such as fiscal taxation, financial credit, supply and price guarantees, to ensure that market players can enjoy policy dividends as soon as possible, so that enterprises can survive and operate better.

Efforts should be made to expand precise and effective investment, focusing on key areas with a wide range of radiation, a large pulling effect, and strong driving force for structure optimising. The government will rationally guide the flow of funds, continue to play a key role in investment, and strive to boost market confidence.

The government must pay close attention to key areas and key links, break through bottleneck constraints, cultivate the advantaged industries, and strive to create an independent, controllable, safe and reliable industrial chain.

It is necessary to further compact local responsibilities, refine and implement work requirements, and strive to achieve early risk detection, reporting, research, and disposal, to prevent the occurrence of accidents.

NDRC once again took action to stabilise coal prices

The Economic Operation Bureau of the National Development and Reform Commission held a video conference on stabilising coal prices on Tuesday. The participating units included the Shaanxi Provincial Development and Reform Commission, the Shaanxi Provincial Energy Administration, the Shanxi Provincial Energy Administration, the Inner Mongolia Energy Administration, Hebei Port Group, MySteel, etc. The meeting mainly focused on the current coal market price trends, research and regulation of coal market transactions, and stabilising coal prices.

The government is still taking measures to stabilise the prices and ensure the supply of coal, and the coal demand during the heating season is declining. Therefore, the coal prices are expected to be effectively controlled.

On February 9, the National Development and Reform Commission convened energy authorities and related companies in Shanxi, Shaanxi, Mongolia and other regions to hold a special meeting on stabilising coal prices. It also interviewed some companies with inflated prices.

After the news came out, the prices of the most-traded SHFE thermal coal contract dropped.