MNI China Daily Summary: Tuesday, Nov 25

EXCLUSIVE: China’s primary energy consumption is expected to peak in around 2030 at about 6.8-7.1 billion tonnes of standard coal equivalent, up from 5.96 billion tonnes in 2024, with the share of electricity in total energy use rising from 19.8% to 25%, driven partly by AI-related demand, a government energy policy advisor told MNI.

POLICY: U.S. President Donald Trump said on Truth Social that he has agreed to visit Beijing in April and has invited Chinese President Xi Jinping for a state visit later next year, following a phone call between the two leaders.

POLICY: China’s total installed power generation capacity reached 3.75 billion kilowatts by the end of October, an increase of 17.3% year-on-year, slightly slower than the 17.5% increase during the first nine months, the National Energy Administration announced.

LIQUIDITY: The People's Bank of China (PBOC) conducted CNY302.1 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net drain of CNY105.4 billion after offsetting maturities of CNY407.5 billion today, according to Wind Information.

RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.4541% from the previous 1.4703%, Wind Information showed. The overnight repo average decreased to 1.3180% from 1.3187%.

YUAN: The currency strengthened to 7.0938 against the dollar from the previous 7.1056. The PBOC set the dollar-yuan central parity rate lower at 7.0826, compared with 7.0847 set on Monday. The fixing was estimated at 7.1047 by Bloomberg survey today.

BONDS: The yield on 10-year China Government Bonds was last at 1.7875%, up from the close of 1.7850% on Monday, according to chinamoney.com.cn.

STOCKS: The Shanghai Composite Index was up 0.87% to 3,870.02, while the CSI300 index rallied 0.95% to 4,490.40. The Hang Seng Index rose 0.69% to 25,894.55.

FROM THE PRESS: China and the U.S. should keep up the momentum in ties and continue to move forward on the basis of equality, respect and mutual benefit, Chinese President Xi Jinping said during a phone call with U.S. President Donald Trump on Monday, according to Xinhua reporting. Xi said that the two sides should lengthen the list of areas for cooperation and shorten the list of problems, in order to make further progress and create new space for China-U.S. cooperation. Trump fully shares Xi's comments about the two countries' relationship, and added that both sides are implementing all elements of what the two leaders agreed in Busan, according to Xinhua.

The People’s Bank of China is expected to continue injecting medium-term liquidity through outright reverse repos and the medium-term lending facility, following four consecutive months each with CNY600 billion in net monthly injections, Yicai reported, citing Golden Credit Rating analyst Wang Qing. However, Wang said the scale of these injections may decline from recent highs as policymakers prepare a new round of measures to stabilise growth toward the end of the year. He added that a reserve requirement ratio cut could help ensure a strong start to 2026 and support liquidity needs around the Spring Festival.

The total transaction volume of new and second-hand homes in 30 key cities remained at 274 million square meters in the first 10 months of 2025, almost unchanged from the same period the previous year, indicating stabilisation in the market, Securities Daily reported, citing China Real Estate Information Corporation data. New and second-hand homes sold in the four first-tier cities — Shenzhen, Beijing, Shanghai and Guangzhou — increased by 12%, 7%, 6% and 2% year-on-year, respectively. E-House China Research and Development Institute vice president Yan Yuejin said that overall housing demand remains stable, with residents still willing to buy homes.