SIMSEK says the government will take additional measures in funding markets.

The PBOC said China has no need and no intention to devalue the RMB to secure a trade competitiveness edge. It noted a structural decline in Chinese trade’s sensitivity to exchange-rate moves and reiterated China has not pursued competitive devaluations during past external shocks. During the 1990s Asian financial crisis and the 2008 global financial crisis the RMB was kept broadly stable. Faced with recent trade tensions and sharp Fed tightening that pressured non-dollar currencies, the central bank said it has used macroprudential measures to prevent an overshoot in RMB depreciation.

China Index Academy 100-city index: average new-home price 17,285 yuan/sqm in September, MoM +0.17%, YoY +2.12%; 25 cities MoM up, 66 down, 9 flat. Secondhand average 12,452 yuan/sqm, MoM -0.60% (down 15bp vs prior month); 3 cities MoM up, 97 down; Shanghai MoM turned positive at +0.11%. Secondhand prices YoY -6.94%. 50-city average residential rent 33.97 yuan/sqm/month, MoM -0.17%; 9 cities up, 39 down, 2 flat; rents YoY -2.23%.