CBN丨China’s central bank cuts short-term borrowing cost 天天微動態

Hi everyone. I’m Stephanie LI.

大家好，我是主持人李瑩亮。

Coming up on today’s program.

【資料圖】

重點提要 

China’s central bank cuts short-term borrowing cost for first time since August;

Chinese PV company executive held by German police was assisting with investigation, said industry association.

Here’s what you need to know about China in the past 24 hours 

中國經濟要聞

China’s central bank lowered a short-term lending rate for the first time in 10 months on Tuesday, in a bid to restore market confidence and prop up post-pandemic recovery in the world’s second-largest economy.

The People’s Bank of China (PBOC) cut its seven-day reverse repo rate by 10 basis points to 1.9 percent from 2 percent on Tuesday, when it injected 2 billion yuan ($279.97 million) through the short-term bond instrument.

The yuan eased to 7.1646 per dollar after the rate decision, the weakest since Nov. 29, 2022, while yields on China's benchmark 10-year government bonds fell to a fresh seven-and-a-half month low.

This comes after major commercial banks lowered deposit rates yesterday following a coordinated move by state-owned banks last week, and PBOC governor Yi Gang also mentioned strengthening counter-cyclical adjustment recently.

The cut in short-term lending rate is usually seen as a signal of possible easing for longer-term rates over the next week and beyond as demand and investor sentiment weaken, adding to the case for policy stimulus to sustain growth. 

The next adjustment to rates could come as soon as Thursday, when the central bank is due to roll over 200 billion yuan ($27.93 billion) in medium-term lending facility (MLF) loans.

Separately, markets expect benchmark lending loan prime rate (LPR), which is used to set consumer loan and mortgage rates, could be lowered by the same margin at the monthly fixing next Tuesday.

6月13日，中國人民銀行發布公告稱，為維護銀行體系流動性合理充裕，以利率招標方式開展了20億元7天期逆回購操作，中標利率下降10個基點至1.90%，為去年8月中旬以來首次下調。

受此影響，人民幣匯率快速走低。美元兌離岸人民幣快速刺穿7.1700元關口，其跌幅一度擴大至200點以上。

繼國有六大行后，6月12日，部分全國性股份行宣布下調人民幣存款利率。此前，平安銀行、桂林銀行、四川天府銀行等多家銀行也宣布將從5月15日起下調通知存款和協定存款的利率，降幅在20bps到55bps之間。

分析認為，本次央行下調政策利率背后有兩個原因，一是二季度以來經濟修復力度穩中偏弱，樓市也再現低迷，需要穩增長政策適時發力。政策利率下調疊加近期銀行存款利率調降，將有效帶動企業和居民實際貸款利率下行，進而刺激信貸需求，推動消費和投資提速。二個是近期物價水平明顯偏低，這為下調政策利率提供了空間。 

市場認為，此次利率下調，傳遞出政策利率有松動的信號。考慮到政策利率體系聯動調整的一般規律，在短端政策利率下調后，中端政策利率（MLF操作利率）也會跟進下調。與此同時，鑒于MLF操作利率是LPR報價的定價基礎，若本周四公布的6月MLF操作利率下調，20日LPR報價也將跟進下調。

Next on industry and company news

產業及公司新聞

One senior executive of a Chinese photovoltaic enterprise was forcibly taken away in Germany by authorities on Monday, and the incident happened after PV executives flew to Germany to participate in Intersolar Europe, the world's largest solar technology exhibition, which will take place in Munich from Wednesday to Friday, media reported late Monday. The China Photovoltaic Industry Association (CPIA) on Tuesday issued an urgent clarification addressing the incident, saying that person in concern was only assisting in the investigation and has now returned to their hotel, stressing only one person was involved.

光伏行業協會回應“企業高管慕尼黑被帶走調查”：6月12日，中國光伏企業一位高管在德國慕尼黑機場被德國有關部門帶走一事，在光伏行業內外引起廣泛關注。6月13日凌晨，中國光伏行業協會緊急回應表示，關于媒體報道的中國光伏從業者參加德國慕尼黑國際太陽能技術博覽會時被帶走調查一事，得到消息后協會高度重視。經了解，當事人只是協助調查，目前已回到酒店。這次協助調查的只有其一人，不涉及網傳的多家中國光伏企業，也沒有出現多名人員協助調查的情況。

Chinese electric car battery giant CATL has launched a new battery-swap solution for heavy-duty trucks which only take a few minutes to exchange a battery, less than the time needed to fully refuel a heavy-duty vehicle. “Qiji Energy” comprises a cloud platform that connects battery swap station operators, transporters, truck drivers and asset holders, helping logistics firms plan truck routes and better manage their vehicles and drivers, allows truck drivers to book a battery exchange with one click and enables battery-swap stations to improve efficiency, CATL said yesterday. The service can cut the costs of operating a truck that drives around 200,000 kilometers a year by between 30,000 yuan and 60,000 yuan each year, it added.

寧德時代發布重卡“騏驥換電”：6月12日，寧德時代發布了自研一站式重卡底盤換電解決方案——騏驥換電。據悉，整個換電過程僅需幾分鐘，與燃油卡車加油速度相當。此次的電動重卡換電方案由三部分構成，即騏驥換電塊、騏驥換電站、騏驥云平臺。騏驥換電塊采用寧德時代第三代磷酸鐵鋰電池，騏驥換電站采用了自適應無級調節技術，可實現不同車型、不同品牌的一站通換，騏驥云平臺全場景則通過車、站、電池的信息交互，將數據聚合成騏驥云，并通過大數據計算實現資產監控、智能調度、預約換電、路線規劃等功能。寧德時代表示，在車電分離模式下，每年每臺卡車還可節省3-6萬元的用車成本。

Huawei Technologies has gained over half of the procurement of China's largest fifth-generation wireless base station tender this year organized by China Mobile. The telecoms giant scored over 50 percent of the total of the major mobile network operator's centralized procurement program in 2023, media reported yesterday. ZTE was the second-biggest winner in the bidding, followed by others, including Datang Mobile Communications Equipment, Ericsson, and Nokia Shanghai Bell.

華為中標中移動5G基站集采過半份額：今年以來最大規模的5G基站招標結果出爐，近日，中國移動公示了2023年至2024年5G無線主設備集中采購項目的中標候選人。華為在所有項目標包中的份額均超過50%，中興通訊緊隨其后，中標份額在23.35%-37.33%不等，愛立信、諾基亞貝爾、大唐移動也均有斬獲。

China Baowu Steel Group, the world's largest steelmaker by sales, and international mining giant Rio Tinto signed a memorandum of understanding to expand the scope of their cooperation to help decarbonize the steel value chain. The pair will promote a range of industry-leading projects to research, build, and demonstrate a pilot electric melter at one of Baowu's steel mills in China to enable low-carbon steel making, optimize pelletization technology for Australian ores, expand the development of Baowu's hydrogen-enriched carbon cycle and oxygen furnace technology that can mitigate carbon emissions, and study opportunities for producing low-carbon iron in western Australia, Rio Tinto announced yesterday, citing the MOU signed in Shanghai on the same day.

全球兩大鋼鐵巨頭拓寬鋼鐵合作：力拓集團（Rio Tinto）消息，6月12日，全球最大的鐵礦石生產商力拓集團與全球最大鋼企中國寶武在上海簽署了一份合作備忘錄。據悉，雙方將在中國和澳大利亞共同探索一系列行業領先的新項目，旨在助力鋼鐵行業價值鏈實現脫碳。據悉，此次雙方合作項目包括，在寶武集團的鋼廠研究、建造并示范一個實驗規模電熔分爐，實現中低品位礦石生產的直接還原鐵（DRI）技術用于低碳鋼鐵生產；優化澳大利亞礦石生產球團技術，為其作為低碳豎爐生產直接還原鐵的原料提供支持；擴大寶武集團富氫碳循環氧氣高爐（HyCROF）技術的開發，該技術可將高爐工藝產生的二氧化碳排放量大幅減少；共同研究在西澳大利亞生產綠色低碳煉鐵的機會。

Saudi Arabia has signed deals worth billions of dollars with China to collaborate in the development of electric vehicles and microchips. Saudi's Ministry of Investment signed a US$5.6 billion deal with Chinese electric car maker Human Horizons to collaborate on the development, manufacture, and sale of vehicles, according to its official media. The agreement accounts for more than half of the more than US$10 billion in investments signed on the first day of an Arab-China business conference in Riyadh on Sunday, in sectors spanning technology, renewable energy, agriculture, real estate, metals, tourism, and healthcare among others.

沙特56億美元投資中國造車新勢力：據當地媒體報道，6月11日在利雅得舉行的中阿合作論壇第十屆企業家大會上，沙特投資部與華人運通簽署了一項價值210億沙特里亞爾（約合56億美元）的協議，將成立從事汽車研發、制造與銷售的合資企業，目標之一是促進國內電動汽車制造業發展。據了解，當天沙特與中國共簽署超過100億美元的投資協議，涉及技術、可再生能源、農業、房地產、金屬、旅游和醫療保健等領域，其中沙特與華人運通簽署的協議占了投資總額的一半。 

Chinese online travel agency Trip.com yesterday said that global bookings on its site from June to August jumped 170 percent from a year ago, surpassing pre-pandemic levels. Bookings by Asian users surged 356 percent, mainly due to China's reopening, while bookings in Europe grew 72 percent. However, short-distance flights still dominated, accounting for 44 percent of total bookings in Asia and 67 percent in Europe, indicating that long-distance trips might take longer to recover.

攜程夏季國際旅游預訂量大增：攜程12日發布新聞稿表示，攜程的夏季國際旅游預訂量較去年同期增長170%，并已超越2019年水平，其中以短途地區旅游為熱門之選。攜程數據顯示，受亞太區放寬旅游限制帶動，今夏亞洲的預訂量按年激增356%，歐洲市場亦按年上升72%。短途航班的預訂量分別占亞洲及歐洲總預訂量的44%及67%。

Switching gears to financial news

金融市場消息

China has invested 7.3 billion yuan this year to support programs that provide work for people in need as a form of relief, the National Development and Reform Commission said Monday. The investment, which was jointly issued with the Ministry of Finance, accounted for more than 90 percent of the planned investment scale of 2023. It will be used to support more than 2,000 small and medium-sized rural infrastructure projects in more than 20 provincial-level regions in central and western China. It is estimated that more than 2 billion yuan of labor remuneration will be paid, driving more than 200,000 people in need to participate in construction projects, and raise their average income by about 10,000 yuan.

國家發改委下達以工代賑中央投資73億元：據國家發改委12日消息，今年以來，國家發展改革委已聯合財政部分批下達2023年以工代賑中央專項投資73億元，占年度擬下達投資規模的90%以上，支持中西部20余個省份實施2000余個農村中小型基礎設施建設項目。項目實施后，預計發放勞務報酬20余億元，吸納帶動20多萬困難群眾參與工程項目建設，人均增收1萬元左右。

Pakistan paid for its first government-to-government import of Russian crude oil with Chinese currency, the country's petroleum minister said on Monday. The purchase, which is the first government-to-government deal made in April between Pakistan and Russia, consisted of 100,000 tons, according to Pakistan's petroleum minister Musadik Malik.  

巴基斯坦首用人民幣支付俄羅斯原油：據外媒6月12日報道，巴基斯坦石油部長穆薩迪克·馬利克表示，巴基斯坦首次用人民幣支付了首批俄羅斯原油。這標志著，巴基斯坦以美元為主的出口支付政策發生重大轉變。馬利克證實，巴基斯坦購買的首批俄羅斯折扣原油已經到貨，款項是用人民幣結算的。根據雙方協議，巴基斯坦今年4月首次采購10萬噸俄羅斯原油，其中第一批約4.5萬噸，于6月11日抵達巴基斯坦卡拉奇港口。

Wrapping up with a quick look at the stock market

股市收盤情況

Chinese stocks closed with healthy gains on Tuesday, as the benchmark Shanghai Composite rose 0.2 percent and the Shenzhen Component climbed 0.8 percent. Hong Kong’s Hang Seng index also added 0.6 percent and the TECH index jumped 2.4 percent.

A股反彈港股續漲：周二A股大盤全天震蕩反彈，三大指數均小幅上漲。截至收盤，滬指漲0.15%，深成指漲0.76%，創業板指漲0.68%。滬深兩市全天成交額合計9423億元，北向資金全天小幅凈賣出2.31億元，連續3日凈賣出。港股震蕩上漲，恒生指數收漲0.6%，恒生科技指數漲2.37%。

Biz Word of the Day

財經詞匯劃重點

A reverse repois a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

逆回購為央行向市場上投放流動性的操作，是指資金融出方將資金融給資金融入方，收取有價證券作為質押，并在未來收回本息，并解除有價證券質押的交易行為。 

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI 

Sound Editor: Stephanie LI

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

Presented by SFC

編委:  于曉娜

策劃、編輯：李艷霞 

播音：李瑩亮

撰稿：李瑩亮

音頻制作：李瑩亮

設計：鄭文靜、廖苑妮

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