CBN丨PBOC to keep policy supportive for China economy

2022年06月28日 20:45   21世纪经济报道 21财经APP   李莹亮
三分钟音频,中英文带你速览中国经济头条。

Hi everyone. I’m Stephanie LI.

大家好,我是主持人李莹亮。

Coming up on today’s program.

重点提要 

  • PBOC's governor pledged to accommodate monetary policy to support economic recovery;

  • China changes Covid-19 quarantine rules in first step towards easing border controls.

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

中国经济要闻

The People’s Bank of China (PBOC) pledged to maintain a supportive monetary policy to aid the economy’s recovery from Covid outbreaks and other stresses. 

"This year, we face some downward pressures of growth due to Covid-19 and external shocks, and the monetary policy will continue to be accommodative to support economic recovery in an aggregate sense," PBOC’s governor Yi Gang said in an interview on Monday.

The central bank’s “high priorities” are to maintain stable prices and maximise employment, Yi said. It will also continue to focus on structural policies such as those supporting small businesses and green projects, he said.

Growth of broad money M2 and total social finance is in line with the nominal GDP growth rate, and provides ample liquidity and support to small- and medium-sized enterprises with the purpose of maximizing employment, Yi said.

China’s “real interest rate is pretty low” after taking inflation into account, Yi said, adding that the inflation outlook is stable, with consumer prices rising 2.1 percent in May and producer prices increasing 6.4 percent. In China, interest rates are determined by market supply and demand, and the central bank guides market interest rates with monetary policy instruments.

Recent data suggested activity in the world's second-largest economy is beginning to recover in some sectors after widespread Covid-19 lockdowns in April and early May, but headwinds persist.

The PBOC has pledged to step up support for the slowing economy, but analysts say the room to ease policy could be limited by worries about capital outflows, as the US Federal Reserve raises interest rates.

In response to a question about the yuan’s recent depreciation, he said China has a flexible and market-determined exchange rate system using a basket of currencies as reference. The yuan has strengthened against the US dollar by 25 percent over the past two decades and even more in real terms, he said.

To tackle global warming, China has pledged to bring its emissions to a peak before 2030 and to become carbon neutral by 2060. Yi said China’s outstanding green loans exceeded 18 trillion yuan as of March, while outstanding green bonds reached about 1.3 trillion yuan.

The country will promote its climate information disclosure and guard against various "moral hazards", such as green-washing, low-cost fund arbitrage, and green project fraud, the governor said. 

在5月20日五年期以上LPR降低15BP后,货币政策方面已无重大操作。同时近期美国通胀创出新高,美联储加息步伐加快,市场高度关注中国货币的操作。

6月27日晚间,人民银行行长易纲在接受媒体采访时表示,今年以来,受疫情和外部冲击等影响,中国经济面临一定下行压力。货币政策将继续从总量上发力以支持经济复苏。同时,我们也会强调用好支持中小企业和绿色转型等结构性货币政策工具。

总量型的货币政策工具主要是利率及存准率,当前仍有空间。近期,高层公开讲话也多次表示,前期中国没有超发货币,为应对新挑战灵活实施货币政策留下空间。

同时,人民银行也会强调用好支持中小企业和绿色转型等结构性货币政策工具。易纲表示,中国的货币政策一直是与支持实体经济发展相适应的。广义货币M2和社会融资增速与名义GDP增速基本匹配,保持流动性合理充裕,支持中小企业发展以实现就业最大化目标。

易纲强调,中国利率形成机制是由市场供求决定的,中央银行通过运用货币政策工具引导市场利率。目前定期存款利率约1%至2%,银行贷款利率约4%至5%,同时债券和股票市场较为有效地运行。考虑到通胀水平,可以看出实际利率水平是相当低的,金融市场得以有效配置资源。

关于通胀,易刚表示,中国的通胀前景较为稳定,CPI同比增长2.1%,PPI同比增长6.4%。保持物价稳定和就业最大化是人民银行的工作重点。

汇率方面,据易纲介绍,我国实行的是灵活的、以市场供求为基础,参考一篮子货币进行调节的汇率制度。与20年前相比,人民币对美元汇率升值约25%,对一篮子货币的名义汇率升值约30%,实际汇率升值幅度更高。

而在推动国际绿色金融发展方面,易纲介绍,人民银行与各方一道,积极引导市场资金支持气候变化应对。包括联席牵头G20可持续金融工作组;与欧方推进绿色金融分类标准趋同取得阶段性成果;以绿色金融打造绿色“一带一路”等。下一步,人民银行将继续通过多双边平台推动绿色金融国际合作。

  • The State Administration for Market Regulation, China's top market watchdog, raised the revenue bar for declaring a "concentration of operators" in a revised draft, after another five draft rules and provisions related to anti-monopoly practices were opened to public comment on Monday. According to the draft, China will raise the bar for companies to declare such behaviour, from the current 10 billion yuan and 2 billion yuan to 12 billion yuan and 4 billion yuan, respectively, in terms of global and China turnover.

    新反垄断法多部配套法征求意见:6月27日, 国家市场监督管理总局公布了6部反垄断法配套法规征求意见稿及起草说明,其中包括《国务院关于经营者集中申报标准的规定(修订草案征求意见稿)》和《经营者集中审查规定(征求意见稿)》。主要内容包括提高营业额标准,对全球合计营业额、中国境内合计营业额和单方中国境内营业额的要求,由现行100亿元、20亿元和4亿元人民币分别提高到120亿元、40亿元和8亿元。

Update on COVID-19

疫情简报

  • China will halve its COVID-19 quarantine period for visitors from overseas to seven days, with a further three days spent at home, health authorities said on Tuesday, the first step towards easing its border restrictions. The change came in the National Health Commission's latest guideline on measures against the disease. The new playbook also stipulate standards and disease control measures for medium- and high-risk areas. 

    第九版新冠肺炎防控方案发布:6月28日,国家卫健委官微发布“关于印发新型冠状病毒肺炎防控方案(第九版)的通知及解读”,主要新调整包括将密切接触者、入境人员隔离管控时间从“14天集中隔离医学观察+7天居家健康监测”调整为“7天集中隔离医学观察+3天居家健康监测”;统一封管控区和中高风险区划定标准;加密风险职业人群核酸检测频次;优化区域核酸检测策略等。

Moving on to regional highlights

区域观察

  • The PBOC has effectively improved the level of connectivity in the financial markets of the Greater Bay Area, by exploring an array of innovative cross-border businesses such as the cross-border trade and investment pilot program, cross-boundary wealth management connect, and free trade (FT) pilot scheme, deputy chief of Guangzhou branch of the PBOC said Tuesday at a press conference on the opening up and development of the city’s Nansha district. By the end of May, over 7,000 FT accounts had been opened in Nansha Pilot Free Trade Zone, handling capital transactions worth over 1 trillion yuan. 

    南沙FT账户业务已超1万亿:6月28日广东省举行新闻发布会进一步介绍推进广州南沙建设深化面向世界的粤港澳全面合作的具体措施。中国人民银行广州分行副行长林平表示,人民银行广州分行探索开展了跨境贸易投资高水平开放试点、跨境人民币业务创新、“跨境理财通”、自由贸易(FT)账户试点等一系列跨境投融资创新业务,有力提升了粤港澳金融市场互联互通水平。截至2022年5月末,南沙自贸试验区开立FT账户7093个,办理资金业务折人民币超1万亿元。

  • Shanghai's foreign trade volume reached 1.5 trillion yuan in the first five months of 2022, a year-on-year decline of 14.7 percent due to an Omicron outbreak in early March that lasted till late May, media reported on Monday. 

    前5月上海进出口降2.8%:据上海市统计局27日消息,1-5月上海实现进出口总额15031.11亿元,比去年同期下降2.8%。

Next on industry and company news

产业及公司新闻

  • Shanghai Disney Resort said on Tuesday it would reopen the Disneyland theme park on June 30, a month after the Chinese economic hub lifted a two month-long COVID-19 lockdown. The theme park has been shut since March 21, when the resort closed its doors amid an uptick of cases in Shanghai. Related searches of “Disney” on online travel platforms saw a 6-fold surge today.  

    上海迪士尼官宣30日重开:6月28日,上海迪士尼乐园官宣重新开售门票,并将于6月30日正式开园,售票时间为6月29日早上7时。在携程、去哪儿、同程等旅行平台上,“迪士尼”相关即时访问量环比暴涨655%,搜索量冲到全国主题公园第一。

  • China announced on Tuesday that it will cut the price of retail oil in reaction to global markets, with the National Development Reform Commission (NDRC) saying that the price of gasoline and diesel will go down by 320 yuan and 310 yuan per tonne, respectively. Starting midnight tonight, private car owners would be able to save up to 12.5 yuan to fill up a 50L tank of 95# gasoline. 

    油价今晚将迎来下调:据国家发改委消息,新一轮成品油调价窗口将于今天(6月28日)24时开启。本次油价调整具体情况如下:国内汽、柴油价格每吨分别下降320元和310元。按一般油箱50L的容量估测,加满一箱92号汽油预计将少花11.5元;加满一箱95号汽油将少花12.5元。

  • Shares in Tianqi Lithium advanced as much as 4 percent today after China’s biggest lithium extractor said a unit will supply South Korean chemicals and electric car battery giant LG Chem with raw materials over a four-year period. The Shenzhen-listed lithium giant plans to debut in Hong Kong's stock market on July 13, looking to raise up to US$1.2 billion, which could be the largest listing in Hong Kong in recent years.

    天齐携手LG化学签订4年长单:6月27日晚间,千亿锂电巨头天齐锂业与LG化学签订氢氧化锂购销合同。公告称,全资子公司成都天齐锂业与LG化学签署合同,约定自2023年1月1日起至2026年12月31日,由成都天齐向LG化学销售单水氢氧化锂。天齐锂业周二一度大涨近4%,收涨2.18%。另据媒体24日报道,天齐锂业港股上市时间表敲定,预计7月13日正式登陆港股。

  • Chinese tech giant Tencent Holdings Group has reported a large-scale hacking operation to access users' QQ social media accounts via fake QR codes. The stolen accounts were used by a criminal gang to disseminate pornographic images and advertisements, the Shenzhen-based firm said in a statement on Weibo yesterday. On June 26, some QQ users reported that their accounts had been hacked. 

    腾讯回应QQ大规模盗号:6月27日,腾讯QQ通过微博发布消息称,6月26日晚上10点左右,收到部分用户反馈QQ号码被盗。QQ安全团队高度重视并立即展开调查,发现主要原因系用户扫描过不法分子伪造的游戏登录二维码并授权登录,该登录行为被黑产团伙劫持并记录,随后被不法分子利用发送不良图片广告。目前受影响范围已得到控制,受此事件影响的用户账号也于27日凌晨陆续恢复正常使用。

  • Miniso Group Holding, a Chinese budget retailer of lifestyle and household goods, has passed the hearing for a dual primary listing in Hong Kong, the bourse said Monday. The New York-listed retailer is considering a stock offering to raise up to US$100 million and is planning to start assessing investor demand as early as this week, media reported. Bank of America Securities, Haitong International Securities Group, and UBS Securities will be the joint sponsors. 

    名创优品通过港交所上市聆讯:继递交招股书三个月后,名创优品赴港二次上市有了新动态。6月27日晚间,据港交所文件,名创优品通过港交所上市聆讯。报道称,名创优品最快将于6月27日启动香港上市,拟筹资1亿美元。美银证券、海通国际、瑞银集团为联席保荐人。

Wrapping up with a quick look at the stock market

股市收盘情况

  • Chinese stocks closed higher on Tuesday, propelled by China’s decision to ease some quarantine requirements for international arrivals, supporting gains across the tourism and hospitality sectors. By the close, the benchmark Shanghai Composite edged up 0.89 percent and the Shenzhen Component gained 1.23 percent. Hong Kong’s Hang Seng index also climbed 0.85 percent. 

    周二A股小幅高走。截至收盘,沪指涨0.89%,深成指涨1.23%,创业板指涨0.35%。 景点旅游、酒店餐饮、汽车产业链板块涨幅居前,养殖业、培育钻石、饮料制造板块跌幅居前。港股恒生指数涨0.85%,恒生科技指数涨0.61%。

Biz Word of the Day

财经词汇划重点

  • Real economy refers to the part of a country's economy that produces goods and services, rather than the part that consists of financial services such as banks, stock markets, etc.

    实体经济,指一个国家生产的商品价值总量。是人通过思想使用工具在地球上创造的经济。包括物质的、精神的产品和服务的生产、流通等经济活动。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, JIA Yuxiao, ZENG Libin, XIE Kaishan

Sound Editor: ZENG Libin

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

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

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编委:  于晓娜

策划、编辑:李艳霞 

播音:李莹亮

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