CBN丨China’s central bank cuts short-term borrowing cost 天天微动态

Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

Coming up on today’s program.

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重点提要 

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 

中国经济要闻

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，中国人民银行发布公告称，为维护银行体系流动性合理充裕，以利率招标方式开展了20亿元7天期逆回购操作，中标利率下降10个基点至1.90%，为去年8月中旬以来首次下调。

受此影响，人民币汇率快速走低。美元兑离岸人民币快速刺穿7.1700元关口，其跌幅一度扩大至200点以上。

继国有六大行后，6月12日，部分全国性股份行宣布下调人民币存款利率。此前，平安银行、桂林银行、四川天府银行等多家银行也宣布将从5月15日起下调通知存款和协定存款的利率，降幅在20bps到55bps之间。

分析认为，本次央行下调政策利率背后有两个原因，一是二季度以来经济修复力度稳中偏弱，楼市也再现低迷，需要稳增长政策适时发力。政策利率下调叠加近期银行存款利率调降，将有效带动企业和居民实际贷款利率下行，进而刺激信贷需求，推动消费和投资提速。二个是近期物价水平明显偏低，这为下调政策利率提供了空间。 

市场认为，此次利率下调，传递出政策利率有松动的信号。考虑到政策利率体系联动调整的一般规律，在短端政策利率下调后，中端政策利率（MLF操作利率）也会跟进下调。与此同时，鉴于MLF操作利率是LPR报价的定价基础，若本周四公布的6月MLF操作利率下调，20日LPR报价也将跟进下调。

Next on industry and company news

产业及公司新闻

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.

光伏行业协会回应“企业高管慕尼黑被带走调查”：6月12日，中国光伏企业一位高管在德国慕尼黑机场被德国有关部门带走一事，在光伏行业内外引起广泛关注。6月13日凌晨，中国光伏行业协会紧急回应表示，关于媒体报道的中国光伏从业者参加德国慕尼黑国际太阳能技术博览会时被带走调查一事，得到消息后协会高度重视。经了解，当事人只是协助调查，目前已回到酒店。这次协助调查的只有其一人，不涉及网传的多家中国光伏企业，也没有出现多名人员协助调查的情况。

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.

宁德时代发布重卡“骐骥换电”：6月12日，宁德时代发布了自研一站式重卡底盘换电解决方案——骐骥换电。据悉，整个换电过程仅需几分钟，与燃油卡车加油速度相当。此次的电动重卡换电方案由三部分构成，即骐骥换电块、骐骥换电站、骐骥云平台。骐骥换电块采用宁德时代第三代磷酸铁锂电池，骐骥换电站采用了自适应无级调节技术，可实现不同车型、不同品牌的一站通换，骐骥云平台全场景则通过车、站、电池的信息交互，将数据聚合成骐骥云，并通过大数据计算实现资产监控、智能调度、预约换电、路线规划等功能。宁德时代表示，在车电分离模式下，每年每台卡车还可节省3-6万元的用车成本。

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.

华为中标中移动5G基站集采过半份额：今年以来最大规模的5G基站招标结果出炉，近日，中国移动公示了2023年至2024年5G无线主设备集中采购项目的中标候选人。华为在所有项目标包中的份额均超过50%，中兴通讯紧随其后，中标份额在23.35%-37.33%不等，爱立信、诺基亚贝尔、大唐移动也均有斩获。

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.

全球两大钢铁巨头拓宽钢铁合作：力拓集团（Rio Tinto）消息，6月12日，全球最大的铁矿石生产商力拓集团与全球最大钢企中国宝武在上海签署了一份合作备忘录。据悉，双方将在中国和澳大利亚共同探索一系列行业领先的新项目，旨在助力钢铁行业价值链实现脱碳。据悉，此次双方合作项目包括，在宝武集团的钢厂研究、建造并示范一个实验规模电熔分炉，实现中低品位矿石生产的直接还原铁（DRI）技术用于低碳钢铁生产；优化澳大利亚矿石生产球团技术，为其作为低碳竖炉生产直接还原铁的原料提供支持；扩大宝武集团富氢碳循环氧气高炉（HyCROF）技术的开发，该技术可将高炉工艺产生的二氧化碳排放量大幅减少；共同研究在西澳大利亚生产绿色低碳炼铁的机会。

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56亿美元投资中国造车新势力：据当地媒体报道，6月11日在利雅得举行的中阿合作论坛第十届企业家大会上，沙特投资部与华人运通签署了一项价值210亿沙特里亚尔（约合56亿美元）的协议，将成立从事汽车研发、制造与销售的合资企业，目标之一是促进国内电动汽车制造业发展。据了解，当天沙特与中国共签署超过100亿美元的投资协议，涉及技术、可再生能源、农业、房地产、金属、旅游和医疗保健等领域，其中沙特与华人运通签署的协议占了投资总额的一半。 

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.

携程夏季国际旅游预订量大增：携程12日发布新闻稿表示，携程的夏季国际旅游预订量较去年同期增长170%，并已超越2019年水平，其中以短途地区旅游为热门之选。携程数据显示，受亚太区放宽旅游限制带动，今夏亚洲的预订量按年激增356%，欧洲市场亦按年上升72%。短途航班的预订量分别占亚洲及欧洲总预订量的44%及67%。

Switching gears to financial news

金融市场消息

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.

国家发改委下达以工代赈中央投资73亿元：据国家发改委12日消息，今年以来，国家发展改革委已联合财政部分批下达2023年以工代赈中央专项投资73亿元，占年度拟下达投资规模的90%以上，支持中西部20余个省份实施2000余个农村中小型基础设施建设项目。项目实施后，预计发放劳务报酬20余亿元，吸纳带动20多万困难群众参与工程项目建设，人均增收1万元左右。

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.  

巴基斯坦首用人民币支付俄罗斯原油：据外媒6月12日报道，巴基斯坦石油部长穆萨迪克·马利克表示，巴基斯坦首次用人民币支付了首批俄罗斯原油。这标志着，巴基斯坦以美元为主的出口支付政策发生重大转变。马利克证实，巴基斯坦购买的首批俄罗斯折扣原油已经到货，款项是用人民币结算的。根据双方协议，巴基斯坦今年4月首次采购10万吨俄罗斯原油，其中第一批约4.5万吨，于6月11日抵达巴基斯坦卡拉奇港口。

Wrapping up with a quick look at the stock market

股市收盘情况

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股反弹港股续涨：周二A股大盘全天震荡反弹，三大指数均小幅上涨。截至收盘，沪指涨0.15%，深成指涨0.76%，创业板指涨0.68%。沪深两市全天成交额合计9423亿元，北向资金全天小幅净卖出2.31亿元，连续3日净卖出。港股震荡上涨，恒生指数收涨0.6%，恒生科技指数涨2.37%。

Biz Word of the Day

财经词汇划重点

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.

逆回购为央行向市场上投放流动性的操作，是指资金融出方将资金融给资金融入方，收取有价证券作为质押，并在未来收回本息，并解除有价证券质押的交易行为。 

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

编委:  于晓娜

策划、编辑：李艳霞 

播音：李莹亮

撰稿：李莹亮

音频制作：李莹亮

设计：郑文静、廖苑妮

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