CBN丨China cuts RRR for first time in 2023 to support recovery
Hi everyone. I’m Stephanie LI.
各人好，我是主持人李莹亮。
Coming up on today’s program.
重点概要
China cuts banks’ reserve ratio by 25 bps to boost banking liquidity and the economy;
Hong Kong implements new registration system today to have investors trade stocks under their real names.
中国经济要闻
China's central bank said on Friday it would cut the amount of cash that banks must hold as reserves for the first time this year to help keep liquidity ample and support a nascent economic recovery.
The People's Bank of China (PBOC) announced to cut the reserve requirement ratio (RRR) for financial institutions by 0.25 percentage points to 7.6 percent, effective March 27. It is expected to release about 530 billion yuan in long-term liquidity into the financial market.
The move is aimed at pushing the reasonable growth of the economic aggregate and effective improvement of economic quality, keeping the banking sector's liquidity at a reasonably sufficient level, and enhancing the level of policies serving the real economy, the PBOC said.
The surprise cut came after latest data showed a gradual recovery in the world's second largest economy in the first months, and stronger-than-expected credit expansion in February. China cut RRR twice in 2022, injecting more than 1 trillion yuan ($145 billion) of long-term liquidity into the markets.
Experts said that the central bank increased the scale of open market operations and medium-term lending facility operations since the beginning of this year, leading to net money supply and maintaining overall stable liquidity.
The timely RRR cut will play a positive role in guiding financial institutions to increase support for the real economy and lower financing costs, and help stabilize the property market by replenishing liquidity, meeting the financing needs of property developers and residents.
展开全文
Meanwhile, China's one-year loan prime rate (LPR), a market-based benchmark lending rate, came in at 3.65 percent Monday, unchanged from the previous month. The over-five-year LPR, on which many lenders base their mortgage rates, also remained the same reading of 4.3 percent.
出人意表，年内初次降准要来了。
3月17日，中国人民银行发布动静称，决定于2023年3月27日降低金融机构存款预备金率0.25个百分点（不含已施行5%存款预备金率的金融机构）。本次下调后，金融机构加权均匀存款预备金率约为7.6%。据央行相关数据测算，此次降准释放的活动性规模在5300亿元摆布。
和以往纷歧样，此次央行降准并未同步发布答记者问。但央行通知布告指出，降准的目标旨在鞭策经济实现量的有效提拔和量的合理增长，打好宏看政策组合拳，进步办事实体经济程度。可见，办事国内宏看大局仍是考虑能否降准的核心要求，而当前固然宏看经济已企稳上升，但仍需进一步勤奋。
那是央行第三次仅降准25bp，展现央行爱护保重货币政策空间的企图，后续构造性政策仍将是偏重点。当前降准有助于宏看经济进一步企稳上升，同时连结市场活动性合理丰裕。专家表达，此次降准意味着在当前物价形势不变的布景下，宏看政策的次要目标是鞭策GDP增速较快反弹。此中，降准是政策组合拳的一部门，其他还包罗继续加力促消费、短期内连结基建投资增速处于接近两位数的较快增长程度等。
国度统计局公布数据3月15日公布的数据展现，1-2月份，全国规模以上工业增加值同比增长2.4%，固定资产投资（不含农户）增长5.5%，增速均较往年12月加快；社会消费品零售总额同比增3.5%，由降转增；房地产开发投资降幅收窄至5.7%。同时，本次降准推出的布景是1、2月新增人民币贷款6.7万亿，同比多增1.5万亿。
机构阐发指出，本次降准，一方面是为银行间市场释放活动性。2023年1-2月信贷连结高增长，叠加一季度是政府存款季节性大月，资金流进央行，银行间活动性情况偏紧。另一方面，有利于助力经济平稳苏醒。2023年1-2月经济数据出炉，虽有边际改进，但经济仍存在修复的不确定性。经济的恢复性增长还需要政策的共同和宽松的货币情况。此外，预防金融机构活动性风险。近期美国、欧洲银行业呈现活动性危机，对储户自信心及全球市场情感形成了负面影响，金融机构的活动性引起重视，降准是对或有风险的提早提防。
周一公布的LPR按兵不动。20日中国人民银行受权全国银行间同业拆借中心公布，2023年3月20日贷款市场报价利率（LPR）为 ：1年期LPR为3.65%，5年期以上LPR为4.3%，即1年期和5年期均庇护稳定。
Moving on to regional highlights
区域看察
A train carrying cargo containers from Regional Comprehensive Economic Partnership (RCEP) member countries, including Laos, Vietnam and Japan, departed from Shenyang, Liaoning Province, on Saturday morning. The train marks the opening of a new international freight route for RCEP member countries through Shenyang to Europe via entrepot trade. With rich rail resources, the Chengtong Trade Port connects different logistics routes, such as China-Europe freight trains and the China-Laos Railway, which facilitates the collection and transportation of general trade goods, cross-border e-commerce goods, transit goods, and bonded goods at the same venue. RCEP国度与欧洲国度转口商业（沈阳）中欧班列首发：3月18日，RCEP国度与欧洲国度转口商业（沈阳）中欧班列在沈阳市沈北新区诚通商业港首发。那是辽宁省初次依托保税物流中心，以转口商业的体例，在沈阳集结越南、缅甸、老挝以及日本、韩国等RCEP国度的货物，通过中欧班列运输至欧洲国度。辽宁省商务厅厅长潘爽表达，此次转口商业开垦了东友邦家经沈阳到欧洲的国际货运新通道，实现了中老铁路和中欧班列的有效对接，势必为鞭策辽宁省对外商业高量量开展供给新动力。
The first batch of 1,780-kilogram oranges originated in Iran was imported to China by air via Shanghai Pudong International Airport on Saturday, Shanghai Customs said, and will soon be put on shelves for Chinese consumers while ensuring biosafety and food safety. China's General Administration of Customs (GAC) signed the first fruit import agreement with the Iranian authorities last year on allowing the import of Iranian oranges to China. 伊朗首批1780公斤脐橙上海进境：19日上海海关动静，日前，1780公斤脐橙由伊朗空运至上海浦东国际机场，标记着伊朗鲜食柑橘输华通道开启。往年8月，海关总署发布通知布告，正式容许契合相关要求的伊朗鲜食柑橘进口，包罗橙、桔和甜柠檬。
新任务，大将来
The investor identification regime system, commonly known as the "real-name system for Hong Kong stock market," comes into effect today. Investors who have not completed the registration of authorization can only sell, but not buy stocks from now on. Financial institutions are required to submit proof of their clients’ identity to the Hong Kong Stock Exchange to place, buy or sell orders, the Securities and Futures Commission (SFC) said earlier, adding that the implementation of the regimes will significantly enhance Hong Kong’s surveillance against market misconduct. Local brokerage firms said about 92 percent of customers have completed the real-name registration system, media reported Monday. “港股实名造”正式落地：3月20日，香港投资者识别码轨制正式推出。根据安放，投资者若未及时回复开户券商附和其转交小我身份信息的要求，后续其交易行为将遭到限造，只能卖出而不克不及买进股票。在新轨制下，相关券商须一一为现有参与港交所上市证券场表里交易的客户编配独一的券商客户编码。每个券商客户编码应与其客户的识别信息配对。机构表达，港股实名造落地后，过往“一人多户打新”的破绽将被堵上，从而进一步加强香港金融本钱市场投资者权益的庇护。
HSBC, Hong Kong’s biggest bank, will keep three branches open on weekends in hotspots frequented by tourists from Chinese mainland to attract more new account openings following a tourism influx after the border between the city and the mainland reopened in January, the bank announced Monday. 汇丰香港三家分行将试行一周七天营业：3月20日，据香港媒体报导，汇丰香港公布，自2月初香港全面撤销新冠疫情相关进境防控办法后，访港旅客人数继续增加，利用汇丰分行办事的海外港人或非当地居民大增。为共同新增需求，汇丰三家分行将试行在三家分行一礼拜七日营业。
财产及公司新闻
The seventh China Grand Awards for Industry were announced on Sunday, with 19 Chinese enterprises and 19 projects named as winners. The honored enterprises and projects have played leading roles in promoting innovation, transformation and low-carbon development in the industrial sector, according to the China Federation of Industrial Economics, the organizer of the event. Among this year's winers are battery producer CATL, home appliance giant Midea Group, and the Shanghai Academy of Spaceflight Technology. 第七届中国工业大奖评选揭晓：被誉为中国工业范畴更高奖项的“中国工业大奖“获奖名单19日公布，19家企业、19个项目获得中国工业大奖。兖矿能源集团股份有限公司、美的集团、宁德时代等19家企业，以及超深水大气田“深海一号”工程等19个项目获中国工业大奖。据介绍，相较往届，本届获奖企业和项目次要在科技立异、绿色低碳、村落复兴三方面获得打破和立异功效，彰显了我国企业在强链、补链、固链，加强财产链赐与链的韧性和平安程度方面的最新效果。
Kai-Fu Lee, chairman and chief executive of renowned Chinese venture capital firm Sinovation Ventures, intends to set up a new AI company called Project AI 2.0 to leapfrog the accumulated innovation that formed ChatGPT in the United States. Capital and computing power are getting gradually aligned for Project AI 2.0 and that includes global recruitment of top-notch talents in areas such as large language models, multimodal natural language processing, AI engineering and research, as well as distributed computing, and infrastructure, Lee said yesterday. 李开复公布筹组中文版ChatGPT公司：3月19日下战书4点半，立异工厂董事长兼CEO李开复在伴侣圈公布，正在亲身筹组Project AI 2.0，那是立异工厂塔尖孵化的第7家公司。李开复表达，Project AI 2.0将以中文版ChatGPT为核心手艺，连系多模态、NLP、AI算法工程与研究、散布式计算等范畴的优良人才和资本，打造一个可以与人对话互动、答复问题、协助创做、进步效率和智能化程度的大语言模子平台。李开复还透露，Project AI 2.0已经获得了立异工厂和其他出名投资机构的撑持，并已经拥有了足够的资金和算力。
财报速递
China Huarong Asset Management Co. Ltd. expects to post a net loss of about 27.6 billion yuan for 2022. The bad-debt manager cited factors including volatility in the capital market leading to declines in the value of some assets as contributing to the loss, according to a statement to the Hong Kong exchange Sunday. Huarong trimmed its losses by around 10.1 billion yuan in the second half of 2022, marking “positive momentum” compared to the first half, it said. 中国华融预亏276亿元：3月19日，中国华融在港交所发布通知布告称，经初步测算，集团2022年度回属于公司通俗股股东的净吃亏估量为人民币276亿元摆布。通知布告还展现，2022年下半年较上半年实现减亏101亿元摆布，构成了整体向好趋向。关于吃亏原因，中国华融在通知布告中给出了三大原因：一是受本钱市场颠簸影响，部门权益类金融资产公允价值估值下降构成较大浮亏。二是优化调整营业规划，收买重组类不良债权资产规模及收进阶段性削减。三是受宏看经济形势及房地产行业下行影响，信誉减值缺失计提增加。
金融市场动静
China's fiscal revenue dropped 1.2 percent year-on-year in the first two months of 2023, while its fiscal spending expanded 7 percent year-on-year, according to the Ministry of Finance. Of the total fiscal revenue, the central government collected about 2.18 trillion yuan in revenue, down 4.5 percent year-on-year, while local governments collected 2.39 trillion yuan, up 2 percent year-on-year. Tax revenue in the first two months went down 3.4 percent to stand at 3.94 trillion yuan, while non-tax revenue climbed 15.6 percent to reach 623 billion yuan. Meanwhile, spending on social security and employment climbed 9.8 percent year-on-year, while science and technology spending also rose 3.9 percent. 本年前两个月全国财务收进同比下降1.2%：3月17日财务部数据展现，本年前两个月，全国一般公共预算收进同比下降1.2%，全国政府性基金收进同比下降24%。扣除高基数等特殊因素影响后，本年前两个月全国一般公共预算收进增长2%摆布，财务收进开局总体平稳。全国税收收进39412亿元，同比下降3.4%；非税收进6230亿元，同比增长15.6%。本年前两个月，全国一般公共预算收入40898亿元，同比增长7%。收入增速明显高于收进增速，表现了积极财务政策发力。此中民生收入得到有力保障。
股市收盘情状
Chinese stocks edged slightly lower as Friday’s monetary-easing measures were partly offset by fears of a global banking crisis remained. The benchmark Shanghai Composite fell 0.5 percent and the Shenzhen Component slid 0.3 percent. Hong Kong stocks sank even sharper with the benchmark Hang Seng index down 2.7 percent, while the TECH index lost 2.8 percent. A股冲高回落港股走低：周一A股三大指数冲高回落，创业板指早盘一度涨超1%，午后指数集体翻绿。截至收盘，上证指数跌0.48%，深证成指跌0.27%，创业板指跌0.08%。两市成交额10575亿，较上个交易日放量844亿，为2月17日以来初次重回万亿程度上方。北向资金全天净买进16.02亿元。港股低开低走，香港恒生指数收跌2.65%；恒生科技指数收跌2.75%。
Biz Word of the Day
财经词汇划重点
Reserve requirements are central bank regulations that set the minimum amount that a commercial bank must hold in liquid assets. The rate is commonly referred to as the reserve ratio. The reserve ratio is sometimes used by a country’s monetary authority as a tool in monetary policy, to influence the country's money supply by limiting or expanding the amount of lending by the banks. 存款预备金，是指金融机构为包管客户提取存款和资金清理需要而预备的在中心银行的存款，中心银行要求的存款预备金占其存款总额的比例就是存款预备金率。存款预备金轨制对金融宏看调控有几个方面的感化：一是调剂和掌握信贷规模；二是加强中心银行信贷资金宏看调控才能。
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
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