CBN丨China lowered SLF rates after cutting reverse repo rate amid yuan loans decline

Hi everyone. I’m Stephanie LI.

大家好，我是主持人李瑩亮。

Coming up on today’s program.

重點提要

• China's new yuan loans decline in May, while the central bank cut SLF rates last night;
• Hangzhou counts down to last 100 days of the Asian Games.

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

中國經濟要聞

Following a reverse repo rate cut, China’s central bank lowered the interest rate of another liquidity adjustment tool, the standing lending facility, to further stimulate the recovery of financing demand.

The People’s Bank of China announced late yesterday it had trimmed the interest rates on its overnight, seven-day, and one-month SLF by 10 basis points to 2.75 percent, 2.9 percent, and 3.25 percent, respectively.

The SLF rate is usually considered as the ceiling of China’s interest rate corridor.

The PBOC lowered the seven-day reverse repurchase rate to a new low of 1.9 percent from 2 percent yesterday when it injected 2 billion yuan to the financial system. It was the first cut in 10 months.

That increases the likelihood the central bank will reduce its one-year loan rate tomorrow, with banks expected to lower their lending rates shortly after.

Meanwhile, the National Development and Reform Commission released 22 measures yesterday to lower costs for firms this year, including exempting or reducing value-added tax for some companies as well as lowering loan interest rates. It will also increase loans for small firms and guide financial institutions to issue more medium- and long-term loans for the manufacturing sector.

May’s financial data released yesterday by the PBOC missed expectations. In particular, China’s newly-added social financing plunged 1.31 trillion yuan to 1.56 trillion yuan last month from a year earlier.

Total yuan loan balance reached 227.53 trillion yuan in May, marking an 11.4 percent year-on-year increase, official data showed. New yuan loans totaled 1.36 trillion yuan, which is 541.8 billion yuan less than May 2022.

Recent data show that insufficient demand remains the most significant challenge for the Chinese economy. With the unstable recovery of domestic demand and increasing pressure on external demand, China’s real economy still needs the protection of macroeconomic policies, experts noted.

6月13日晚間，央行下調常備借貸便利利率，隔夜期下調10個基點至2.75%，7天期下調10個基點至2.9%，1個月期下調10個基點至3.25%。

就在13日早間，央行進行20億元7天期逆回購操作，中标利率為1.90%，此前為2.00%，下降10個基點。當日，央行同步下調了作為中期政策利率的1年期中期借貸便利（MLF）利率和作為短期政策利率的7天期逆回購中标利率，幅度均為10個基點。

值得注意的是，同一天，國家發展改革委、人民銀行等四部門釋出關于做好2023年降成本重點工作的通知。其中提出，營造良好的貨币金融環境。實施好穩健的貨币政策，綜合運用多種貨币政策工具，保持流動性合理充裕，保持廣義貨币M2和社會融資規模增速同名義經濟增速基本比對。保持人民币匯率在合理均衡水準上的基本穩定。推動貸款利率穩中有降。持續發揮貸款市場報價利率（LPR）改革效能和存款利率市場化調整機制的重要作用，推動經營主體融資成本穩中有降。

6月13日下午，央行的公布5月金融資料顯示，新增人民币貸款和社會融資規模依舊偏弱。

中國人民銀行最新資料顯示，5月份人民币貸款增加1.36萬億元，較4月的7188億元環比回升符合季節性規律，同比少增5418億元，整體延續了4月以來的放緩勢頭；新增社會融資規模1.56萬億，好于上月的1.22萬億元，但同比少增1.31萬億。5月末，廣義貨币(M2)同比增長11.6%，增速比上月末低0.8個百分點；狹義貨币(M1)同比增長4.7%，增速比上月末低0.6個百分點。

分析指出，近期公布的多項資料顯示，總需求不足仍然是目前經濟運作面臨的突出沖突，在内需恢複情況尚不穩固和外需回落壓力加大下，實體融資需求繼續受到擾動，各項宏觀政策仍需保駕護航。6月13日央行下調7天期逆回購利率10個基點，降息落地，也旨在加強逆周期調節，全力支援實體經濟。後續，應繼續保持政策的穩定性和連續性，強化貨币政策和财政政策、産業政策、收入配置設定等宏觀政策協同發力，進一步提振市場主體信心、激發内生投資和消費需求，鞏固經濟穩步回升的基礎。

Moving on to regional highlights

區域觀察

• The regional government of China’s Xinjiang has recently inked the deal for 25 tourism projects, with a total value of 28.77 billion yuan. The deal was made during the 2023 Xinjiang Tourism Development and Promotion Conference on Tuesday, with a focus on infrastructure for high-end hotels and resorts. The tourism industry construction sector has signed a total of 12 key projects, including a strategic cooperation agreement between Xinjiang's culture and tourism department and the municipal government of Jingdezhen, East China's Jiangxi Province, for the development of cultural and creative products, as well as an inclusive agricultural and tourism integration project.

  新疆簽約25個重點旅遊項目：6月13日舉辦的新疆旅遊發展大會暨“新疆是個好地方”旅遊推介會上，新疆重點旅遊項目簽約共25個，共計簽約金額287.76億元。據介紹，此次簽約項目包括高端旅遊酒店建設闆塊重點簽約項目12個，包括高端民宿叢集及營地度假綜合體建設、酒店建設項目等；旅遊産業建設闆塊重點簽約項目12個，包括新疆維吾爾自治區文化和旅遊廳與景德鎮市人民政府關于文創産品開發戰略合作協定、普惠農旅融合項目等。

• China will be sending more than 900 athletes to the Asian Games to be held in Hangzhou later this year. Organizers said in a press conference on Wednesday that 45 countries and regions have signed up for the Games, and construction of 56 competition and 31 training venues has been completed, as the Games enter its 100-day countdown tomorrow. Hangzhou is the main host city, with Ningbo, Wenzhou, Jinhua, Shaoxing and Huzhou co-hosting the events. The Asian Games are set for September 23 to October 8, followed by the Asian Para Games from October 22 to 28.

  杭州亞運會将進入百日倒計時：杭州亞運會将于今年9月23日至10月8日舉行，6月15日将是亞運會倒計時100天。14日上午，國新辦舉行釋出會介紹杭州亞運會籌備情況。國家體育總局副局長杭州亞組委副主席周進強介紹，目前，杭州亞運會、亞殘運會籌辦工作已進入沖刺階段，各項工作有序推進。亞洲45個國家和地區奧委會全部報名參賽。亞運會比賽将在杭州以及甯波、溫州、金華、紹興、湖州6個賽區舉辦。目前，杭州亞運會、亞殘運會56個競賽場館、31個訓練場館已全部竣工，并完成賽事功能驗收，亞運村和5個亞運分村準備就緒，具備入住條件。國家體育總局目前正開展中國體育代表團組團工作，屆時将有近900名代表中國最高水準的運動員參賽。

Next on industry and company news

産業及公司新聞

• China's total electricity consumption in May hit 722.2 billion kilowatt-hours, up 7.4 percent year-on-year, and the electricity consumption in the first five months reached 35.33 trillion kilowatt-hours, up 5.2 percent year-on-year, the National Energy Administration released on Wednesday.

  5月全社會用電量同比增長7.4%：6月14日，國家能源局釋出了5月份全社會用電量等資料。統計資料顯示，5月份，全社會用電量7222億千瓦時，同比增長7.4%。前5月，全社會用電量累計35325億千瓦時，同比增長5.2%。

• The average price of hotels and airline tickets in the coming three-day Dragon Boat Festival holidays in domestic and popular outbound destinations are lower than those for the May Day holidays, according to data released on Tuesday by Trip.com. Currently on the online booking platform, the average price of outbound one-way air tickets during the upcoming holidays is about 6 percent lower than the price during the May Day holidays, while bookings jumped over 12 times compared to the same period last year.

  端午多地酒店間夜均價低于五一：13日攜程釋出2023年端午假期出遊趨勢預測。資料顯示，今年端午假期，國内和多個出境熱門目的地的酒店、機票均價将較五一假期有所降低。截至6月11日，端午假期境内單程機票含稅均價約887元，相較“五一”期間下降約20%。出境遊方面，端午假期出境遊預訂同比增長超12倍，而出境單程機票含稅均價比五一期間價格降低約6%。

• Shares of Guolian Aquatic Products soared by its exchange-imposed daily trading limit after the Chinese seafood supplier said it will receive as much as USD560 million in financial support from Saudi Arabia's sovereign wealth fund. Guolian Aquatic inked a deal with Public Investment Fund Asia Division on Monday for promoting projects related to seafood trade, including trading platforms, exchange, futures, and procurement, the firm said late yesterday. PIF will extend a credit line of up to USD60 million to Guolian Aquatic's global seafood procurement process at a 3 percent annual interest rate and for a 20 percent cut of the income generated from the financing, Guolian Aquatic added.

  國聯水産獲沙特主權基金6.5億美元融資：國聯水産13日晚間公告稱，公司與Public Investment Fund Asia Division(沙特主權财富基金亞洲區，下稱“PIF”)簽訂了《諒解備忘錄》，即公司拟與PIF在全球采購業務方面進行合作，PIF對公司進行融資支援，合作内容包括國際海鮮貿易項目與貿易融資，對應金額分别為5億美元、6000萬美元，共計5.6億美元。國際海鮮貿易項目為雙方進行海鮮交易平台、海鮮交易所、海鮮期貨、海鮮采購等合作，合作方式主要為PIF投資或公司向PIF融資；貿易融資則是PIF拟對公司全球采購進行融資，費用按照融資金額年化費率3%及融資貿易收益的20%計算，合作期限為融資首次提款之日起5年。

Wrapping up with a quick look at the stock market

股市收盤情況

• Chinese stocks ended mixed on Wednesday with the benchmark Shanghai Composite down 0.1 percent, while the Shenzhen Component gained 0.3 percent. Hong Kong’s Hang Seng index shed 0.6 percent, while the TECH index rose 0.4 percent.

  A股震蕩港股回落：周三A股大盤全天窄幅震蕩，三大指數漲跌不一。截至收盤，滬指跌0.14%，深成指漲0.26%，創業闆指跌0.17%。滬深兩市成交額重回萬億上方，北向資金全天淨賣出21.94億元，連續4日淨賣出。港股午後短線跳水，恒指收跌0.58%結束五連漲，恒生科技指數收漲0.36%。

Biz Word of the Day

财經詞彙劃重點

• The Standing Lending Facility (SLF), launched in 2013 by the PBOC, is a line of short-term credit available for commercial banks to draw on when they need to meet immediate short-term withdrawals from their customers. With the SLF, financial institutions do not need to borrow money from the market at higher interest rates, as they can take out SLF loans from the PBOC with qualified bonds and credit assets as collateral. The SLF rate can be considered the ceiling of the interest rate corridor.

  SLF全稱常設借貸便利(Standing Lending Facility)，是央行在2013年創設的流動性調節工具，為滿足金融機構期限較長的大額流動性需求。SLF發放對象主要為政策性銀行和全國性商業銀行。SLF合格抵押品有國債、央行票據、國開行及政策性金融債、高等級公司信用債，央行會有一定抵押率來控制風險，期限一般為1-3個月。

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.

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編委: 于曉娜

策劃、編輯：李豔霞

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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