China Fund News Taylor
Brothers and sisters, today's A-shares are more volatile, the Shanghai Composite Index rose at the end of the day, 3100 points were gained and lost, the GEM dived, as of the close of the Shanghai Composite Index rose 0.09%, the Shenzhen Component Index fell 0.05%, the GEM Index fell 0.55%, and the northbound funds sold a net of 5.285 billion yuan.
Individual stocks fell more and rose less, and a total of 3,120 individual stocks in the market were green.
The large financial sector collectively rose, the shares of Agricultural Bank of China and Bank of China hit record highs intraday, and China CITIC Bank once rose to a limit.
The concept of low-altitude economy continues to strengthen, and many shares have a daily limit.
According to the news released by Suzhou, today, the Suzhou Low-altitude Economic Development Promotion Conference was held. At the meeting, 49 representative projects involving strategic cooperation, industrial funds, low-altitude economic key enterprises, low-altitude economic operators and other types were signed. Suzhou Low-altitude Aircraft Pilot Verification Center, Unmanned Aircraft (East China) Standard Verification Center, and China Aircraft Owners and Pilots Association (AOPA) Low-altitude Economic Industry Branch were inaugurated. Suzhou Aviation Industry Development Co., Ltd., Suzhou International Air Logistics Co., Ltd., Suzhou Low-altitude Technology Co., Ltd. and Suzhou Low-altitude Economic Development Exhibition Hall were unveiled. It is reported that since the beginning of this year, Suzhou has signed 251 low-altitude economic projects, with a total planned investment of more than 73 billion yuan. Among them, there are more than 150 low-altitude manufacturing projects, with a total planned investment of more than 50 billion yuan. Suzhou has also signed 16 new low-altitude economic and industrial funds, with a total scale of more than 20 billion yuan.
Non-ferrous metals strengthened, Tengyuan Cobalt rose by 20cm, Hanrui Cobalt rose by more than 10%, Northern Copper rose by more than 5%, Feinan Resources, Western Mining, Zangge Mining, Huayou Cobalt, etc. rose by more than 5%.
The central bank responded that M2 broke 300 trillion
On the afternoon of April 18, the Information Office of the State Council held a press conference to introduce the financial operation and foreign exchange receipts and expenditures in the first quarter of 2024. Zou Lan, director of the Monetary Policy Department of the People's Bank of China, said at a press conference of the State Council Information Office that the current broad money (M2) exceeds 300 trillion yuan, which is a reflection of financial support for the development of the real economy in the past few years.
On April 12, the central bank released a report on financial statistics for the first quarter of 2024. According to the data, at the end of March 2024, the balance of broad money (M2) was 304.80 trillion yuan, a year-on-year increase of 8.3%.
Zou Lan said that on the whole, the current stock of money is indeed not low, and the current economic restructuring of the mainland is accelerating, the economy is becoming lighter, the demand for credit has weakened compared with before, and the credit structure has been optimized and upgraded. However, all sides have a process of understanding and adapting to (this) change, and some banks still have "scale plots" in their internal assessments, which exceed the effective financing needs of the real economy; some enterprises, with the help of their own dominant position, use low-cost loan financing to buy wealth management or re-lend to other enterprises, and the main business is not profitable, but finance has become the main business, which is easy to form idling and capital precipitation, and reduce the efficiency of capital use.
He stressed that the current huge monetary growth may slow down, there will be disturbances in the data, and it is not appropriate to simply compare the same period, but this does not mean that the financial support for the real economy is reduced, and efficient enterprises that really need funds will get more financing, which is the embodiment of the improvement of the quality and efficiency of financial support.
Zou Lan said that the relevant departments will strengthen the monitoring of the idling of funds and improve the management assessment mechanism. In the future, with the transformation and upgrading of the economy, the recovery of effective financing demand, the improvement of social expectations, and the phenomenon of capital precipitation and idling will also be alleviated.
In addition, Zhu Hexin, deputy governor of the People's Bank of China and director of the State Administration of Foreign Exchange, said at a press conference of the State Council Information Office that since the beginning of this year, a series of monetary policies made in the early stage are gradually playing a role. There is still room for monetary policy in the future, and the next step will be to closely observe the effect of the policy and the economic recovery and the realization of the target, and make good use of the reserve policy.
In terms of exchange rates, Zhu Hexin said that since the beginning of this year, the market's expectations for the Fed's monetary policy shift have been repeated, the turmoil in the international financial market has intensified, and the fluctuations in the exchange rates of some currencies have increased. In the short term, the economy made a good start in the first quarter, and the positive factors increased, which is conducive to hedging external disturbance factors, which is supported by the RMB exchange rate, which remains basically stable at both the macro and micro levels. In the next step, the PBOC will focus on itself, take into account the internal and external balance, adhere to the managed floating exchange rate system based on market supply and demand, and refer to a basket of currencies for adjustment; pay close attention to the changes in the foreign exchange market situation, continue to implement comprehensive policies, stabilize expectations, resolutely correct pro-cyclical behavior, resolutely guard against the risk of exchange rate overshoot, and maintain the basic stability of the RMB exchange rate at the equilibrium level.