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

Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

Coming up on today’s program.

重点提要

• 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

中国经济要闻

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日晚间，央行下调常备借贷便利利率，隔夜期下调10个基点至2.75%，7天期下调10个基点至2.9%，1个月期下调10个基点至3.25%。

就在13日早间，央行进行20亿元7天期逆回购操作，中标利率为1.90%，此前为2.00%，下降10个基点。当日，央行同步下调了作为中期政策利率的1年期中期借贷便利（MLF）利率和作为短期政策利率的7天期逆回购中标利率，幅度均为10个基点。

值得注意的是，同一天，国家发展改革委、人民银行等四部门发布关于做好2023年降成本重点工作的通知。其中提出，营造良好的货币金融环境。实施好稳健的货币政策，综合运用多种货币政策工具，保持流动性合理充裕，保持广义货币M2和社会融资规模增速同名义经济增速基本匹配。保持人民币汇率在合理均衡水平上的基本稳定。推动贷款利率稳中有降。持续发挥贷款市场报价利率（LPR）改革效能和存款利率市场化调整机制的重要作用，推动经营主体融资成本稳中有降。

6月13日下午，央行的公布5月金融数据显示，新增人民币贷款和社会融资规模依旧偏弱。

中国人民银行最新数据显示，5月份人民币贷款增加1.36万亿元，较4月的7188亿元环比回升符合季节性规律，同比少增5418亿元，整体延续了4月以来的放缓势头；新增社会融资规模1.56万亿，好于上月的1.22万亿元，但同比少增1.31万亿。5月末，广义货币(M2)同比增长11.6%，增速比上月末低0.8个百分点；狭义货币(M1)同比增长4.7%，增速比上月末低0.6个百分点。

分析指出，近期公布的多项数据显示，总需求不足仍然是当前经济运行面临的突出矛盾，在内需恢复情况尚不稳固和外需回落压力加大下，实体融资需求继续受到扰动，各项宏观政策仍需保驾护航。6月13日央行下调7天期逆回购利率10个基点，降息落地，也旨在加强逆周期调节，全力支持实体经济。后续，应继续保持政策的稳定性和连续性，强化货币政策和财政政策、产业政策、收入分配等宏观政策协同发力，进一步提振市场主体信心、激发内生投资和消费需求，巩固经济稳步回升的基础。

Moving on to regional highlights

区域观察

• 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.

  新疆签约25个重点旅游项目：6月13日举办的新疆旅游发展大会暨“新疆是个好地方”旅游推介会上，新疆重点旅游项目签约共25个，共计签约金额287.76亿元。据介绍，此次签约项目包括高端旅游酒店建设板块重点签约项目12个，包括高端民宿集群及营地度假综合体建设、酒店建设项目等；旅游产业建设板块重点签约项目12个，包括新疆维吾尔自治区文化和旅游厅与景德镇市人民政府关于文创产品开发战略合作协议、普惠农旅融合项目等。

• 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.

  杭州亚运会将进入百日倒计时：杭州亚运会将于今年9月23日至10月8日举行，6月15日将是亚运会倒计时100天。14日上午，国新办举行发布会介绍杭州亚运会筹备情况。国家体育总局副局长杭州亚组委副主席周进强介绍，当前，杭州亚运会、亚残运会筹办工作已进入冲刺阶段，各项工作有序推进。亚洲45个国家和地区奥委会全部报名参赛。亚运会比赛将在杭州以及宁波、温州、金华、绍兴、湖州6个赛区举办。目前，杭州亚运会、亚残运会56个竞赛场馆、31个训练场馆已全部竣工，并完成赛事功能验收，亚运村和5个亚运分村准备就绪，具备入住条件。国家体育总局目前正开展中国体育代表团组团工作，届时将有近900名代表中国最高水平的运动员参赛。

Next on industry and company news

产业及公司新闻

• 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月全社会用电量同比增长7.4%：6月14日，国家能源局发布了5月份全社会用电量等数据。统计数据显示，5月份，全社会用电量7222亿千瓦时，同比增长7.4%。前5月，全社会用电量累计35325亿千瓦时，同比增长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.

  端午多地酒店间夜均价低于五一：13日携程发布2023年端午假期出游趋势预测。数据显示，今年端午假期，国内和多个出境热门目的地的酒店、机票均价将较五一假期有所降低。截至6月11日，端午假期境内单程机票含税均价约887元，相较“五一”期间下降约20%。出境游方面，端午假期出境游预订同比增长超12倍，而出境单程机票含税均价比五一期间价格降低约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.

  国联水产获沙特主权基金6.5亿美元融资：国联水产13日晚间公告称，公司与Public Investment Fund Asia Division(沙特主权财富基金亚洲区，下称“PIF”)签订了《谅解备忘录》，即公司拟与PIF在全球采购业务方面进行合作，PIF对公司进行融资支持，合作内容包括国际海鲜贸易项目与贸易融资，对应金额分别为5亿美元、6000万美元，共计5.6亿美元。国际海鲜贸易项目为双方进行海鲜交易平台、海鲜交易所、海鲜期货、海鲜采购等合作，合作方式主要为PIF投资或公司向PIF融资；贸易融资则是PIF拟对公司全球采购进行融资，费用按照融资金额年化费率3%及融资贸易收益的20%计算，合作期限为融资首次提款之日起5年。

Wrapping up with a quick look at the stock market

股市收盘情况

• 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股震荡港股回落：周三A股大盘全天窄幅震荡，三大指数涨跌不一。截至收盘，沪指跌0.14%，深成指涨0.26%，创业板指跌0.17%。沪深两市成交额重回万亿上方，北向资金全天净卖出21.94亿元，连续4日净卖出。港股午后短线跳水，恒指收跌0.58%结束五连涨，恒生科技指数收涨0.36%。

Biz Word of the Day

财经词汇划重点

• 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全称常设借贷便利(Standing Lending Facility)，是央行在2013年创设的流动性调节工具，为满足金融机构期限较长的大额流动性需求。SLF发放对象主要为政策性银行和全国性商业银行。SLF合格抵押品有国债、央行票据、国开行及政策性金融债、高等级公司信用债，央行会有一定抵押率来控制风险，期限一般为1-3个月。

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.

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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