CBN丨Major joint-stock Chinese banks cut yuan deposit rates

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

• At least 11 Chinese commercial banks cut yuan deposit rates from Monday;
• Docking completed on the world’s longest and widest undersea tunnel connecting Shenzhen and Zhongshan in the GBA.

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

中國經濟要聞

Several Chinese commercial banks cut interest rates on a range of yuan deposits from Monday, following their larger peers in a coordinated move to ease pressure on profit margins and help inject liquidity into the real economy.

Eleven major joint-stock banks including China Merchants Bank, Pingan Bank, China CITIC Bank, SPD Bank and China Everbright Bank cut rates on demand deposits by 5 basis points to 0.2 percent from Monday, the banks' websites showed. The lenders cut rates on two-year time deposits by 10 bps, and three-year and five-year time deposits by 15 bps.

More small and medium-sized banks in the country are expected to follow suit in the coming days, analysts said.

The deposit rate cuts follow a similar move by China's biggest state lenders on Friday and marks the second such industry-wide cut within a year, with previous action taken in September.

Experts noted that the move is aimed at reducing the cost of bank liabilities, while nudge the lenders to inject more liquidity into the market to back up domestic consumption and investment, which will shore up economic growth.

Yi Gang, Governor of the People's Bank of China, said at a recent meeting in Shanghai that the central bank will continue to implement a steady monetary policy in a powerful and targeted manner and it will enhance counter-cyclical adjustments to support the real economy, promote employment, and keep the financial system stable.

There will be comprehensive use of monetary policy instruments of various types to keep liquidity and credit reasonably ample, along with a push for a modest fall in comprehensive financing costs for the real economy, he added, but the emphasis on overall stability and keeping the yuan exchange rate steady will remain.

While some analysts expect the deposit rate cuts will provide more room for a further cut soon by the central bank on the medium-term lending facility (MLF), others see the adjustment a follow-up of previous cut of loan prime rate (LPR) and thus the central bank would need more time for the rate cuts to take effect before taking further moves.

6月12日，11家股份行緊随六大行之後，宣布下調了存款挂牌利率，執行具體時間略有先後。

與六大行保持一緻，此次存款利率調整情況為：活期存款利率下調5bp至0.2%，2年期存款利率下調10bp，3年、5年期存款利率下調均下調15bp，調整後的定期存款利率繼續保持略有不同。

6月8日，六大行同步下調存款利率：活期存款利率下調5bp至0.2%，2年期存款利率下調10bp，3年、5年期存款利率下調均下調15bp，完成後僅郵儲銀行部分期限存款利率略有不同。由于利率自律機制考核等限制，此次股份行調整存款利率是跟随調整。

去年9月，部分大行、股份行已經率先下調了一輪存款挂牌利率，此次不到一年，六大行、股份行又先後下調存款挂牌利率，與商業銀行支援實體經濟、存款定期化趨勢進一步加強等導緻淨息差收窄不無關系。

國家金融監督管理總局網站顯示，一季度商業銀行淨息差為1.74%，較2022年四季度的1.91%下降0.17個百分點，再創曆史新低。

專家表示，本次下調部分期限品種存款挂牌利率，是銀行根據市場供求變化，綜合考慮自身經營狀況的市場化行為，表明存款利率市場化調整機制作用持續有效發揮。

中國人民銀行行長易綱近日赴上海調研金融支援實體經濟和促進高品質發展工作時表示，下一步，要繼續精準有力實施穩健的貨币政策，加強逆周期調節，全力支援實體經濟，促進充分就業，維護币值穩定和金融穩定。綜合運用多種貨币政策工具，保持流動性合理充裕，保持貨币信貸總量适度、節奏平穩，推動實體經濟綜合融資成本穩中有降，保持人民币匯率在合理均衡水準上基本穩定。

其中，“加強逆周期調節”引發市場關注，對比來看，一季度貨币政策委員會例會表示，要精準有力實施穩健的貨币政策，搞好跨周期調節；2022年四季度貨币政策委員會例會表示，要強化跨周期和逆周期調節，加大穩健貨币政策實施力度。

6月15日、6月20日央行将釋出本月MLF利率、LPR最新資料，但對于二者是否是以次存款利率下調而下調，市場仍存在一些分歧。有分析認為，央行重提加強逆周期調節，展現出經濟預期走弱環境下貨币政策重新加碼的信号，後續不排除重新開機LPR降息、降準、加大信貸投放等措施。

但也有觀點認為，存款利率下調是在LPR下調或者債市利率下行之後，是以本次調整是對前期市場的跟随，而非引導。本月MLF和LPR利率下調機率不高，預計到7月重要會議才會有明确的政策信号。

• The number of marriages registered in China last year declined for the ninth consecutive year to the lowest since 1986, when the country began recording the figure. Over 6.8 million couples registered to get married in 2022, down 10.5 percent from the previous year and more than 49 percent from the peak of 14.5 million in 2013, data from the Ministry of Civil Affairs showed on Friday.

  2022年全國結婚登記量再探新低：根據民政部官網6月9日公開的“2022年4季度民政統計資料”，去年全國結婚登記量為683.3萬對，較上一年減少80.3萬對，下降約10.5%，再探新低。此前2021年中國結婚登記資料就已經創下民政部自1986年以來公布結婚資料的曆史新低。根據民政部資料統計，大陸的結婚資料在2014年就開始逐年下降，2013年為1346.93萬對，2019年跌破1000萬對大關，2021年又跌破800萬對大關。

Moving on to regional highlights

區域觀察

• Southwest China's Chongqing on Sunday welcomed the first direct cold-chain train of Thai durians that reached the megacity via the New International Land-Sea Trade Corridor. The 150,000 durians from Thailand were first transported by road to Laos, where they were loaded on a train that traveled into China via the China-Laos Railway. The entire journey took four days, down from 8-10 days on previous sea-road routes.

  泰國榴蓮搭上西部陸海新通道“快車”：裝有約500噸新鮮泰國榴蓮的中老泰冷鍊直達跨境測試班列11日順利抵達重慶市江津區小南垭站，這也是泰國榴蓮首次通過西部陸海新通道鐵路班列從境外直達中國西部成渝地區，進一步縮短了新鮮泰國榴蓮進入重慶市場的時間。據重慶國際物流集團介紹，這批新鮮榴蓮7日從泰國發出，僅4天時間便到達了重慶。相比以往重慶從泰國進口榴蓮需要通過海運或者鐵路中轉，此次冷鍊運輸是“公路+鐵路”的聯運方式，從境外通關後直達重慶，進一步提升了雙邊物流運輸效率。

• Shanghai launched its inaugural carbon neutrality-themed exposition on Sunday. Co-organized by the National Development and Reform Commission and the Shanghai Municipal Government, the Shanghai International Carbon Neutrality Expo in Technologies, Products, and Achievements promotes vital international collaboration and societal transition towards green, low-carbon development. The landmark event, which runs through Wednesday, convenes nearly 600 global enterprises over a 100,000 square-meter exhibition area.

  2023上海國際碳中和博覽會開幕：2023上海國際碳中和技術、産品與成果博覽會于11日在國家會展中心（上海）開幕。首屆上海國際碳中和博覽會以“走向碳中和之路”為主題，由主題展覽、系列論壇和貿易對接活動組成，展覽規模10萬平方米，國内外近600家知名企業參展，預計超10萬人次專業觀衆參觀。

Greater Bay Area, Greater future

新使命，大未來

• The Shenzhong Tunnel connecting Shenzhen and Zhongshan in South China's Guangdong Province finished construction on Monday, capping off a five-year-construction period and marking a further milestone in the development of the Great Bay Area's overall connectivity. According to China Communications Construction Co (CCCC), docking of the final joint of the undersea tunnel of Shenzhen-Zhongshan Bridge was completed on Sunday, marking the closure of the world's longest and widest steel-shelled concrete undersea immersed tunnel with total length of 6.8 kilometers. It is also a vital section of the Shenzhen-Zhongshan Link, with a total length stretching about 24 kilometers. The link is expected to open to traffic in 2024, cutting commuting time between the two cities from two hours to 30 minutes.

  深中通道海底隧道成功合龍：廣東省交通集團11日釋出消息稱，世界最長最寬鋼殼混凝土沉管隧道——深中通道海底隧道最終接頭推出，貫通測量結果表明，實作了與東側E24管節精準對接。曆時5年，這座“海底長城”合龍，深圳和中山在伶仃洋海底實作“牽手”，為深中通道沖刺2024年通車目标邁出重要一步。深中通道是粵港澳大灣區核心交通樞紐工程，全長24公裡，集“橋、島、隧、水下互通”于一體。其中，海底隧道長約6.8公裡，包含沉管段約5公裡，由32個管節及1個最終接頭組成。預計深中通道通車後，從深圳到中山的時間将從目前的一個半小時縮短至半小時左右。

• Hong Kong Financial Secretary Paul Chan Mo-po said yesterday that the upcoming launch of the dual currency counter model, which is scheduled to launch on June 19 to let investors trade shares in local currency or yuan, will enhance the efficiency of the offshore yuan in the global market. Writing in his blog, Chan said the international demand for the use of yuan will only increase in the foreseeable future and Hong Kong should play a key role in yuan internationalization. About 24 stocks, which range from the internet sector to finance, property, and consumer businesses, have been approved as dual counter securities, Chan said. They accounted for about 40 percent of the daily turnover for equity securities in the local market, he added.

  雙櫃台模式将促離岸人民币高效流動：香港财政司司長陳茂波稱，即将推出的“港币-人民币雙櫃台模式”（雙櫃台模式）證券交易，将促進離岸人民币在國際市場的更高效流動。陳茂波11日在網志表示，港交所6月19日推出的“雙櫃台模式”交易，首批納入名單的24隻股份，屆時将可分别以港币或人民币進行交易，兩個櫃台将使用同一份股東名冊、同一實物股票，交易的股份也享受同等權利。這24隻股份涵蓋科網、金融、地産及消費類，占港股日均成交量約四成，将可為香港和世界各地離岸人民币持有者提供更豐富的投資選擇。

Next on industry and company news

産業及公司新聞

• Nio is reducing the price of all its cars by 30,000 yuan, but free battery replacement will no longer be part of the package, it said today. People who already own Nio electric cars will continue to receive the original benefits, but they will need to relinquish these rights when buying a new Nio NEV in order to qualify for the discount.

  蔚來全系降價3萬：蔚來汽車今日釋出公告表示，2023年6月12日起，蔚來全系新車起售價減3萬元。據蔚來公告，2023年6月12日起支付定金購買蔚來全系新車，首任車主用車權益調整為整車6年或15萬公裡質保，三電系統10年不限裡程質保等。同時，免費換電服務将不再作為基礎用車權益，使用者可選擇單次付費進行換電。蔚來此後将推出靈活的充換電服務套餐。

• Yuyue Medical Equipment and Supply has terminated its plan to issue global depositary receipts on the SIX Swiss Exchange, marking the second such withdrawal among Chinese companies this year. The oxygen concentrator and X-ray machine manufacturer made the decision taking into account changes in domestic and foreign markets, the company's financial and operating conditions, as well as its long-term strategic planning, the firm said yesterday.

  魚躍醫療境外上市“撤單”：6月11日晚，魚躍醫療公告，決定終止境外發行全球存托憑證（GDR），是年内第二家終止發行GDR的A股公司。對于終止原因，魚躍醫療表示，考慮到國内外市場變化，通過對公司實際财務及經營情況、資金需求以及長期業務戰略規劃進行全面審視，為充分保障股東利益，經過謹慎分析和溝通後，決定終止境外發行GDR。

• Chinese tech giant Huawei has raised its smartphone shipment target by 43 percent to 40 million units this year, data from suppliers indicate. According to market research firm Omdia, Huawei's cellphone shipments reached approximately 28 million units in 2022. The increase reflects Huawei's confidence in cellphone shipments for the current year. Meanwhile, Huawei, which has long denied that it will start making its own cars, has acquired 21 trademarks of the Wenjie marque, according to announcement by the National Intellectual Property Bureau. Huawei produces Wenjie together with auto manufacturer Jinkang Seres Automobile, which still owns the English logo Aito.

  華為手機今年出貨量上調至4000萬部：據媒體12日報道，華為近期已将2023年手機出貨量目标從3000萬部級别提高至4000萬部。市場研究機構Omdia資料顯示，2022年華為手機出貨量為2800萬部。這意味着，華為對2023年公司手機出貨情況有信心，預計今年的出貨量增幅高達近43%。另外，10日，國家知識産權局商标局資訊顯示，共計21個“問界”商标轉讓申請已被核準，轉讓人分别為北京永安世達科貿有限公司和北京科創輝達科貿有限公司，受讓人均為華為技術有限公司，轉讓申請的收文時間為今年3月7日和8日。華為相關人士稱：“華為不單獨造車，而是和車企一起造好車”。目前，AITO及其LOGO商标屬于賽力斯旗下的重慶潽康企業管理咨詢有限公司。

• CATL will kick off mass production of a new type of battery that will enable electric vehicles to run for 400 kilometers after a 10-minute charge this year, the chief scientist of the Chinese battery giant reportedly said at a forum. The new battery will be equipped on the EVs of an automaker by the end of the year, media reported Wu Kai as saying.

  甯德時代快充電池年内量産：6月10日，在于宜賓舉辦的2023年世界動力電池大會上，甯德時代首席科學家吳凱表示，今年年内，甯德時代一款能夠“充電10分鐘，續航400公裡”的電池将會量産，并應用于某車企客戶。

Switching gears to financial news

金融市場消息

• Link Real Estate Investment Trust, Asia’s largest REIT fund, reportedly plans to sell seven properties in the Chinese mainland, which comprise six retail properties and one office building. Hong Kong-based Link REIT acquired the seven properties for around 28.3 billion yuan between 2015 and 2021. Two are in Beijing, two in Shanghai, two in Guangzhou, and one in Shenzhen.

  領展傳“出清”283億資産：據媒體10日報道，亞洲最大的房地産投資信托基金——領展房地産投資信托基金，傳出正有意出售其在内地的7個物業項目，包括6個零售物業項目和1個辦公樓物業項目。根據領展此前的收購資訊，這7個物業項目的收購總價達到283.23億元，分别于2015年至2021年期間收購。其中北京有2個，為領展購物廣場·中關村和領展購物廣場·京通；上海的兩個項目為上海領展企業廣場與七寶萬科廣場50%股權；廣州的兩個項目為領展購物廣場·廣州與廣州天河領展廣場，此外還有深圳的領展中心城。

Wrapping up with a quick look at the stock market

股市收盤情況

• Chinese stocks closed mixed on Monday with the benchmark Shanghai Composite down 0.1 percent, while the Shenzhen Component rose 0.7 percent. Hong Kong’s Hang Seng index edged up 0.1 percent and the TECH index gained 0.3 percent.

  A股分化港股微升：周一A股漲跌不一，深證成指盤中明顯走強，一度漲超1%。截至收盤，上證指數跌0.08%，深證成指漲0.74%，創業闆指漲0.44%。全天成交額9654億，北向資金全天淨賣出29.30億元。港股午後震蕩反彈，恒指收漲0.07%，恒科指收漲0.27%。

Biz Word of the Day

财經詞彙劃重點

• In economics, counter cyclicalrefers to any economic quantity that is negatively correlated with the overall state of the economy. For example, a "counter-cyclical fiscal policy” takes approach such as reducing spending and raising taxes during a boom period, and increasing spending and cutting taxes during a recession.

  逆周期調節是一種宏觀審慎政策，指使用貨币政策和财政政策等穩定政策（或稱為總需求管理政策），平抑短期經濟波動，進而實作經濟的短期平穩運作。具體而言，央行等相關部門應在客觀準确判斷宏觀形勢的基礎上創新貨币政策工具，進行靈活的逆方向調控，建立健全與新增貸款超常變化相聯系的動态撥備要求和額外資本要求，通過逆周期的資本緩沖，平滑信貸投放、引導貨币信貸适度增長，實作總量調節和防範金融風險的有機結合，大大提高金融監管的彈性和有效性。

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

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

21世紀經濟報道海外部 制作

南方财經全媒體集團 出品

更多内容請下載下傳21财經APP