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

Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

Coming up on today’s program.

重点提要

• 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

中国经济要闻

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家股份行紧随六大行之后，宣布下调了存款挂牌利率，执行具体时间略有先后。

与六大行保持一致，此次存款利率调整情况为：活期存款利率下调5bp至0.2%，2年期存款利率下调10bp，3年、5年期存款利率下调均下调15bp，调整后的定期存款利率继续保持略有不同。

6月8日，六大行同步下调存款利率：活期存款利率下调5bp至0.2%，2年期存款利率下调10bp，3年、5年期存款利率下调均下调15bp，完成后仅邮储银行部分期限存款利率略有不同。由于利率自律机制考核等约束，此次股份行调整存款利率是跟随调整。

去年9月，部分大行、股份行已经率先下调了一轮存款挂牌利率，此次不到一年，六大行、股份行又先后下调存款挂牌利率，与商业银行支持实体经济、存款定期化趋势进一步加强等导致净息差收窄不无关系。

国家金融监督管理总局网站显示，一季度商业银行净息差为1.74%，较2022年四季度的1.91%下降0.17个百分点，再创历史新低。

专家表示，本次下调部分期限品种存款挂牌利率，是银行根据市场供求变化，综合考虑自身经营状况的市场化行为，表明存款利率市场化调整机制作用持续有效发挥。

中国人民银行行长易纲近日赴上海调研金融支持实体经济和促进高质量发展工作时表示，下一步，要继续精准有力实施稳健的货币政策，加强逆周期调节，全力支持实体经济，促进充分就业，维护币值稳定和金融稳定。综合运用多种货币政策工具，保持流动性合理充裕，保持货币信贷总量适度、节奏平稳，推动实体经济综合融资成本稳中有降，保持人民币汇率在合理均衡水平上基本稳定。

其中，“加强逆周期调节”引发市场关注，对比来看，一季度货币政策委员会例会表示，要精准有力实施稳健的货币政策，搞好跨周期调节；2022年四季度货币政策委员会例会表示，要强化跨周期和逆周期调节，加大稳健货币政策实施力度。

6月15日、6月20日央行将发布本月MLF利率、LPR最新数据，但对于二者是否因此次存款利率下调而下调，市场仍存在一些分歧。有分析认为，央行重提加强逆周期调节，体现出经济预期走弱环境下货币政策重新加码的信号，后续不排除重启LPR降息、降准、加大信贷投放等措施。

但也有观点认为，存款利率下调是在LPR下调或者债市利率下行之后，所以本次调整是对前期市场的跟随，而非引导。本月MLF和LPR利率下调概率不高，预计到7月重要会议才会有明确的政策信号。

• 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年全国结婚登记量再探新低：根据民政部官网6月9日公开的“2022年4季度民政统计数据”，去年全国结婚登记量为683.3万对，较上一年减少80.3万对，下降约10.5%，再探新低。此前2021年中国结婚登记数据就已经创下民政部自1986年以来公布结婚数据的历史新低。根据民政部数据统计，大陆的结婚数据在2014年就开始逐年下降，2013年为1346.93万对，2019年跌破1000万对大关，2021年又跌破800万对大关。

Moving on to regional highlights

区域观察

• 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.

  泰国榴莲搭上西部陆海新通道“快车”：装有约500吨新鲜泰国榴莲的中老泰冷链直达跨境测试班列11日顺利抵达重庆市江津区小南垭站，这也是泰国榴莲首次通过西部陆海新通道铁路班列从境外直达中国西部成渝地区，进一步缩短了新鲜泰国榴莲进入重庆市场的时间。据重庆国际物流集团介绍，这批新鲜榴莲7日从泰国发出，仅4天时间便到达了重庆。相比以往重庆从泰国进口榴莲需要通过海运或者铁路中转，此次冷链运输是“公路+铁路”的联运方式，从境外通关后直达重庆，进一步提升了双边物流运输效率。

• 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上海国际碳中和博览会开幕：2023上海国际碳中和技术、产品与成果博览会于11日在国家会展中心（上海）开幕。首届上海国际碳中和博览会以“走向碳中和之路”为主题，由主题展览、系列论坛和贸易对接活动组成，展览规模10万平方米，国内外近600家知名企业参展，预计超10万人次专业观众参观。

Greater Bay Area, Greater future

新使命，大未来

• 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龙：广东省交通集团11日发布消息称，世界最长最宽钢壳混凝土沉管隧道——深中通道海底隧道最终接头推出，贯通测量结果表明，实现了与东侧E24管节精准对接。历时5年，这座“海底长城”合龙，深圳和中山在伶仃洋海底实现“牵手”，为深中通道冲刺2024年通车目标迈出重要一步。深中通道是粤港澳大湾区核心交通枢纽工程，全长24公里，集“桥、岛、隧、水下互通”于一体。其中，海底隧道长约6.8公里，包含沉管段约5公里，由32个管节及1个最终接头组成。预计深中通道通车后，从深圳到中山的时间将从目前的一个半小时缩短至半小时左右。

• 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.

  双柜台模式将促离岸人民币高效流动：香港财政司司长陈茂波称，即将推出的“港币-人民币双柜台模式”（双柜台模式）证券交易，将促进离岸人民币在国际市场的更高效流动。陈茂波11日在网志表示，港交所6月19日推出的“双柜台模式”交易，首批纳入名单的24只股份，届时将可分别以港币或人民币进行交易，两个柜台将使用同一份股东名册、同一实物股票，交易的股份也享受同等权利。这24只股份涵盖科网、金融、地产及消费类，占港股日均成交量约四成，将可为香港和世界各地离岸人民币持有者提供更丰富的投资选择。

Next on industry and company news

产业及公司新闻

• 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.

  蔚来全系降价3万：蔚来汽车今日发布公告表示，2023年6月12日起，蔚来全系新车起售价减3万元。据蔚来公告，2023年6月12日起支付定金购买蔚来全系新车，首任车主用车权益调整为整车6年或15万公里质保，三电系统10年不限里程质保等。同时，免费换电服务将不再作为基础用车权益，用户可选择单次付费进行换电。蔚来此后将推出灵活的充换电服务套餐。

• 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.

  鱼跃医疗境外上市“撤单”：6月11日晚，鱼跃医疗公告，决定终止境外发行全球存托凭证（GDR），是年内第二家终止发行GDR的A股公司。对于终止原因，鱼跃医疗表示，考虑到国内外市场变化，通过对公司实际财务及经营情况、资金需求以及长期业务战略规划进行全面审视，为充分保障股东利益，经过谨慎分析和沟通后，决定终止境外发行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.

  华为手机今年出货量上调至4000万部：据媒体12日报道，华为近期已将2023年手机出货量目标从3000万部级别提高至4000万部。市场研究机构Omdia数据显示，2022年华为手机出货量为2800万部。这意味着，华为对2023年公司手机出货情况有信心，预计今年的出货量增幅高达近43%。另外，10日，国家知识产权局商标局信息显示，共计21个“问界”商标转让申请已被核准，转让人分别为北京永安世达科贸有限公司和北京科创辉达科贸有限公司，受让人均为华为技术有限公司，转让申请的收文时间为今年3月7日和8日。华为相关人士称：“华为不单独造车，而是和车企一起造好车”。目前，AITO及其LOGO商标属于赛力斯旗下的重庆潽康企业管理咨询有限公司。

• 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.

  宁德时代快充电池年内量产：6月10日，在于宜宾举办的2023年世界动力电池大会上，宁德时代首席科学家吴凯表示，今年年内，宁德时代一款能够“充电10分钟，续航400公里”的电池将会量产，并应用于某车企客户。

Switching gears to financial news

金融市场消息

• 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.

  领展传“出清”283亿资产：据媒体10日报道，亚洲最大的房地产投资信托基金——领展房地产投资信托基金，传出正有意出售其在内地的7个物业项目，包括6个零售物业项目和1个办公楼物业项目。根据领展此前的收购信息，这7个物业项目的收购总价达到283.23亿元，分别于2015年至2021年期间收购。其中北京有2个，为领展购物广场·中关村和领展购物广场·京通；上海的两个项目为上海领展企业广场与七宝万科广场50%股权；广州的两个项目为领展购物广场·广州与广州天河领展广场，此外还有深圳的领展中心城。

Wrapping up with a quick look at the stock market

股市收盘情况

• 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股涨跌不一，深证成指盘中明显走强，一度涨超1%。截至收盘，上证指数跌0.08%，深证成指涨0.74%，创业板指涨0.44%。全天成交额9654亿，北向资金全天净卖出29.30亿元。港股午后震荡反弹，恒指收涨0.07%，恒科指收涨0.27%。

Biz Word of the Day

财经词汇划重点

• 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.

  逆周期调节是一种宏观审慎政策，指使用货币政策和财政政策等稳定政策（或称为总需求管理政策），平抑短期经济波动，从而实现经济的短期平稳运行。具体而言，央行等相关部门应在客观准确判断宏观形势的基础上创新货币政策工具，进行灵活的逆方向调控，建立健全与新增贷款超常变化相联系的动态拨备要求和额外资本要求，通过逆周期的资本缓冲，平滑信贷投放、引导货币信贷适度增长，实现总量调节和防范金融风险的有机结合，大大提高金融监管的弹性和有效性。

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.

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编委: 于晓娜

策划、编辑：李艳霞

播音：李莹亮

撰稿：李莹亮

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设计：郑文静、廖苑妮

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