CBN丨PBOC launches a 200 billion yuan relending facility for equipment upgrade

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

• The PBOC will set up a 200-billion-yuan special relending facility for equipment renovation;

• China warns speculators not to bet against the yuan.

中国经济要闻

The People's Bank of China has created a new relending facility to support businesses in upgrading their equipment - the central bank's latest effort to boost market confidence and spur demand in the manufacturing and services sectors.

The special relending facility will provide low-cost funding for loans issued to support equipment upgrades and renovation in the manufacturing and social services sectors, medium, small and micro-sized enterprises, and self-employed businesses, the PBOC said in a statement on Wednesday.

For qualified lenders that issue such loans at an interest rate of no more than 3.2 percent in the fourth quarter of the year, the PBOC will provide them with funding support worth equal to the principal of the loans, the statement said.

With an interest rate of 1.75 percent and a term of one year, the new facility will total more than 200 billion yuan ($27.58 billion), according to the statement.

The PBOC listed 10 specific areas that the new facility will support, including education, sanitation and health, culture, tourism and sports, charging pile, new infrastructure, and industrial digitalization.

On September 13, an executive meeting of the State Council proposed special relending and financial discounts to support the renovation of equipment in some fields, so as to expand market demand and increase development potential.

央行9月28日公告称，为贯彻落实国务院常务会议关于支持经济社会发展薄弱领域设备更新改造的决策部署，增加制造业和服务业现实需求、提振市场信心，人民银行设立设备更新改造专项再贷款，专项支持金融机构以不高于3.2%的利率向制造业、社会服务领域和中小微企业、个体工商户等设备更新改造提供贷款。

这是央行今年新创设的又一项再贷款，在支持特定领域的同时有助于推动宽信用。内外权衡下，以再贷款为代表的结构性货币政策工具依然是支持实体经济的主要工具。

9月13日召开的国常会决定，对制造业、服务业、社会服务领域和中小微企业、个体工商户等在第四季度更新改造设备，支持全国性商业银行以不高于3.2%的利率积极投放中长期贷款。

专项再贷款额度2000亿元以上，尽量满足实际需求，期限1年、可展期两次。同时落实已定政策，中央财政为贷款主体贴息2.5%，今年第四季度内更新改造设备的贷款主体实际贷款成本不高于0.7%。

央行披露信息显示，设备更新改造专项再贷款额度利率为1.75%，该利率和今年创设的科技创新等其他几类再贷款相同。但不同的是，财政贴息将进行配套支持，形成中央财政贴息+专项再贷款的模式。

央行相关负责人介绍，专项再贷款政策支持领域为教育、卫生健康、文旅体育、实训基地、充电桩、城市地下综合管廊、新型基础设施、产业数字化转型、重点领域节能降碳改造升级、废旧家电回收处理体系等10个领域设备购置与更新改造。设备更新改造专项再贷款的发放对象包括国家开发银行、政策性银行、国有商业银行、中国邮政储蓄银行、股份制商业银行等21家金融机构。

该类再贷款同样采取“先贷后借”的直达机制，即金融机构按照市场化、法治化原则自主向企业发放贷款、管理台账，之后向人民银行申请再贷款或激励资金，人民银行按贷款发放量或余额增量的一定比例向金融机构发放再贷款或提供激励资金。

• China's GDP growth is expected to reach around 5 percent in the fourth quarter and around 3.5 percent this year, said the Bank of China Research Institute in a report published on Wednesday. Looking ahead, the report added that China's exports may weaken, the impact of COVID-19 on the economy will remain, and the recovery of domestic demand will rely on continuous strengthening of policies to stabilise growth and continuous optimisation of pandemic control policies.

  中行研究院预计四季度GDP增长5%：中国银行研究院28日发布《2022年四季度经济金融展望报告》，预计三季度GDP增长3.8%左右，较二季度回升3.4个百分点左右。展望四季度，中国出口或将走弱，国内疫情影响仍持续存在，内需恢复有赖于稳增长政策持续发力以及防疫政策的持续优化。预计四季度GDP增长5%左右，全年增长3.5%左右。

区域观察

• China's Xiong'an New Area saw robust growth in foreign trade in the year's first eight months, with its total import and export volume in cross-border e-commerce increasing sevenfold, media reported Wednesday. The value reached 208 million yuan from January to August, compared with 25 million yuan in 2021, official data showed.

  前8月雄安跨境电商贸易额达2.08亿元：据雄安自贸试验区管委会28日消息，今年1至8月，新区跨境电商等外贸新业态新模式实现跨越式发展，跨境电商进出口额达2.08亿元，较去年全年增加约1.83亿元，增长超7倍。

• Shanghai's State-owned enterprises contributed to more than one-fourth of the city's GDP in 2021, official data showed Wednesday. Output value of Shanghai's SOEs came to 1.23 trillion yuan last year, accounting for 28.5 percent of the city's overall GDP.

  上海地方国企贡献近3成GDP：28日消息，2021年，上海市市地方国有企业生产总值1.23万亿元，占去年上海生产总值的28.5%。市地方国有企业资产总额、营业收入和利润总额，约占全国地方国企的1/7、1/9和1/6。

新使命，大未来

• The Hong Kong Monetary Authority (HKMA)said on Thursday that its Global Financial Leaders’ Investment Summit will take place on November 2 with participants from over 100 major institutions. Thirty chief executives of global banks and funds including Blackstone, Goldman Sachs, HSBC, Morgan Stanley, Standard Chartered and UBS will attend. The meeting, with the theme of “Navigating Beyond Uncertainty”, will be the biggest congregation of global financial heavyweights in Hong Kong since the Covid-19 pandemic drove the city into three years of quarantines and social-distancing.

  香港11月初举办国际金融领袖峰会：香港金融管理局29日宣布，由其主办的国际金融领袖投资峰会最新确定将于11月2日召开，约200位金融界领袖将会出席。此次国际金融领袖投资峰会将汇聚100多家全球重要金融机构的主要负责人，当中包括摩根士丹利、黑石集团、瑞银集团等超过30家机构由董事长或行政总裁代表，讨论全球金融界面临的挑战和机遇。此次会议将会是香港实行社交距离措施三年以来，全球金融巨头在香港举行的最大规模集会。

• The HKMA will find a “suitable use case” for the proposed digital Hong Kong dollar, with pilot projects set to be launched soon to make it convenient for the public to adopt the virtual currency, media reported Thursday. The HKMA will launch a series of pilot schemes with banks and technology firms to test the digital currency - e-HKD - from the fourth quarter. The e-HKD will not have conflicts with the current three note-issuing banks as they may be the distributors.

  香港金管局将启动数字港元试点：据媒体29日报道，香港金融管理局将于第四季度与银行及科技公司联合启动一系列央行数字货币试点计划，探索央行数字货币，即数字港元在香港涉及的私隐保障和应用场景，便于后续向全港市民推行。据介绍，金管局将考虑由现时发钞银行发放数字港元，因此数字货币的使用将不会与香港三大发钞银行产生冲突。

• The world's first 2,000-ton-class offshore wind power installation platform named Baihetan was formally delivered and put into operation in Guangzhou on Wednesday. The 126-meter-long, 50-meter-wide vessel also integrates functions such as transport, self-elevation, lifting and dynamic positioning and can meet the requirements needed for operating in deep and remote seas.

  广州2000吨级海上风电安装平台投运：9月28日，由三峡集团投资建造的全球首艘新一代2000吨级海上风电安装平台——“白鹤滩”号在广州南沙正式交付投运。该船长126米，宽50米，集运输、自升、自航、起重、安装、动力定位等多功能于一体，具备10兆瓦以上海上风电机组安装能力，能够满足深远海一体化海上风电施工作业需求。

产业及公司新闻

• China’s new list of officially recognized occupations has added 97 jobs in the digital economy, according to an official at the Ministry of Human Resources and Social Security on Wednesday. The latest update adds 158 new occupations, raising the total number of occupations in the National Occupational Classification Code to 1,639.

  职业分类大典首次标注97个数字职业：9月28日，人力资源和社会保障部发布2022年版《中华人民共和国职业分类大典》。新版大典收录职业数新增158个，总数达到1639个，并首次标识了97个数字职业。

• CATL said Wednesday that it would invest 14 billion yuan for a capacity expansion project, the third one the Chinese power battery giant has announced so far in the second half of the year. The new battery production facility will be located in Luoyang, central China's Henan province, and be completed in up to 36 months.

  宁德时代140亿元建新能源电池项目：宁德时代28日晚间发布公告称，随着国内外新能源行业快速发展，动力电池及储能产业的市场持续增长，为进一步推动业务发展、满足市场需求、完善产能布局，公司拟在河南省洛阳市伊滨区投资建设洛阳新能源电池生产基地项目，项目总投资不超过140亿元。

• Sinopharm has been granted import and dealership rights for US pharmaceutical giant Merck's antiviral Covid-19 drug. The pair will also evaluate the feasibility of technology transfer for the drug to be produced, supplied, and commercialised in China, Merck announced Wednesday.

  国药独家引进默沙东新冠口服药：9月28日，默沙东和国药集团联合宣布，双方签署合作框架协议，默沙东将其和Ridgeback公司合作研发的抗新冠病毒口服药物莫诺拉韦的经销权和独家进口权授予国药集团，同时双方将评估技术转让的可行性，以便该药物在中国境内生产、供应和商业化。

• Chinese electric vehicle maker Nio said on Wednesday that the company will evaluate the demand-and-supply scenario in the market and carry out businesses in upstream industries related to the manufacture of EV core parts. Nio reportedly invested an estimated 600 million yuan in Greenwing Resources Ltd, said the Australia-based miner on Sunday, which is said to be stepping up its development of lithium project in Argentina.

  蔚来投资阿根廷锂矿项目：当地时间9月25日，澳大利亚锂矿商绿翼资源公告称，公司与蔚来汽车达成战略融资协议，以加快其在阿根廷一锂盐湖项目的勘探计划。据悉，蔚来此次投资总金额最高或超过6亿元。对此，蔚来方面28日回应，“我们会针对智能电动汽车核心部件相关的上游进行评估和布局，保障长期竞争优势。”

金融市场消息

• Chinese officials stressed in a meeting that the yuan's exchange rate has maintained "basic stability" at a reasonable and balanced level this year, warning the market not to bet on the redback’s unidirectional movement as not a single gambler will win, said the PBOC on Wednesday, as the yuan plunged to fresh lows against a buoyant greenback. Although the yuan has depreciated against the US dollar, the range of depreciation is just half of the US dollar's appreciation range, the meeting noted.

  央行表示不要赌人民币汇率单边升值或贬值：9月27日，全国外汇市场自律机制电视会议召开。会议指出，今年以来人民币汇率在合理均衡水平上保持基本稳定。人民币对美元汇率有所贬值，但贬值幅度仅为同期美元升值幅度的一半；人民币对欧元、英镑、日元明显升值，是目前世界上少数强势货币之一。会议强调，汇率的点位是测不准的，双向浮动是常态，不要赌人民币汇率单边升值或贬值，久赌必输。

• China will deepen the market-based reform of exchange rate of the Chinese currency, and guide enterprises and financial institutions to improve the management of market expectations with the concept of “prudent risk”, maintaining the basic stability of yuan’s exchange rate at a reasonable and balanced level, said the PBOC at its third-quarter monetary policy committee meeting. The country will set up mechanisms and institutions to support the real economy, improve innovative financial supporting system, encourage financial institutions to increase medium and long-term lending, and stabilise the industrial and supply chain to meet the nation’s carbon emission and carbon neutrality goals.

  央行表示将深化汇率市场化改革：29日消息，近日中国人民银行货币政策委员会召开2022年第三季度例会。会议指出，深化汇率市场化改革，增强人民币汇率弹性，引导企业和金融机构坚持“风险中性”理念，加强预期管理，保持人民币汇率在合理均衡水平上的基本稳定。构建金融有效支持实体经济的体制机制，完善金融支持创新体系，引导金融机构增加制造业中长期贷款，着力稳定产业链供应链，努力做到金融对民营企业的支持与民营企业对经济社会发展的贡献相适应，以促进实现碳达峰、碳中和为目标完善绿色金融体系。

• China will carry out pilot inclusive finance reform in Tongchuan, Shaanxi Province, Lishui in Zhejiang Province, and Chengdu in Sichuan Province, according to the plans released by the PBOC and seven relevant authorities on Wednesday. The plans would optimise the rural financial systems and improve financial support in key areas.

  三地普惠金融改革试验区总体方案出炉：9月28日，人民银行网站发布信息显示，经国务院同意，人民银行于近日联合多部门印发了关于陕西省铜川市、浙江省丽水市以及四川省成都市的普惠金融改革试验区总体方案，在三地开展普惠金融改革试验，探索普惠金融服务乡村振兴的有效路径。

• The multiple central bank digital currency bridge has successfully completed its first real-trade pilot test based on four national or regional central bank digital currencies from August 15 to September 23. A total of 20 commercial banks from four regions or countries jointly participated in the digital currency bridge pilot. The total amount of central bank digital currency issued in the pilot test was equivalent to more than 80 million yuan, realizing more than 160 cross-border payment and foreign exchange operations, with a settlement amount equivalent to more than 150 million yuan.

  多边央行数字货币桥完成真实交易试点：27日消息，由人民银行数字货币研究所参与的“多边央行数字货币桥项目”迎来新进展。8月15日至9月23日期间，首次成功完成了基于四个国家或地区央行数字货币的真实交易试点测试，来自四地的20家商业银行基于货币桥平台为其客户完成以跨境贸易为主的多场景支付结算业务。试点测试中发行的央行数字货币总额为8000余万元，实现跨境支付和外汇兑换同步交收业务逾160笔，结算金额折合人民币超过1.5亿元。

股市收盘情况

• Chinese stocks closed mixed on Thursday, with the benchmark Shanghai Composite edging down 0.13 percent, while the Shenzhen Component was up 0.18 percent. Hong Kong stocks finished with more losses, with the benchmark Hang Seng sliding 0.49 percent, and the TECH Index fell 1.2 percent after briefly touching the lowest since its 2020 inception.

  恒生科技指数创历史新低。据南财金融终端显示，截至收盘，上证指数跌0.13%，报收3041.20点，深证成指涨0.18%，报收10919.44点，创业板指涨0.83%，报收2333点。板块方面，医疗器械、CRO概念等板块涨幅居前，房地产开发及服务、港口航运等板块指数跌幅居前。港股恒生指数收跌0.49%，恒生科技指数收跌1.24%，盘中创历史新低。

Biz Word of the Day

财经词汇划重点

• Aspecial relending facilityis a program to implement currency policy and support equipment purchasing and upgrading in several sectors with loans of relatively low interest rate.

  专项再贷款是指中央银行为实现货币政策目标而对金融机构发放的专项贷款。狭义的再贷款指的是中央银行对金融机构贷款的总称；广义的再贷款指的是再融资的概念，其中包含票据再贴现。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, HUANG Yuyan

Sound Editor: HUANG Yuyan

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、黄雨嫣

音频制作：黄雨嫣

设计：郑文静、廖苑妮

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