CBN丨PBOC sees liquidity as 'ample' in sign a rate cut is les

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重点提要 

China's central bank will step up policy support for economy, and liquidity is more than “reasonably ample”;

The cabinet called for efforts to stabilise the job market.

中国经济要闻

China will keep monetary conditions accommodative and guide market lending rates even lower to solidify the country's economic recovery, officials said at a Wednesday press conference on financial statistics in the first half of the year.

Zou Lan, head of the monetary policy department at the People's Bank of China (PBOC), said the central bank will make reasonable use of policy tools and further encourage financial institutions to reduce corporate financing costs, and will continue to formulate monetary policy mainly based on domestic factors.

In answer to a question on whether the central bank will continue to cut interest rates or the reserve requirement ratio for banks, Zou responded that the 7-day reverse repurchase rate is around 1.6 percent, lower than the cost of short-term policy loans the PBOC provides via its daily open market operations, while the rate on the 7-day loans for lenders is currently at 2.1 percent. “That suggests liquidity has stayed slightly more than reasonably ample,” Zou said.

The Chinese economy has recovered with marginal improvements in major economic indicators, the official noted, yet the foundation of the recovery remains shaky, thus the central bank will deepen market-based reforms on interest rates to translate lower deposit rates into reductions in lending rates, helping market entities to benefit more from eased financing burdens.

In April, the PBOC guided banks to form a market-based adjustment mechanism for deposit rates. Thanks to the mechanism, the weighted average interest rate of new deposits dropped to about 2.32 percent in June, down 0.12 percentage point from April. 

Meanwhile, the average interest rate of corporate loans came in at 4.32 percent during the January-June period, down 0.31 percentage point year-on-year, hitting a record low, official data showed.

The PBOC is also keeping a close eye on domestic inflation as well as shifts of monetary policies in major economies, Zou said. The central bank has taken preemptive measures to offset the impact of changes in the external environment on cross-border capital flows, he added.

Separately, Sun Tianqi, head of the PBOC’s financial stability bureau, said a recent evaluation by the central bank found 316 high-risk lenders, including some rural banks in Henan province involved in a financial scam. Assets of the risky banks account for just 1 percent of the sector’s total, meaning the vast majority of Chinese lenders are safe, he said. 

7月13日，国新办举行上半年金融统计数据情况新闻发布会，就近期货币政策、存贷款、金融风险、数字人民币等热点话题答记者问。

央行货币政策司司长邹澜表示，央行将继续用好结构性货币政策工具，保持流动性合理充裕，并进一步鼓励金融机构降低企业融资成本。具体而言，邹澜表示，央行将继续深化存款利率市场化调整机制改革，推动降低实际贷款利率，更好地支持实体经济发展。

邹澜在回答下半年是否会有降息或降准计划时表示，目前，银行间市场存款类机构7天回购加权平均利率在1.6%左右，低于公开市场操作利率，流动性保持在较合理充裕还略微偏多的水平上。此外，1月至6月企业贷款利率为4.32%，同比下降0.31个百分点，继续稳中有降，再创有统计以来的新低。

邹澜称，未来人民银行将合理搭配货币政策工具，保持流动性合理充裕，进一步推动金融机构降低企业融资成本，为巩固经济恢复创造适宜的货币金融环境。

今年4月，央行指导建立了存款利率市场化的调整机制，推进了存款利率进一步市场化。央行初步统计，今年6月，全国银行新发生的存款加权平均利率大约是2.32%，这和调整前的4月相比，下降了0.12个百分点。官方数据显示，1-6月企业贷款利率为4.32%，同比下降0.31个百分点，再创有统计以来的新低。

谈及河南村镇银行风险事件，央行金融稳定局局长孙天琦表示，事件发生以来，人民银行积极配合地方政府和监管部门稳妥应对，指导分支机构履行维护区域金融稳定的责任，做好流动性风险监测和应急保障。整体看，我国金融风险收敛，总体可控，99%的银行业资产处在安全边界内。

谈及下半年货币政策，邹澜表示，人民银行将继续实施好稳健的货币政策，加快落实已确定的政策措施。对于主要经济体货币政策加速收紧的情况，央行已进行前瞻性应对。

同时，邹澜表示，当前流动性保持在较合理充裕还略微偏多的水平。未来央行将继续保持流动性合理充裕，进一步推动金融机构降低企业融资成本，为巩固经济恢复创造适宜的货币金融环境。

China will introduce stronger policy steps to boost job creation in an effort to stabilize overall employment, according to a decision made at the State Council's Executive Meeting chaired by Premier Li Keqiang on Wednesday. The meeting called for continuing to ensure stable employment by supporting market entities, and business startups will be supported in order to boost employment. Efforts related to the employment of key groups such as college graduates and migrant workers will be intensified, and employment discrimination against recovered COVID patients should be strictly prohibited.

多措并举稳就业：7月13日国务院召开常务会议，部署加力稳岗拓岗的政策举措，确保就业大局稳定。会议指出，6月份就业形势较4、5月份好转。但稳就业任务依然繁重，要坚持就业优先，以发展促就业，以稳就业支撑经济加快恢复和平稳发展。会议呼吁继续通过保市场主体稳就业、以创业带就业、抓好高校毕业生、农民工等重点群体就业，并严禁在就业上歧视曾经新冠病毒核酸检测阳性的康复者。

新使命，大未来

The extension of the Hengqin Line, a 2.2-kilometre cross-border light railway transport route which connects the Macao SAR and the neighboring Guangdong-Macao cooperation zone on Hengqin Island, started construction on Wednesday.

澳门轻轨延伸横琴线盾构隧道开建：7月13日上午，在澳门轻轨延伸横琴线项目横琴侧，盾构机“澳琴1号”成功始发。澳门轻轨延伸横琴线项目起于澳门莲花口岸，向西下穿十字门水道，在横琴口岸下设地下站，全线长约2.2公里，是珠澳区域公共交通快速衔接的重要客运通道。

Travellers to Hong Kong could be allowed to skip Covid-19 quarantine with certain conditions attached by November, according to the city's health chief on Tuesday. Instead of quarantine, visitors would be placed under medical observation and possibly barred from high-risk activities, such as going to bars, and they would still have to take nucleic acid tests. 

香港有望海外入境免隔离：12日，香港新上任的医务卫生局局长卢宠茂透露，在11月前海外抵港人士有机会容许有条件免检疫，但或只限部分人士。对入境人士保留核酸检测的要求，但不排除考虑放宽其余措施。

产业及公司新闻

China is expected to have nine of the world's top 20 container ports by the end of this year, according to a forecasting report released by the Chinese Academy of Science on Tuesday. Among the top 20 ports, the Shanghai port will have the most throughput capacity in 2022.

全球前20集装箱港口9个来自中国：7月12日，中国科学院预测科学研究中心副研究员谢刚在2022年全球Top20集装箱港口预测发布会上表示，全球Top20集装箱港口有9个来自中国。2022年中国多数港口集装箱运输服务需求呈现增长，其中尤以宁波舟山、青岛和天津港上升明显。

China's postal industry reported stable growth in business revenue in the first half of this year, data from the State Post Bureau showed on Wednesday. During the period, the revenue of the postal sector totaled 654.31 billion yuan, up 6.5 percent year on year. And their business revenue amounted to 498.22 billion yuan, an increase of 2.9 percent. 

上半年邮政业收入增长6.5%：7月13日，国家邮政局公布2022年上半年邮政行业运行情况。上半年，邮政行业业务收累计完成6543.1亿元，同比增长6.5%。 报告期内，业务收入累计完成4982.2亿元，同比增长2.9%。 

Kingsoft Office Software has blocked access to a link on its WPS office suite that was allegedly used to share illegal documents online, the Chinese software developer said Wednesday, in response to rumours that it is deleting users’ files. Kingsoft protects customer privacy, but the firm will check online documents shared through its cloud service as required by cyber security authorities, the firm said. 

金山回应删除本地文件传闻：13日，WPS官方微博在回应11日公司删除用户文件并侵犯用户隐私的谣言的发布声明中称，“近期一位用户分享的在线文档链接，涉嫌违规，我们依法禁止了他人访问该链接。此事被讹传为WPS删除用户本地文件。WPS将始终把用户体验和保护用户隐私放在第一位”。

Xpeng Robotics, an affiliate of Chinese electric carmaker Xpeng Motors, has raised more than $100 million on Tuesday, the most in two years for a Chinese company in the field. IDG Capital was one of the leading investors in the Series A fundraiser, with Xpeng and other existing shareholders chipping in, the Guangzhou-based automaker said on its website Tuesday. 

小鹏鹏行完成超1亿美元融资：12日，小鹏汽车生态企业“小鹏鹏行”宣布完成A轮融资签约，该轮融资超1亿美元。此轮融资领投方之一为IDG资本，小鹏汽车等股东跟投。公开资料显示，这是近两年中国最大单笔仿生机器人融资。

金融市场消息

Global investors will increase their holdings of Chinese assets in the second half of 2022, as the world's second-largest economy is expected to recover, according to a report released by Standard Chartered on Wednesday. The report also advised on taking higher stakes in Chinese A shares and China-related stocks in overseas markets to hedge against the risk of an economic slowdown in Europe and the US. 

渣打银行看好中国股票：7月13日，渣打银行财富管理部发布2022年下半年全球市场展望报告称，全球通胀高企且不断上升，经济增长大幅放缓的可能性增加。股票市场方面，渣打银行对中国股票市场充满信心，将的中国离岸和在岸股票均上调为“超配”。