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 central bank cuts forex RRR from 8% to 6% amid yuan’s depreciation;
China makes all-out rescue effort as earthquake in Sichuan’s Luding kills 66.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
The People's Bank of China (PBOC), the country's central bank, announced on Monday that it would lower financial institutions' foreign exchange reserve requirement ratio (RRR) by 2 percentage points to 6 percent, to help financial institutions' ability to use foreign exchange funds.
The PBOC’s decision will likely add US$20 billion of foreign currency to the market, media estimated.
The cut, which will be effective from September 15, came amid a recent round of weakening by the yuan. As of 16:30 on Monday, the onshore rate against the greenback came in at 6.9366, weakening by 338 basis points from Friday's close, hitting a two-year low. After the PBOC's announcement, the offshore yuan swiftly strengthened by nearly 200 basis points against the US dollar.
The PBOC last cut the reserve ratio for foreign exchange deposits in April when the yuan fell more than 4 percent. The onshore yuan fell 2.2 percent last month and is on track for its seventh straight month of losses.
Speaking shortly before the cut, PBOC deputy governor Liu Guoqiang said that China was able to maintain the yuan at a stable level, adding that it will be a "norm" in the short term for the Chinese currency to move in two ways, ruling out the possibility of one-way movements dominating the renminbi exchange rate and urging market participants to avoid betting on a specific level of the exchange rate.
China's forex market is operating normally with orderly flows of cross-border capital, despite spillover effect of US monetary policy, Liu said, adding that the overall impact remains controllable. China's economic fundamentals remain promising and its economic resilience remains strong, he said.
Against the backdrop of the US dollar appreciating 14.6 percent year-to-date, the depreciation of the yuan has been mild compared with other major currencies. The euro lost 12 percent of its value from January to August, the pound depreciated by 14 percent and the yen down by 17 percent, while the yuan only lost 8 percent of its value in the period.
为稳定汇率预期，央行9月5日17时左右公告称，为提升金融机构外汇资金运用能力，中国人民银行决定，自2022年9月15日起，下调金融机构外汇存款准备金率2个百分点，即外汇存款准备金率由现行8%下调至6%。
5日16:30，在岸人民币对美元收报6.9366，较上一交易日跌338个基点，续创2020年8月以来新低。自8月15日央行下调政策利率以来，人民币对美元汇率已跌2017个基点，跌幅达2.9%。9月5日晚间，离岸人民币兑美元短线拉升近200个基点。
国务院新闻办公室于9月5日下午举行国务院政策例行吹风会，人民银行副行长刘国强等介绍稳经济一揽子政策的接续政策措施。
刘国强表示，中国是开放经济，汇率必然会受到各种因素的影响，近期主要是美国加码货币政策影响。美元今年以来升值了14.6%，在美元升值背景下，SDR篮子里其他储备货币对美元都大幅度贬值，人民币也贬值了8%左右，但是和其他非美元货币相比，贬值幅度是最小的。比如1-8月欧元贬值了12%，英镑贬值了14%，日元贬值了17%，人民币贬值8%。
“汇率的点位是测不准的，大家不要去赌某个点。合理均衡、基本稳定是我们喜闻乐见的，我们也有实力支撑，我觉得不会出事，也不允许出事。”刘国强称。
他还表示，央行将进一步发挥贷款市场报价利率指导性作用和存款利率市场化调整机制的作用，引导金融机构将存款利率下降效果传导到贷款端，降低企业融资和个人信贷的成本。
专家表示，下调金融机构外汇存款准备金率，意味着境内金融机构为外汇存款缴存的准备金减少，有助于增加市场上美元流动性，并提升金融机构外汇资金运用能力，有利于人民币汇率的稳定。当前受美联储加速收紧货币政策影响，美元指数一度突破110关口，引发人民币对美元被动性贬值。央行此举向市场释放积极信号，有利于稳定人民币汇率预期，避免出现非理性的超调。
Sixty-six people have been killed in a 6.8-magnitude earthquake that jolted Luding County in southwest China's Sichuan Province on Monday, said local authorities at a press briefing on Tuesday afternoon. As of 2:00 p.m. Tuesday, 15 people were missing and over 253 injured. As of 8 a.m. today, the province had deployed over 6,650 rescuers and nine helicopters to the frontline.
泸定地震已致66人遇难：9月6日16时，四川省人民政府、四川省应急管理局、四川省地震局在震中泸定县磨西镇联合召开新闻发布会。发布会通报，此次地震已造成66人遇难，其中甘孜州遇难38人，雅安市遇难28人，另有15人失联。截至9月6日8时，累计出动解放军和武警部队、消防救援、森林消防、安能集团、安全生产、交通通信电力、医疗救援等各类救援力量6650余人、9架直升机。
China’s government spending on education remained above 4 percent of the country’s GDP for the past 10 years, taking the largest proportion in general expenditures, which enabled the smooth implementation of a batch of education projects, an official with the NDRC said Tuesday. The spread of education at different levels in China has reached that of a middle-to-high-income country, with newly added workforce spending 13.8 years in school on average.
国家财政教育支出连续10年占比超4%：在教育部今天召开的“教育这十年”新闻发布会上，国家发展改革委负责人介绍，党的十八大以来，国家财政性教育经费支出占GDP比例连续10年保持在4%以上，教育成为财政一般公共预算第一大支出，一批重大教育工程得以顺利实施，教育优先发展战略得到有效落实。教育事业发生格局性变化，从“穷国办大教育”，向“大国办强教育”迈进。各级教育普及程度达到中高收入国家水平，新增劳动力平均受教育年限达13.8年。
Moving on to regional highlights
区域观察
The 2022 China International Fair for Trade in Services (CIFTIS), China's main annual services trade fair which concluded on Monday in Beijing, saw 1,339 achievements, including 513 related to transactions, 175 related to investment, 173 innovations that premiered at the CIFTIS and 128 strategic agreements, said the fair's organising committee on Monday.
2022服贸会圆满闭幕：经过连续6天的会期，2022年中国国际服务贸易交易会于9月5日落下帷幕。据初步统计，本届服贸会共达成各类成果1339个，其中成交项目类513个、投资类175个、首发创新类173个、战略协议类128个、权威发布类82个、联盟平台类26个、评选推荐类242个。
Shanghai will build China's leading intelligent connected vehicle innovation and development system with a market scale of 500 billion yuan by 2025, its latest action plan showed on Monday. Seventy percent of the city's new cars will be equipped with Level 2 and Level 3 autonomous driving systems by 2025, while Level 4 cars equipped with highly autonomous driving, will be commercially available in limited areas and specific scenarios.
上海加快发展智能网联汽车：据上海市人民政府网站5日消息，上海市人民政府办公厅近日印发《上海市加快智能网联汽车创新发展实施方案》。该方案明确，到2025年，上海市初步建成国内领先的智能网联汽车创新发展体系。产业规模力争达到5000亿元，具备组合驾驶辅助功能（L2级）和有条件自动驾驶功能（L3级）汽车占新车生产比例超过70%，具备高度自动驾驶功能（L4级及以上）汽车在限定区域和特定场景实现商业化应用。
Next on industry and company news
产业及公司新闻
China may be able to reach the 25-percent target of NEVs penetration rate this year, 3 years ahead of the schedule set by the State Council, former MIIT minister Miao Wei said Tuesday during the ongoing Conference on Innovated Global Supply Chain of NEV and ICV held in Nanjing.
今年或实现新能源车25%渗透率目标：9月6日，在第四届全球新能源与智能汽车供应链创新大会上，全国政协经济委员会副主任、工信部原部长苗圩表示，新能源汽车渗透率达到25%的目标大概率可提前3年，即在今年实现。此前，国务院办公厅印发的《新能源汽车产业发展规划(2021-2035 年)》中明确新能源汽车将在2025年渗透率达到25%的目标。
China's courier sector continued to expand in August as the China express delivery development index came in at 311, up 12.9 percent month on month, the State Post Bureau said Monday, thanks to the resumption of delivery services in courier hubs previously affected by COVID-19 outbreaks, the peak season for agricultural product sales, and the promotion of e-commerce platforms.
快递行业恢复势头良好：9月5日，国家邮政局网站发布2022年8月中国快递发展指数为311，环比增长12.9%。报告称，8月快递发展规模稳定增长，主要得益于四个方面：一是重点地区快递规模迅速恢复；二是农产品上行进入旺季，农村市场规模快速增长；三是电商促销释放消费需求，鲜花、家用电器等产品销售增长迅猛；四是跨境寄递服务提速。
China will raise retail prices for gasoline and diesel by 190 yuan and 185 yuan per ton, respectively, effective midnight Tuesday, the NDRC said, bringing five consecutive price cuts to an end. Private car owners will have to spend about 7.5 yuan more to fill a 50-litre tank.
成品油止步“五连跌”：国家发改委6日发布消息，自2022年9月6日24时起，国内汽、柴油价格（标准品）每吨分别提高190元和185元。届时加满一箱50L的92号汽油将较之前一期多花7.5元左右。
Chinese battery producer Contemporary Amperex Technology (CATL) signed a real estate deal with the city of Debrecen in Hungary on Monday, marking the official launch of its second European plant that covers an area of 221 hectares. With a total investment of 7.34 billion euros, the plant is expected to achieve a production capacity of 100 GWh.
宁德时代匈牙利工厂启动：9月6日，据宁德时代宣布，5日与匈牙利德布勒森市签署预购地协议，标志着宁德时代匈牙利工厂的正式启动。宁德时代匈牙利工厂位于德布勒森南部工业园区，占地221公顷，首栋厂房将于2022年内破土动工。该项目投资金额73.4亿欧元，规划产能为100GWh。
Hongqi, the premium arm of China FAW Group, unveiled three electric car models at an event held in the metaverse on Monday. The marque said it expects to have 13 new energy vehicle models by 2025, with their total sales reaching 500,000 units in the same year.
红旗发布三款新能源概念车：9月5日，一汽红旗发布新能源战略、超级电动智能平台以及新红旗Sedan EV、新红旗SUV EV和新红旗E-LS三款新能源概念车；此外，红旗新能源设计美学也同步亮相。中国一汽党委书记、董事长徐留平以虚拟形象+虚拟声音的形式在发布会上表示，红旗品牌计划到2025年将推出13款新能源智能产品，产销量要达50万辆以上。
Switching gears to financial news
金融市场消息
China's top banking watchdog levied 128 million yuan in fines to financial institutions last month, according to a report from a research institute of the 21st Century Business Herald on Tuesday. Financial institutions have been slapped 863 fines that worth 155 million yuan in August, down 40 percent from July, among which 653 were from the China Banking and Insurance Regulatory Commission and its local agencies. Banks remained the biggest offenders, with the Bank of China and Citic Bank being fined more than 10 million yuan.
金融业8月罚款金额降40%：9月6日，21世纪资管研究院发布的《金融合规报告》显示，今年8月份金融机构共收到863张罚单，被处罚金额合计1.55亿，相比7月环比减少40.18%。其中银保监会及派出机构开出的罚单依然最多，共开653张罚单，合计处罚金额1.28亿。从不同机构类型来看，8月银行业罚单数量和处罚金额依然最多，其中8月合计被罚金额过千万的银行有中国银行、中信银行。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks closed higher on Tuesday as currencies in Asia strengthened after the U.S. dollar paused a broad rally. By the close, the benchmark Shanghai Composite went up 1.36 percent and the Shenzhen Component gained 1.04 percent. In Hong Kong, the Hang Seng Index lost 0.12 percent while the TECH Index ended almost flat.
周二A股三大指数全线收涨。截至收盘，上证指数涨1.36%，深证成指涨1.04%，创业板指涨0.1%。板块方面，环氧丙烷、TOPcon电池板块领涨，医疗器械板块跌幅居前。港股恒生指数收跌0.12%，恒生科技指数收涨0.07%。
Biz Word of the Day
财经词汇划重点
The forex reserve requirement ratio (RRR) is the percentage of foreign exchange deposits and other liquid assets that commercial banks must store within the central bank. Increasing the forex RRR will reduce the supply of foreign currency and ease the pressure of yuan appreciation. Alternatively, decreasing the forex RRR, which is equivalent to releasing foreign exchange liquidity, will help curb the yuan from further depreciating.
外汇存款准备金率是金融机构交给中国人民银行的外汇存款准备金与吸收外汇存款的比率。外汇存款准备金是金融机构按照规定，将吸收的外汇存款按照一定的比例交给中国人民银行进行存储的存款。当人民币大幅升值时，可以上调外汇存款准备金率，相当于回收外汇流动性，减少外币供给，缓解人民币升值压力；当人民币大幅贬值时，可以下调外汇存款准备金率，相当于释放外汇流动性，增加外币供给，缓解人民币贬值压力。
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