Hi everyone. I’m Stephanie LI.
大家好，我是主持人李莹亮。
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重点提要
Central bank announced to elevate the foreign exchange risk reserve ratio for forward forex trading to 20 percent;
China extends NEV purchase tax exemption by another year.
Here’s what you need to know about China in the past 24 hours中国经济要闻
China’s central bank will reinstate the risk reserve requirement ratio for forward foreign exchange sales, also called China’s Tobin tax, as the Chinese yuan continues to depreciate against the US dollar.
The risk RRR for forward forex sales, which aims to disincentivize short-term currency speculations, will be raised to 20 percent from zero starting Wednesday, the People’s Bank of China announced today. In other words, if a bank signs a$10 billionforexforward trading deal, it will have to pay $2 billion worth of reserve funds to the PBOC, which will fully refund the money one year later.
The offshore yuan rebounded to 7.1319 from 7.1601 as of 9.18a.m.Beijing time, just two minutes after the PBOC’s announcement.
China eliminated the risk RRR for forward forex sales in October 2020, when the Chinese yuan soared. The introduction of the risk RRR for forward forex sales is the second major move the PBOC made after the latest round of yuan deprecation. On Sept. 5, it announced to cut the forex reserve requirement ratio by 2 percentage points to 6 percent from Sept. 15.
Despite the recent weakening of the yuan, a report released on Friday by the central bank said the renminbi has played a growing international role in payment, investment, financing and foreign exchange reserves. The renminbi internationalisation composite index — a gauge created by the central bank to describe the extent to which a currency is internationalised — rose to 2.86 in the first quarter of the year, up 14 percent year-on-year, the report said.
Onshore entities held 10.8 trillion yuan ($1.5 trillion) worth of yuan-denominated financial assets as of the end of last year, a 20.5 percent jump from the end of 2020, the PBOC said on Sept. 23. And the central bank will continue to drive the high-level two-way opening up of its capital markets and promote the smooth circulation of the onshore and offshore yuan markets, it added.
The integration of yuan and foreign currency capital pools by multinational companies will be further advanced to support the increased use of the redback in overseas investment, the PBOC said. Innovations in yuan cross-border investment and financing will also be promoted through the construction of pilot free trade zones.
为了稳定外汇市场预期，央行再放“大招”。
9月26日，央行发布公告称，9月28日起，将远期售汇业务的外汇风险准备金率从0上调至20%。
受此影响，离岸人民币汇率一度跳涨约300个基点。但随着美元指数持续上涨突破114整数关口，境内外人民币双双回落。
截至9月26日13时，境内在岸市场人民币兑美元汇率徘徊在7.1645附近，境外离岸市场人民币兑美元汇率则触及7.1631。
专家认为，央行此次上调远期售汇业务的外汇风险准备金率至20%，将提高银行远期售汇成本以降低企业远期购汇需求，进而减少即期市场购汇需求，有助于外汇市场供需平衡。
多数海外投资机构普遍认为相比9月初央行下调金融机构外汇存款准备金率2个百分点，此次央行调高远期售汇业务外汇风险准备金率，对沽空人民币资本构成更强的威慑力。前者主要是通过调节金融市场美元流动性缓解人民币下跌预期，后者则直接减少市场购汇压力，令投机资本更难营造人民币单边快速下跌预期。
值得注意的是，尽管美元迭创新高令人民币汇率被动下跌，但人民币国际化进程依然稳步推进。
环球银行间金融通信协会（SWIFT）发布最新数据显示，8月人民币交易使用比重由7月的2.20%，向上升至2.31%，依然位列全球交易使用量的第五位。
由于人民币汇率相比欧元、日元与英镑等非美货币更加“坚挺”，越来越多海外企业正在加大对华跨境贸易投资的人民币结算力度，从而规避自身汇率风险。
与此对应的是，受近期欧元日元大幅下跌冲击，8月欧元使用量由7月的35.49%下降至34.49%，日元则从7月的2.82%下降至2.73%，表明人民币汇率在非美货币的持续“坚挺”，也有助于人民币稳步扩大国际贸易投资的使用规模。
中国央行表示，下一阶段央行将坚持以市场驱动、企业自主选择为基础，稳步提升人民币国际化水平，一方面坚持扩大高水平对外开放，进一步完善人民币跨境使用的政策支持体系与人民币国际化基础设施，更好服务实体经济；另一方面推动更高水平金融市场双向开放，促进人民币在岸、离岸市场良性循环。
Officials from China, Kyrgyzstan and Uzbekistan signed a document of cooperation on a railway project during the 2022 annual summit of the Shanghai Cooperation Organisation, marking "phased progress" with the China-Kyrgyzstan-Uzbekistan Railway, according to the NDRC on Friday. Under the initial plan, the railway will be the shortest route to transport goods from China to Europe and the Middle East, cutting the journey by 900 kilo-meters and saving seven to eight days of travel time.
陆海新通道“中吉乌阿快线”开通：据25日发改委消息，由陆海新通道运营有限公司发运的一趟“中吉乌阿快线”(中国—吉尔吉斯斯坦—乌兹别克斯坦—阿富汗)国际联运测试班列，已于近日抵达阿富汗，标志着一条联通东亚、中亚的物流新通道被打通。中吉乌铁路建成通车后，中吉乌之间的运输线路缩短900公里，从而降低运输成本。
Moving on to regional highlights区域观察
Shanghai, banking on its strong exports of NEVs and computers, posted a 15.8-percent-increase in foreign trade to 414.97 billion yuan in August, according to media reports on Sunday. Foreign trade in Ningbo, East China"s Zhejiang Province, expanded 12.3 percent year-on-year in the first eight months to 858.02 billion yuan.
上海宁波外贸进出口稳定增长：8月，上海市外贸进出口规模再度创下新高，达到4149.7亿元，较去年同期增长15.8%，新能源产业和计算机通信产业出口持续发力。1-8月，宁波市进出口总额达8580.2亿元，比去年同期增长12.3%。
The passenger throughput of Beijing Daxing International Airport has surpassed 52 million over the past three years, according to the airport on Sunday, which marked the third anniversary of the launch of the airport"s operations. During the same period, Daxing has handled 370,000 tons of cargo and mail. Some 450,000 flights have departed or arrived at the airport. Currently, 26 domestic airlines operate at the airport. It has opened a total of 266 air routes, connecting 185 destinations.
北京大兴机场投运三周年：9月25日，北京大兴国际机场迎来投运三周年。从2019年正式投运至今，大兴机场旅客吞吐量已超过5200万人次，累计完成航班起降约45万架次，货邮吞吐量约37万吨。目前，26家国内航空公司在大兴机场运营，累计开通航线266条，通达航点185个。
Greater Bay Area, Greater future新使命，大未来
The Hong Kong SAR announced on Friday the loosening of COVID-19 quarantine measures from Monday, meaning no hotel quarantine but only a 3-day self-monitoring period at home is needed for arrivals, ending the hotel quarantine policy which has been in place for around two years. Nucleic acid testing conducted 48 hours before flying to Hong Kong will also be replaced with a Rapid Antigen Test before boarding. Following the announcement, searches for international flights to Hong Kong increased fourfold on an online travel agency platform.
香港取消入境后酒店隔离：9月23日下午，香港特区政府宣布，将从9月26日起，改变现有入境检疫隔离政策，由“3＋4”变为“0＋3”。入境旅客将不用再到酒店进行隔离，只需进行3天医学健康监测即可。另外，香港还取消了旅客登机前的核酸检测阴性证明要求，用快速抗原检测结果代替。平台数据显示，香港入境新政策发布后，从国际飞往香港的航线瞬时搜索量增长4倍。
Macao SAR announced on Saturday that it expects to receive tour groups from the Chinese mainland starting from November, the first time in almost three years, with tour groups from South China"s Guangdong Province, East China"s Fujian, Zhejiang and Jiangsu provinces, and Shanghai coming first. Electronic visas are also set to be re-issued between late October and early November, as approved by the central government.
澳门将恢复与内地电子签注办理：9月24日11时许，澳门特区行政长官贺一诚公布一系列惠澳措施，包括支持恢复电子签注形式办理赴澳签注，并于今年10月底或11月初落实逐步恢复内地旅行团来澳政策，将首先开放广东，随后延伸至浙江、江苏、福建及上海这“4省1市”的赴澳旅行团。
The construction of the permanent venue for the Greater Bay Area Science Forum began on Saturday in Nansha District of Guangzhou City. With an above-ground floor area of approximately 110,000 square meters, the architectural complex will consist of multiple facilities, including a conference centre, a sci-tech innovation centre and apartment buildings. The permanent venue is expected to be put into use in 2025.
大湾区科学论坛永久会址广州动工：9月24日，大湾区科学论坛永久会址动工活动及论坛战略咨询委员会成立大会在广州市南沙区举行。该项目由学术中心、科技馆、科创中心、科学家公寓及配套设施等构成，规划用地面积约为10万平方米，将在2025年年底完工。
Esports organisations that are registered in Shenzhen and add “Shenzhen” in the team name will be offered financial support of up to 2 million yuan per season when playing in international or national professional leagues, local government said on Friday. Esports teams with excellent performance will be offered up to 5 million yuan reward based on the categories, influence and ranking, the Shenzhen municipal government said.
深圳致力打造世界电竞之都：23日，深圳发布《深圳市关于建设国际电竞之都的若干措施（征求意见稿）》，对在深圳注册并冠“深圳”队名，参加国际、全国顶级职业联赛的电竞职业俱乐部，每赛季给予最高200万元的资助；参赛成绩优秀的，可根据项目类别、影响力和名次给予最高500万元奖励。
Next on industry and company news产业及公司新闻
China will extend its exemption of purchase taxes on new energy vehicles (NEVs) bought between January 1 and December 31 next year, according to the Ministry of Finance, the State Taxation Administration and the Ministry of Industry and Information Technology on Monday.
新能源汽车免征购置税政策延续：26日，财政部、税务总局、工业和信息化部发布关于延续新能源汽车免征车辆购置税政策的公告，对购置日期在2023年1月1日至2023年12月31日期间内的新能源汽车，免征车辆购置税。
China has achieved initial success in new infrastructure construction, which has greatly facilitated the country"s social and economic development over the past decade, the NDRC said Monday. The length of China"s optical fibre network has increased 2.7 times over the past decade, and the number of data centre racks has topped 5.9 million. In terms of innovation, up to 32 of China"s planned 77 major national science and technology infrastructure projects have been put into operation, while centres on engineering research, enterprise technology, and industrial innovation are being set up across the country. The coverage rate of China"s power distribution automation system has exceeded 90 percent by 2021, and the country has seen the completion of over 800 smart mining sites and a number of "5G plus" smart thermal power plants.
我国新型基建取得初步成效：26日，国家发改委召开新闻发布会介绍重大基础设施建设有关情况。国家发改委表示，我国新型基础设施建设已取得初步成效。数据中心规模达到590万标准机架。我国已经建成体系较为完备的重大科技基础设施，32个已建成运行，部分设施迈入全球第一方阵。2021年配电自动化覆盖率超过90%；智能化煤矿建设加速，已建成800余个智能化采掘工作面；建成多个5G+智慧火电厂。
China State Shipbuilding Corp"s Dalian Shipbuilding Industry and China Shipbuilding Trading Co landed an order of constructing two large-scale LNG vessels from China Merchants Energy Shipping Co on Saturday. Each measuring 295 meters in length and 46.4 meters in width, they are able to hold 175,000 cubic meters of LNG and are compatible with various types of LNG facilities at major ports worldwide.
招商轮船签约2艘大型LNG运输船：招商轮船公告，公司于9月24日行使船舶建造选择权，向大连船舶重工集团有限公司、中国船舶工业贸易有限公司订造2艘17.5万立方米大型液化天然气（LNG）运输船，并签署了《船舶订造协议》。2艘17.5万立方米LNG运输船舶，总价格4亿美元；交船期为2026年下半年。
Wrapping up with a quick look at the stock market股市收盘情况
Chinese stocks closed lower on Monday with the benchmark Shanghai Composite losing 1.2 percent and the Shenzhen Component down 0.4 percent. In Hong Kong, the Hang Seng Index fell 0.44 percent, while the TECH Index gained 1.61 percent.
周一A股三大指数冲高回落。据南财金融终端显示，截至收盘，上证指数跌1.2%，报收3051.23点，深证成指跌0.4%，报收10962.56点，创业板指涨0.83%，报收2323.05点。港股恒生指数收跌0.44%，恒生科技指数收涨1.61%。
Biz Word of the Day
财经词汇划重点
Foreign exchange (forex) forward dealsare contracts that are used as a hedge when an investor has a commitment to either take or make a forex payment at a specified date in the future. Risk reserve requirements for forward foreign exchange sales is the portion of fund commercial banks set aside as reserve to deal with potential risk in forex forward deals.
远期售汇业务是指客户与银行签订远期结售汇协议，约定未来售汇的外汇币种、金额、期限与汇率，到期时按照该协议订明的币种、金额、汇率办理的售汇业务。远期售汇业务的外汇风险准备金率，本质上是一种价格手段，即通过影响汇率远期价格，调节远期购汇行为。
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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