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 

• Central bank cut banks' forex reserve requirements by 1% in an attempt to shore up the Chinese yuan against U.S. dollar;

• China’s cabinet released new guidelines to help enhance consumption.

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 (PBC) on Monday evening announced to cut foreign exchange reserve requirement ratio(RRR) for financial institutions by 1 percentage points to 8 percent amid the yuan' accelerated depreciation.

According to the central bank, the cut intended to shore up the capacity of financial institutions to use foreign exchange funds, will take effect on May 15.

The yuan has continued its weakness since last week, with the offshore yuan weakening beyond 6.6 versus the US dollar intraday trade on Monday, its lowest level since November 2020. The onshore yuan also skidded past 6.56 per dollar on Monday, with its daily losses topping 500 basis points. 

The yuan has depreciated over 2,000 basis points against the dollar over the past five trading days, or down by about 3.5 percent against the greenback since this month.

The reduction in forex RRR, nonetheless, remains rather prudent, analysts noted, adding that it cannot be ruled out that other fine-tuning tools could be used to steady the currency. There is also room for further cuts in the forex reserve requirements. 

Two-way fluctuations will continue, and the yuan will remain stable and balanced, Wang Chunying, spokesperson of the State Administration of Foreign Exchange (SAFE) said Friday, adding that Yuan assets still have long-term investment value, which will provide support for the stability of the RMB exchange rate. 

离岸人民币5个交易日大跌逾2000点，一度跌破6.6大关，央行终于出手。

4月25日晚间，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5月15日起，下调金融机构外汇存款准备金率1个百分点，即外汇存款准备金率由现行的9%下调至8%。

这是央行时隔四个月多后调整外汇存款准备金率，此次调整的背景则是自上周以来人民币兑美元汇率的快速走贬。4月25日，离岸人民币兑美元汇率盘中跌破6.6关口，为2020年11月以来首次，日内跌幅超1%；在岸人民币兑美元汇率盘中跌幅一度高达900个点。

分析师表示，造成近期人民币汇率贬值的因素有多个，包括市场押注美联储加快加息步伐、国内经济下行压力增加、避险情绪上升、短期交易因素、国际收支变化等。

外汇存款准备金率只是央行汇率管理工具箱中的一项。分析师认为，从工具箱储备来看，央行稳定人民币汇率的“后招”充足。

国家外汇管理局副局长、新闻发言人王春英周五在发布会上表示，从历史经验看，美联储货币政策调整特别是加息通常会对各国跨境资本流动产生溢出影响。但是，受到冲击比较大的主要是一些基本面有短板和弱项的经济体。就中国来讲，近年来中国外汇市场韧性不断增强，有基础和有条件适应本轮美联储政策调整。

王春英说，未来人民币汇率还会双向波动，在合理均衡水平上保持基本稳定。中国经济韧性比较强，长期向好的发展态势没有改变，国际收支结构稳健，经常账户保持合理规模顺差，人民币资产具有长期投资价值，这些因素都会为人民币汇率基本稳定提供根本支撑。

• The State Council on Monday unveiled a new package of measures to shore up consumer spending and support smaller firms and the services sector. The government pledged to scale up aid measures for businesses hit hard by the pandemic, ensure the stable supply and prices of basic commodities and encourage innovation in models of consumption, the guideline said.

  Key measures include encouraging financial institutions to extend support to hard-hit sectors and encourage eligible areas to offer free nucleic acid tests to workers in the retail and catering sectors. The nation will plan the construction of major warehousing bases in major cities to ensure that daily necessities can be distributed during emergencies and the supply of goods will not be disrupted.

  In stabilising the fundamentals of consumption, the nation will scale up measures to spur spending on services such as health and care for the elderly. Also, priority will be given to green consumption, including supporting the growth of the new energy vehicle sector.

• 20条举措促消费：4月25日，国务院办公厅发布《关于进一步释放消费潜力促进消费持续恢复的意见》（简称《意见》）提出了5方面20条措施，综合施策释放消费潜力，促进消费持续恢复。包括加大助企纾困力度，并鼓励有条件的地区对零售、餐饮等行业企业免费开展员定期核酸检测，对企业防疫、消杀支出给予补贴支持；做好基本消费品保供稳价，加快建立健全生活物资保障体系，畅通重要生活物资物流通道。在各大中城市科学规划建设一批集仓储、分拣、加工、包装等功能于一体的城郊大仓基地；实施智慧助老行动，加快推进适老化改造和智能化产品开发；扩大保障性租赁住房供给，支持缴存人提取住房公积金用于租赁住房；大力发展装配式建筑，积极推广绿色建材，加快建筑节能改造。支持新能源汽车加快发展，各地区不得新增汽车限购措施等。

Update on COVID-19

疫情简报

• An Omicron-specific COVID-19 vaccine candidate developed by domestic producer Sinopharm has been approved for clinical trials by China's National Medical Products Administration, the company said on Tuesday. The experimental inactivated vaccine, if successful, is likely to be used as a third or fourth booster shot for fully vaccinated people aged 18 years and above.

  奥密克戎灭活疫苗获临床批件：4月26日，国药集团中国生物北京生物制品研究所奥密克戎变异株新冠病毒灭活疫苗国内首个获国家药监局临床批件。中国生物将采用随机、双盲、队列研究的形式，在已完成2或3剂新冠疫苗接种的18岁及以上人群中进行序贯免疫临床研究，评价奥密克戎变异株新冠病毒灭活疫苗的安全性和免疫原性。

• Alibaba Group Holding’s logistics arm Cainiao and Tmall Supermarket have been expanding their grocery delivery volumes in Shanghai. Currently, two-thirds of distribution stations in Shanghai are operating as usual, serving more than half of the streets in the city. Cainiao has distributed 15,000 tons of supplies from Tmall Supermarket in Shanghai as of Sunday.  Also, baby formula producers and e-commerce giants including Tmall, JD.com and Meituan are linking arms to build a green channel for milk power in Shanghai.

  电商为上海物资奶粉保供：据菜鸟方面消息，该物流企业担负的天猫超市包裹配送量正稳步提升。截至4月24日，全市2/3的菜鸟配送站点已经照常送货，服务范围超过半数以上的街道。菜鸟为上海保供累计配送和调拨物资已达1.5万吨。另外，多家奶粉企业和电商平台探索开通了“上海专送”的奶粉绿色通道，让婴幼儿配方奶粉的运输时效大幅提升。上海举行新冠肺炎疫情防控工作新闻发布会上，也将婴儿奶粉等母婴用品等列为重点保供事项。随着京东、天猫等电商平台的逐步恢复，上海婴幼儿配方奶粉购买难的情况已明显好转。

• Beijing announced expanded virus testing programs Monday night to cover 11 out of its 16 districts, home to most of its 22 million population, after a rising number of Covid-19 infections was reported amid a new flare-up wave. The central business district Chaoyang was the first to start mass testing Monday morning after clusters of infections were reported. 

  北京开展三轮核酸检测：4月25日，在北京市新型冠状病毒肺炎疫情防控工作第315场新闻发布会上，北京市政府新闻发言人徐介绍，本市在朝阳区已经开展核酸检测的基础上，进一步扩大区域筛查范围，从26日至30日，对东城、西城、海淀、丰台、石景山、房山、通州、顺义、昌平、大兴、经开区等11个区域人员开展三轮核酸检测。

Next on industry and company news

产经消息及公司新闻

• Ruqi Mobility, a mobile travel brand backed by state-owned automaker GAC Group, announced that it has completed an A-round financing that worths more than 1 billion yuan. The mobility startup also said it will continue to accelerate the commercialisation of its Robotaxi and build a Video-as-a-Service(VaaS) platform that links the industry.

  如祺出行完成超10亿A轮融资：4月26日，广汽集团旗下移动出行品牌如祺出行宣布完成超10亿元A轮融资。如祺出行表示，本轮融资完成后，将继续深化“双轴驱动”战略布局，加速推动Robotaxi商业化落地，并打造链接整个产业的VaaS平台。

• Chinese Covid antigen detection reagent producers have seen, or are expecting revenue to rocket up in the first quarter as a resurgence of Covid across China supercharges demand. For example, Wondfo saw revenue and profit grow by 277 percent and 481 percent, respectively, to 2.6 billion yuan and 904 million yuan on a yearly basis in the first quarter, according to financial data released by the company on Monday. 

  新冠检测板块Q1持续飘红：多家新冠检测企业一季度业绩继续飘红，抗原检测产品的销售上涨都成为带动业绩的关键因素。以万孚生物为例， 4月25日，万孚生物发布2022年一季报。数据显示，今年一季度万孚生物营收26.25亿元，同比增长276.87%；净利润9.04亿元，同比增长481.32%，这一数字已超越去年全年净利润。

• China's steel making contracted in the first quarter amid domestic epidemic flare-ups. High bulk commodity prices further pressured global supply chains, the China Iron and Steel Association (CISA) said on Monday. In the first quarter, iron production reached 201 million tons, down 11 percent year-on-year, while steel production dropped 10.5 percent to 243 million tons.

  Q1国内钢产量降一成：4月25日，中国钢铁工业协会召开2022年一季度信息发布会，介绍钢铁行业运行情况。受部分地区疫情防控形势趋紧、大宗商品价格快速上涨等因素影响，钢铁企业面临多重困难。今年一季度，我国生铁产量2.01亿吨，同比下降11.0%；钢产量2.43 亿吨，同比下降10.5%。

Switching gears to the financial sector

金融市场要闻

• BlackRock Inc.’s majority-owned joint venture in China launched its first pilot pension wealth management product to tap into business opportunities among the country’s growing aging population. The 10-year mature product, which will be launched in Guangdong and Chengdu, opened for investors from Monday until May 9. 

  首款养老理财产品开始募集：首家获准参与养老理财产品试点合资机构的首款产品——贝莱德建信理财贝安心2032养老理财产品1期于2022年4月25日在开始募集。根据该产品说明书，募集期将于5月9日结束，成立日为5月10日，封闭持有期限10年，产品到期日为2032年05月10日。

• China’s asset management industry got back on its feet and expanded 11 percent in 2021, recording its first double-digit growth after nearly three years of industrywide shakeup, according to a report issued by Boston Consulting Group and Everbright Bank. 

  中国资管市场规模重返两位数增长：2022年4月25日，光大银行理财子公司光大理财与波士顿咨询公司联合编著的第七份资管报告——《中国资产管理市场2021》正式发布。报告显示，截至2021年底，中国资管市场规模达到134万亿元，创下历史新高，较2020年末增长11%，为资管新规后首次实现两位数增速。

Wrapping up with a quick look at the stock market

最后来看股市收盘情况

• Major indices in China trekked lower on Tuesday, extending losses after sinking to two-year lows yesterday, as rising cases in Beijing further clouded growth prospects for the world’s second-largest economy. The benchmark Shanghai Composite lost another 1.4 percent to close below 2900 points, while the Shenzhen Component fell 1.66 percent. The Hong Kong stock market rebounded, as the Hang Seng picked up 0.33 percent and stocks in tech and vehicle gained.

  周二A股全天冲高回落，截至收盘，沪指跌1.44%失守2900点整数关口，深证成指跌1.66%，创业板指跌0.85%。盘面上，纺织服装、证券、煤炭等板块跌幅居前。港股反弹，恒指涨0.33%，恒生科技指数涨2.87%。科技、汽车股走高，理想汽车、网易、小鹏汽车涨超6%。

Biz Word of the Day

财经词汇划重点

• A forex reserve requirement is a central bank regulation that sets the minimum amount that a commercial bank must hold in liquid assets. This minimum amount is generally determined by the central bank on the basis of a specified proportion of deposit liabilities of the bank. Through this measure, the central bank can adjust money supply.

  外汇存款准备金率是指金融机构交存中国人民银行的外汇存款准备金与其吸收外汇存款的比率。中央银行通过调整存款准备金率，影响金融机构的信贷资金供应能力，从而间接调控货币供应量。

（欢迎大家提供意见和反馈，请联系主播李莹亮：liyl@21jingji.com）

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, ZHANG Ran, CHEN Zihui

Sound Editor: ZHANG Ran, CHEN Zihui

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Co-produced by 21st Century Business Herald Dept. of Overseas News & SFC Audio/Video Dept.

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编委:  于晓娜

策划、编辑：李艳霞 

播音：李莹亮

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