The renminbi accounts for 6 per cent of global trade finance, ranking second
CCTV news: On September 5, at a series of themed press conferences on "Promoting high-quality development" held by The State Council Information Office, Lu Lei, vice governor of the People's Bank of China, introduced that as of the end of July, the scale of Chinese bonds held by foreign investors reached a record high.
China's bond quota held by foreign institutional investors reached 4.5 trillion yuan by the end of July, a record high, according to Lu Lei, deputy governor of the People's Bank of China. The RMB accounts for 6% of global trade finance, ranking second in the world.
In terms of interest rate reduction and RRR policy, the central bank said that the adjustment also needs to observe the economic trend, and will reasonably grasp the intensity and rhythm of monetary policy regulation according to the economic recovery, the realization of goals and the specific problems faced by macroeconomic operation.
Zou LAN, director of the monetary policy Department of the People's Bank of China, said that the effect of the policy of lowering the reserve requirement ratio at the beginning of the year is still continuing to show, and at present, the average statutory reserve requirement ratio of financial institutions is about 7%, and there is still some room. In terms of interest rates, affected by factors such as the speed of diverting bank deposits to asset management products and the narrowing of banks' net interest margins, the further decline of deposit and loan rates is still facing certain constraints.
In terms of further improving the monetary policy framework, the central bank said that in strengthening coordination with the financial sector, it has carried out Treasury bond trading operations since August 2024, and issued the first "Treasury bond trading business announcement" at the end of the month. In August, it bought short bonds and sold long ones, and bought 100 billion yuan of national bonds net.
Zou LAN introduced that the central bank's trading of government bonds is mainly positioned in the issuance of basic money and liquidity management, which can be bought or sold, and through flexible collocation with other tools, to enhance the scientific and accurate short-term and long-term liquidity management. Research and improve the statistical caliber of money supply, so that monetary statistics more in line with the actual situation.
State Administration of Foreign Exchange: China's foreign exchange reserves have ranked first in the world for 19 consecutive years
At the "Promoting high-quality Development" series conference on September 5, the State Administration of Foreign Exchange said that the current level of cross-border trade facilitation in China has been further improved, high-quality opening up of capital accounts has been steadily promoted, and the depth and breadth of the foreign exchange market has continued to expand.
The State Administration of Foreign Exchange said that in recent years, it has continuously optimized the management of foreign exchange revenue and expenditure and canceled the administrative license for the registration of foreign trade enterprises, which is expected to benefit more than 100,000 business entities within the year. We supported the development of new forms of trade, and encouraged banks and payment institutions to use electronic information to handle cross-border e-commerce trade settlement, which has handled more than 500 million transactions in the first seven months of 2024, benefiting more than 1.2 million small and micro businesses.
Li Hongyan, deputy director of the State Administration of Foreign Exchange, said that in recent years, the scale of China's foreign exchange reserves has remained above 3 trillion US dollars, ranking first in the world for 19 consecutive years. It has maintained market confidence and expectations, and made positive contributions to serving the development of the real economy. At present, China's foreign exchange market can trade more than 40 kinds of currencies, trading varieties have also covered the international mainstream foreign exchange products.
On the balance of payments, the SAFE said that overall, China's current account surplus is reasonable and balanced, cross-border investment is more active, and the international balance of payments is independent.
Li Hongyan introduced that in 2023, China's current account balance exceeded 7.3 trillion US dollars, this data and 2012, an increase of 60%. China is also an important destination for foreign direct investment, and the investment stock ranks second in the world, and the investment structure is constantly optimized.
At the same time, the SAFE said that in the first eight months of 2024, cross-border investment and financing high-level opening-up pilot has benefited more than 1,400 enterprises, serving the high-quality development of the real economy.
Xiao Sheng, director of the Capital account Management Department of the State Administration of Foreign Exchange, said that as of the end of August 2024, more than 1,000 multinational company groups had participated in the capital pool business, covering 18,000 member companies. In the first half of 2024, a total of $2.27 billion of QDII (Qualified Domestic Institutional Investor) quotas have been issued.
There is still room to cut the reserve requirement ratio for financial institutions
At the "Promoting high-quality development" series conference on September 5, the person in charge of the relevant departments of the People's Bank of China said that policy adjustments such as lowering the reserve ratio and interest rate also need to observe the economic trend. At present, there is still some room for RRR cuts.
Since 2024, China's prudent monetary policy has continued to gain strength. We made relatively large monetary policy adjustments in February, May and July, and consolidated and strengthened the momentum of economic recovery by cutting the reserve requirement ratio and policy interest rate. What will be the next step in monetary policy?
Zou LAN introduced that policy adjustments such as RRR cuts and interest rates also need to observe economic trends. At present, the average statutory reserve requirement ratio for financial institutions is about 7%, and there is still some room.
Zou LAN said that since 2024, the quoted interest rate of the 1-year and 5-year loan market has declined by 0.1 and 0.35 percentage points, respectively, which has driven the average loan interest rate to continue to decline. At the same time, we must also see that, affected by factors such as the narrowing of the net interest margin of banks, the further decline of deposit and loan rates is still facing certain constraints. In the next step, the People's Bank of China will closely observe the effect of the policy, and reasonably grasp the intensity and pace of monetary policy regulation according to the economic recovery, the realization of the target and the specific problems facing the macroeconomic operation.
The retail industry sentiment index was 50.6% in September
On September 6, the China Federation of Commerce released the September China retail industry climate index of 50.6%, up 0.8 percentage points from the previous month.
In terms of industry classification, the commodity business index was 50.8%, up 1.1 percentage points from the previous month; The leasing business index was 51.0%, down 0.5 percentage points from the previous month; The e-commerce business index was 50.0%, up 0.9 percentage points from the previous month.
Data show that in September, the three major sub-indexes that make up the composite index all entered the expansion range. Experts believe that the Mid-Autumn Festival, National Day "double festival" approaching, the retail industry is expected to usher in the "gold nine silver ten" seasonal consumption season. Coupled with the acceleration of the implementation of the policy of replacing old consumer goods with new ones, commodity business enterprises and e-commerce business enterprises have more obvious positive growth expectations.
In the first seven months, the investment of central enterprises in strategic emerging industries exceeded RMB trillion
The reporter learned from the State-owned Assets Supervision and Administration Commission of the State Council on September 5 that in the first seven months of 2024, central enterprises continued to increase their investment in strategic emerging industries, completing investment of more than 1 trillion yuan, an increase of 24%, accounting for 38% of the total investment of central enterprises.
It mainly invests in key fields such as next-generation information technology, artificial intelligence, aerospace, new materials, biotechnology, high-end equipment manufacturing, and green environmental protection.
China's bond quota held by foreign institutional investors reached 4.5 trillion yuan by the end of July, a record high, according to Lu Lei, deputy governor of the People's Bank of China. The RMB accounts for 6% of global trade finance, ranking second in the world.
In terms of interest rate reduction and RRR policy, the central bank said that the adjustment also needs to observe the economic trend, and will reasonably grasp the intensity and rhythm of monetary policy regulation according to the economic recovery, the realization of goals and the specific problems faced by macroeconomic operation.
Zou LAN, director of the monetary policy Department of the People's Bank of China, said that the effect of the policy of lowering the reserve requirement ratio at the beginning of the year is still continuing to show, and at present, the average statutory reserve requirement ratio of financial institutions is about 7%, and there is still some room. In terms of interest rates, affected by factors such as the speed of diverting bank deposits to asset management products and the narrowing of banks' net interest margins, the further decline of deposit and loan rates is still facing certain constraints.
In terms of further improving the monetary policy framework, the central bank said that in strengthening coordination with the financial sector, it has carried out Treasury bond trading operations since August 2024, and issued the first "Treasury bond trading business announcement" at the end of the month. In August, it bought short bonds and sold long ones, and bought 100 billion yuan of national bonds net.
Zou LAN introduced that the central bank's trading of government bonds is mainly positioned in the issuance of basic money and liquidity management, which can be bought or sold, and through flexible collocation with other tools, to enhance the scientific and accurate short-term and long-term liquidity management. Research and improve the statistical caliber of money supply, so that monetary statistics more in line with the actual situation.
State Administration of Foreign Exchange: China's foreign exchange reserves have ranked first in the world for 19 consecutive years
At the "Promoting high-quality Development" series conference on September 5, the State Administration of Foreign Exchange said that the current level of cross-border trade facilitation in China has been further improved, high-quality opening up of capital accounts has been steadily promoted, and the depth and breadth of the foreign exchange market has continued to expand.
The State Administration of Foreign Exchange said that in recent years, it has continuously optimized the management of foreign exchange revenue and expenditure and canceled the administrative license for the registration of foreign trade enterprises, which is expected to benefit more than 100,000 business entities within the year. We supported the development of new forms of trade, and encouraged banks and payment institutions to use electronic information to handle cross-border e-commerce trade settlement, which has handled more than 500 million transactions in the first seven months of 2024, benefiting more than 1.2 million small and micro businesses.
Li Hongyan, deputy director of the State Administration of Foreign Exchange, said that in recent years, the scale of China's foreign exchange reserves has remained above 3 trillion US dollars, ranking first in the world for 19 consecutive years. It has maintained market confidence and expectations, and made positive contributions to serving the development of the real economy. At present, China's foreign exchange market can trade more than 40 kinds of currencies, trading varieties have also covered the international mainstream foreign exchange products.
On the balance of payments, the SAFE said that overall, China's current account surplus is reasonable and balanced, cross-border investment is more active, and the international balance of payments is independent.
Li Hongyan introduced that in 2023, China's current account balance exceeded 7.3 trillion US dollars, this data and 2012, an increase of 60%. China is also an important destination for foreign direct investment, and the investment stock ranks second in the world, and the investment structure is constantly optimized.
At the same time, the SAFE said that in the first eight months of 2024, cross-border investment and financing high-level opening-up pilot has benefited more than 1,400 enterprises, serving the high-quality development of the real economy.
Xiao Sheng, director of the Capital account Management Department of the State Administration of Foreign Exchange, said that as of the end of August 2024, more than 1,000 multinational company groups had participated in the capital pool business, covering 18,000 member companies. In the first half of 2024, a total of $2.27 billion of QDII (Qualified Domestic Institutional Investor) quotas have been issued.
There is still room to cut the reserve requirement ratio for financial institutions
At the "Promoting high-quality development" series conference on September 5, the person in charge of the relevant departments of the People's Bank of China said that policy adjustments such as lowering the reserve ratio and interest rate also need to observe the economic trend. At present, there is still some room for RRR cuts.
Since 2024, China's prudent monetary policy has continued to gain strength. We made relatively large monetary policy adjustments in February, May and July, and consolidated and strengthened the momentum of economic recovery by cutting the reserve requirement ratio and policy interest rate. What will be the next step in monetary policy?
Zou LAN introduced that policy adjustments such as RRR cuts and interest rates also need to observe economic trends. At present, the average statutory reserve requirement ratio for financial institutions is about 7%, and there is still some room.
Zou LAN said that since 2024, the quoted interest rate of the 1-year and 5-year loan market has declined by 0.1 and 0.35 percentage points, respectively, which has driven the average loan interest rate to continue to decline. At the same time, we must also see that, affected by factors such as the narrowing of the net interest margin of banks, the further decline of deposit and loan rates is still facing certain constraints. In the next step, the People's Bank of China will closely observe the effect of the policy, and reasonably grasp the intensity and pace of monetary policy regulation according to the economic recovery, the realization of the target and the specific problems facing the macroeconomic operation.
The retail industry sentiment index was 50.6% in September
On September 6, the China Federation of Commerce released the September China retail industry climate index of 50.6%, up 0.8 percentage points from the previous month.
In terms of industry classification, the commodity business index was 50.8%, up 1.1 percentage points from the previous month; The leasing business index was 51.0%, down 0.5 percentage points from the previous month; The e-commerce business index was 50.0%, up 0.9 percentage points from the previous month.
Data show that in September, the three major sub-indexes that make up the composite index all entered the expansion range. Experts believe that the Mid-Autumn Festival, National Day "double festival" approaching, the retail industry is expected to usher in the "gold nine silver ten" seasonal consumption season. Coupled with the acceleration of the implementation of the policy of replacing old consumer goods with new ones, commodity business enterprises and e-commerce business enterprises have more obvious positive growth expectations.
In the first seven months, the investment of central enterprises in strategic emerging industries exceeded RMB trillion
The reporter learned from the State-owned Assets Supervision and Administration Commission of the State Council on September 5 that in the first seven months of 2024, central enterprises continued to increase their investment in strategic emerging industries, completing investment of more than 1 trillion yuan, an increase of 24%, accounting for 38% of the total investment of central enterprises.
It mainly invests in key fields such as next-generation information technology, artificial intelligence, aerospace, new materials, biotechnology, high-end equipment manufacturing, and green environmental protection.
