Important information affecting the market during the weekend (May 13-May 15) includes: the central bank and the China Banking and Insurance Regulatory Commission adjust the differentiated housing credit policy, and the lower limit of the first-home loan interest rate is adjusted to no less than the corresponding term LPR minus 20 basis points; April New RMB loans of 645.4 billion yuan, and social financing scale increased by 910.2 billion yuan; RMB exchange rate fluctuations are still within a reasonable range, and the latest signal from the China Banking and Insurance Regulatory Commission is full; Shanghai will resume business and market in stages from May 16; China Securities Regulatory Commission The “Regulations on the Pilot Program of Stock Market Making and Trading on the Science and Technology Innovation Board of Securities Companies” were issued.

【Macro News】

The central bank and the China Banking and Insurance Regulatory Commission adjust the differentiated housing credit policy and adjust the lower limit of the first-home loan interest rate to not be lower than the corresponding term LPR minus 20 basis points

The central bank and the China Banking and Insurance Regulatory Commission issued a notice to adjust the differentiated housing credit policy: 1. For households who borrowed to buy ordinary self-occupied housing, the lower limit of the interest rate of the first commercial personal housing loan shall be adjusted to not lower than the market quotation interest rate of the corresponding term loan minus the reduction of the interest rate. 20 basis points, and the lower limit of the interest rate policy for commercial personal housing loans for second homes shall be implemented in accordance with the current regulations. 2. On the basis of the unified lower limit of loan interest rates across the country, the local offices of the People’s Bank of China and the China Banking and Insurance Regulatory Commission will guide the provincial market interest rate pricing self-discipline mechanism in accordance with the principle of “implementing policies according to the city”, according to the changes in the real estate market situation in the cities within the jurisdiction and the city’s According to the government’s regulation requirements, it can independently determine the lower limit of the interest rate of commercial personal housing loans for the first set and second set of housing in each city within the jurisdiction.

Central Bank: In April, new RMB loans were 645.4 billion yuan, and the scale of social financing increased by 910.2 billion yuan

At the end of April, the balance of broad money (M2) was 249.97 trillion yuan, an increase of 10.5% year-on-year, and the growth rate was 0.8 percentage points and 2.4 percentage points higher than that at the end of last month and the same period of the previous year, respectively. In April, RMB loans increased by 645.4 billion yuan, a decrease of 823.1 billion yuan year-on-year. Preliminary statistics show that the increase in social financing in April 2022 will be 910.2 billion yuan, 946.8 billion yuan less than the same period last year. Preliminary statistics show that the stock of social financing at the end of April 2022 was 326.46 trillion yuan, a year-on-year increase of 10.2%.

The fluctuation of the RMB exchange rate is still within a reasonable range, and the latest signal from the China Banking and Insurance Regulatory Commission is full!

The person in charge of the relevant departments of the China Banking and Insurance Regulatory Commission said that the current fluctuation of the RMB exchange rate is still within a reasonable range, the overall performance is stable, and the strengthening and internationalization of the RMB has a strong foundation. In the face of exchange rate fluctuations, banking institutions can support businesses with a variety of products. In addition, the latest bottom-up data show that loan issuance will continue to grow in April, and the support for manufacturing loans will continue to increase in April, and the interest rate support for small and micro enterprises will not be reduced.

Shanghai: From May 16, the resumption of business and market will be promoted in stages

At the press conference on Shanghai’s epidemic prevention and control work held on the morning of May 15, Shanghai Deputy Mayor Chen Tong said that in order to ensure the basic living security and supply of living materials for the masses, Shanghai has set the goal of “guaranteeing the basics and providing full coverage”. , vigorously promote the opening of the outlets and the return of the supply guarantee personnel. The number of operating commercial outlets in Shanghai has increased from less than 1,400 at the lowest point to 10,625, and daily delivery orders have reached 5 million. Next, in accordance with the principles of “orderly liberalization, limited flow, effective control, and classified management”, various epidemic prevention and control measures will be strictly implemented, and business and markets will be resumed in stages starting from May 16.

Central Bank: The Executive Board of the International Monetary Fund has completed the special drawing rights (SDR) valuation review and the RMB weight has been raised to 12.28%

On May 11, 2022, the Executive Board of the International Monetary Fund completed its five-yearly Special Drawing Rights (SDR) valuation review. This is the first review since the renminbi became an SDR basket currency in 2016. The Executive Board unanimously decided to maintain the existing SDR basket currency composition unchanged, that is, still composed of the US dollar, the euro, the RMB, the Japanese yen and the British pound, and to increase the weight of the RMB from 10.92% to 12.28% (an increase of 1.36 percentage points), and the The weight of the US dollar was raised from 41.73% to 43.38%, while the weight of the euro, yen and pound was lowered from 30.93%, 8.33% and 8.09% to 29.31%, 7.59% and 7.44% respectively, and the weight of the renminbi remained in third place. The Executive Board decided that the new SDR currency basket will come into effect on August 1 this year, and the next SDR valuation review will be conducted in 2027.

【Market News】

The China Securities Regulatory Commission issued the “Regulations on the Pilot Program of Stock Market Making and Trading on the Science and Technology Innovation Board of Securities Companies”

In order to implement the “Implementation Opinions on Establishing the Science and Technology Innovation Board on the Shanghai Stock Exchange and Piloting the Registration System”, further promoting the establishment of the Science and Technology Innovation Board and piloting the reform of the registration system, improving the trading system of the Science and Technology Innovation Board, enhancing the liquidity of the Science and Technology Innovation Board stocks, enhancing the To improve market resilience, the China Securities Regulatory Commission has formulated and issued the “Regulations on the Pilot Program of Securities Companies’ Market Making and Trading Business on the Science and Technology Innovation Board”. From January 7, 2022 to February 6, 2022, the China Securities Regulatory Commission will solicit public opinions on the “Regulations on Market Making”. In general, all parties support the introduction of a market maker mechanism on the Sci-Tech Innovation Board. After careful study, the China Securities Regulatory Commission has absorbed and adopted the reasonable opinions.

SFC continues to strengthen investor protection against illegal securities activities

On the 4th “5.15 National Investor Protection Publicity Day”, the China Securities Regulatory Commission released a series of sub-reports of the Blue Book (2022) on the Status of Investor Protection in the Capital Market. Shanghai Stock Exchange, Shenzhen Stock Exchange, Beijing Stock Exchange, and the Association of Listed Companies issued the Proposal for Strengthening Investor Relations Management under the Registration System. Focus on preventing risks such as illegal recommendation of stock fund futures, private equity funds in violation of laws and regulations, over-the-counter fund allocation, and black mouths in the stock market. In response to the frequent occurrence of online illegal securities and futures activities, the China Securities Regulatory Commission stated that it will organize efforts to vigorously clean up, purify the network environment, and compress the online living space of illegal securities and futures activities.

The proposal to strengthen investor relationship management under the registration system was released, and proposed to strengthen exchanges and smooth investor relationship management channels

The Shanghai Stock Exchange, the Shenzhen Stock Exchange, the Beijing Stock Exchange, and the Association of Listed Companies issued the Proposal for Strengthening Investor Relations Management to Promote the High-quality Development of Listed Companies. The proposal proposes that listed companies should proceed from the overall situation of social and economic development, fully understand the great significance of investor relationship management, consolidate the main responsibility, and take the initiative to act. Controlling shareholders, actual controllers, directors, supervisors and senior management personnel shall attach great importance to and actively participate in investor relations management work, actively participate in training, improve professional level, and provide convenient conditions for the company to perform investor relations management duties. Listed companies should take the initiative to establish and continuously enrich effective methods and channels for communicating with investors. Listed companies should establish a good communication and interaction mechanism with investors to enhance investors’ understanding and recognition; strive to improve the quality and dissemination efficiency of information disclosure, and eliminate information barriers between investors and listed companies; carefully listen to investors’ feedback and demands, Pay attention to the expectations and suggestions of shareholders, and continuously improve the corporate governance and management level.

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