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
Chinese yuan strengthens from 16-year low as central bank warns against speculation;
China's CPI reverses negative growth in August.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China escalated its defense of the yuan by delivering a strong verbal warning to speculators and forceful guidance to investors with its daily reference rate, measures that pushed the renminbi up from a 16-year low.
The forex self-regulatory body, led by the central bank, said financial authorities won't hesitate to correct one-sided, pro-cyclical behavior in the foreign exchange market and will deal firmly with any attempts to disrupt market order, the People’s Bank of China said in a statement on Monday.
The PBOC warning came a few hours after policymakers set a daily fixing that was stronger-than-expected by a record margin and state-owned lenders were also seen actively selling dollars, according to traders.
On Monday, the PBOC set the central parity rate of the yuan at 7.2148 per dollar. The onshore renminbi strengthened by 509 basis points compared with Friday's close to hit 7.29, the most since March, according to market tracker Wind Info. The offshore yuan followed the trend and rebounded to 7.3 per dollar, hitting its lowest levels in almost a year.
There is a "solid foundation" for the renminbi exchange rate to remain generally stable as the country's economic momentum is gathering steam, with the consumer price index bottoming out and resuming growth on a yearly basis, the PBOC statement said, following a meeting of the foreign exchange market self-discipline mechanism on Monday.
The country's consumer spending is recovering notably, foreign trade data has beaten expectations while real estate policies are gradually generating positive outcomes, the central bank said.
“Participants of the foreign-exchange market should voluntarily maintain a stable market,” the PBOC statement said. They should “resolutely avoid behaviors that disturb market orders such as conducting speculative trades.”
Adding fuel to the yuan’s rebound, the PBOC also reported Monday that credit expanded more than expected in August, revealing new bank loans grew by 1.36 trillion yuan, up substantially from 345.9 billion yuan a month earlier. The yuan-denominated loans expanded by 17.44 trillion yuan in the first eight months of the year, according to the data.
9月11日，全国外汇市场自律机制专题会议在北京召开。会议讨论了近期外汇市场形势和人民币汇率问题。外汇市场自律机制相关指导司局、8家外汇市场自律机制核心成员机构代表参加会议。
会议认为，近期人民币对美元虽然有所贬值，但对一篮子货币保持基本稳定，对非美主要货币保持相对强势，外汇市场运行稳健，市场预期总体平稳。随着国内稳经济、稳预期政策陆续出台落地，物价（CPI）同比增速触底转正，进出口数据好于预期，房地产政策效果逐步显现，消费明显回暖，科技创新不断突破，经济高质量发展持续推进，经济“进”的势能正在积聚，人民币汇率在合理均衡水平上保持基本稳定具有坚实基础。
会议强调，保持人民币汇率基本稳定是金融管理部门、外汇市场自律机制、外汇市场成员、广大企业和居民的共同愿望。在党中央、国务院的坚强领导下，金融管理部门有能力、有信心、有条件保持人民币汇率基本稳定，该出手时就出手，坚决对单边、顺周期行为予以纠偏，坚决对扰乱市场秩序行为进行处置，坚决防范汇率超调风险。外汇市场自律机制要在金融管理部门指导下，持续引导企业和金融机构树立“风险中性”理念，加强对自律机制成员的行为监督和自律管理。外汇市场成员要自觉维护市场稳定，有序开展做市自营交易，坚决杜绝投机炒作、煽动客户等扰乱外汇市场秩序的行为。企业和居民要坚持“风险中性”，不盲从跟风，不赌单边，不赌点位，维护好财产安全。
消息发布后，离岸人民币兑美元收复7.3关口，日内涨近700个基点。在岸人民币对美元收盘报7.2906，较上一交易日涨509个基点，创9月4日以来新高。
此外，央行今天公布数据显示，8月份人民币贷款增加1.36万亿元。根据中国人民银行的数据，这一数字比年8月份增加了人民币868亿元。前八个月人民币贷款增加17.44万亿元。
China's consumer inflation recovered in August after dropping into negative territory in the previous month for the first time in more than two years, official data showed on Saturday. CPI rose by 0.1 percent year-on-year in August, up from a 0.3 percent decline in July, mainly led by non-food prices, according to data released by the National Bureau of Statistics. On a month-on-month basis, July's CPI gained 0.3 percent, up from a 0.2 percent rise in July.
Meanwhile, China's producer price index was down 3 percent from a year earlier in August after the 4.4 percent annual contraction seen in July, the NBS said. The PPI rose by 0.2 percent in August monthly, after a 0.2 percent dip in July. The year-on-year decline in PPI has narrowed due to factors including improved demand for some industrial products and the international oil price spikes, according to the NBS.
8月份CPI由负转正：国家统计局9日发布的数据显示，8月份消费市场继续恢复，我国物价总水平企稳回升。8月份全国居民消费价格指数（CPI）同比由上月下降0.3%转为上涨0.1%；环比上涨0.3%，涨幅比上月扩大0.1个百分点。8月份工业生产者出厂价格指数（PPI）同比下降3.0%，降幅比上月收窄1.4个百分点；环比上涨0.2%，今年以来首次转正。受部分工业品需求改善、国际原油价格上涨等因素影响，PPI环比由降转涨，同比降幅收窄。
Moving on to regional highlights
区域观察
A global technology matching platform associated to the 2023 Pujiang Innovation Forum in Shanghai has offered 25 billion yuan worth of innovation matching projects. Over 2,000 enterprises registered 3,381 innovation projects open to technological cooperation with scientific teams or research institutes, said the organizers of the forum, which officially opened in Shanghai on Sunday.
浦江创新论坛释放3000余项创新需求：10日，2023年浦江创新论坛正式开幕。据悉，此次论坛释放了3381项创新需求项目，涉及中国商飞大飞机创新谷、阿斯利康、微创医疗等全球2000余家企业，意向投入资金超250亿元。
New direct air routes linking east China's Hangzhou with Dubai of the United Arab Emirates and Almaty of Kazakhstan, have been launched on Sunday. The Hangzhou to Dubai route is operated by Air China, and the Hangzhou to Almaty route is managed by Loong Airlines, both for three weekly flights.
杭州新开直飞迪拜、阿拉木图航线：10日，迎亚运重点航线杭州—迪拜、杭州—阿拉木图开航，在中、西亚之间架起两座全新“空中桥梁”，有力服务杭州亚运会航空运输需要。 迪拜航线由中国国际航空运营，使用空客A330-300执飞，每周三班。阿拉木图航线由杭州亚运会官方合作伙伴浙江长龙航空运营，使用空客A321执飞，每周三班。
Greater Bay Area, Greater future
新使命，大未来
There will be more green infrastructure projects in the Belt and Road Initiative and Hong Kong can make its own unique contribution by bringing in investments for them, Financial Secretary Paul Chan Mo-po said ahead of the two-day Belt and Road Summit which opens Wednesday. The financial hub is a leader in the green finance market in Asia, with more than one-third of the total green and sustainability bonds issuance dealt in the SAR, Chan said in his blog yesterday. And it is estimated that Asia would require US$66 trillion of climate investment in the coming three decades, he said.
香港绿色金融市场领先亚洲：香港特区财政司司长陈茂波9月10日发表网志表示，特区政府和香港贸发局将于星期三、四两天举办第八届“一带一路高峰论坛”。他说，香港绿色金融市场领先亚洲，在香港安排发行的绿色及可持续债券总额，占亚洲市场超过三分之一。香港作为国家的国际金融中心，能在这方面做出积极和独特的贡献。一带一路”将会有更多绿色基建项目，按市场估计，未来30年，单是亚洲地区需要66万亿美元的气候投资。
Guangzhou has lowered the interest rate floor of mortgage loans for first-time home buyers by 10 basis points below the related policy rate to 4.1 percent, the first Chinese tier-one city to do so. But the downpayment ratio floor for the first home stayed unchanged at 30 percent.
广州首套房贷利率下限突破LPR：9月8日起，广州首套房商贷利率下限突破LPR，降至LPR-10BP(基点)。广州也由此成为首个下限突破LPR的一线城市。5年期以上LPR报价为4.2%，那么首套房贷利率最低降至4.1%。首付款方面，二套房最低首付比降至40%，但第一套房子的首付比例下限保持在30%不变。
Next on industry and company news
产业及公司新闻
China's vehicle sales rose 8.4 percent year on year to 2.58 million units in August, data from the China Association of Automobile Manufacturers showed Monday. The country's vehicle output climbed 7.5 percent to 2.57 million units last month. Both sales and output reversed declines in July with pro-consumption government policies paying off. During the first eight months, vehicle production and sales grew 7.4 percent and 8 percent, respectively, generally on par with the growths observed in the first seven months. Monday's data also showed that the production and sales of new energy vehicles surged 22 percent and 27 percent respectively.
8月汽车销量增长8.4%：中国汽车工业协会9月11日发布数据显示，中国8月份汽车销量同比增长8.4%，达到258.2万辆。上个月，中国的汽车产量同比增长7.5%，达到257.5万辆。在前8个月，汽车产量和销量分别增长了7.4%和8%，与前7个月的增长基本持平。在国家促消费和车企促销因素下，产销继续保持恢复态势。此外，新能源汽车的产量和销量分别增长了22%和27%。
The fire that broke out on Air China’s A320 new engine option plane while landing in Singapore was due to a mechanical engine failure, according to China’s flag carrier. After a preliminary analysis, Air China concluded that the fire on the CA403 flight from Chengdu to Singapore was caused by a failure of the jet’s engine, the Beijing-based company said today on Weibo. The incident is now under further investigation, it added. The 146 passengers and nine crew members aboard Air China’s Airbus A320neo performed a successful emergency evacuation at the Singapore Changi Airport after smoke began to spread inside the cabin right before landing, Air China announced yesterday.
国航通报CA403航班起火事件：9月11日，中国国际航空公司在微博发布消息称，关于9月10日CA403航班起火事件，初步判断系发动机机械故障所引发，目前正在进一步调查。据国航此前通报，机上146名旅客和9名机组人员目前均已安全撤离，在新加坡樟宜机场成功进行了紧急疏散。
Alibaba Group dropped 3 percent today after former chairman and CEO Daniel Zhang Yong quit the e-commerce group amid a leadership transition, a move that came as a surprise the same day he was scheduled to hand the reins of the parent company to co-founder Joe Tsai. Zhang departed from Alibaba’s board and management on Sunday, the company said in a filing on Monday, and he will take over the running of its cloud intelligence unit. Eddie Wu Yongming, the new group CEO, will now oversee the cloud unit in acting capacity. Zhang remains a partner in Alibaba Group.
阿里巴巴管理层顺利交接：9月10日，阿里巴巴集团董事会主席蔡崇信发布全员信宣布称，已在当日按计划完成集团管理职务交接。由蔡崇信接任集团董事会主席职务，吴泳铭兼任阿里云董事长与CEO。张勇仍然是阿里巴巴集团的合伙人。11日阿里巴巴港股股价下挫，收跌3%。
China's first domestically built large-scale cruise ship, also the world's first 5G cruiser, Adora Magic City, has successfully undergone a series of tests on its second trial voyage, and it will return on Tuesday as planned. The ship embarked on its second sea trial on Thursday, and now has completed five major tests including a speed, maneuvering, vibration and noise test, and is awaiting final inspection data. The ship plans to dock at the pier in Shanghai on Tuesday to undergo all final checks and inspections, and it will be ready to be handed over to the operator.
首艘国产大型邮轮第二次试航成功：9月10日，首艘国产大型邮轮第二次试航任务进入尾声，多项试验已顺利完成。“爱达·魔都号”首次应用了5G网络。试航期间展开相关试验航速、操纵性测试和振动噪声测试等5大主要试验内容已全部结束。试航工作人员还将进一步与船东船检一同对邮轮状态进行最后确认，计划于9月12日中午抵达上海外高桥造船码头，准备交付。
China's first domestically produced large passenger jet, the C919, has received 1,061 orders and will be upgraded to include up to 240 seats, its manufacturer Commercial Aircraft Corporation of China said. The state-owned firm has so far delivered two C919s, both to China Eastern Airlines, after the 15-year-long development but the jet has a long way to go in mass production. Comac chairman He Dongfeng also said that the new C929 under development will have a range of 12,000 kilometers and have a seating capacity of 250 to 350 seats.
C919国产大飞机订单数达1061架：9月10日消息，中国商用飞机有限责任公司董事长贺东风在2023浦江创新论坛全体大会上透露，目前C919订单数已经达到1061架，并且已经交付2架。中国商飞从2008年成立至今15年，形成了以C919、C929为主的产品线。C929计划提供250到350座席，航程将达到12000公里，处于初步设计阶段。
China published a three-year guideline on Friday to promote the development of metaverse and widening its use in manufacturing. According to the plan jointly issued by five ministries including the Ministry of Industry and Information Technology, the country aims to make breakthroughs in metaverse technology, industry, application and governance, becoming an important growth pillar of the digital economy by 2025, with comprehensive strength reaching the world's advanced level. It vows to cultivate three to five ecological enterprises with global influence, and form a number of new businesses, models and formats in areas such as consumption and public services.
五部门发布元宇宙三年计划：9月8日，工业和信息化部等五部门发布《元宇宙产业创新发展三年行动计划（2023-2025年）》。到2025 年，元宇宙技术、产业、应用、治理等取得突破，成为数字经济重要增长极。承诺培育3-5家有全球影响力的生态型企业，打造3-5个产业发展集聚区。在生活消费和公共服务等领域形成一批新业务、新模式、新业态。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks rebounded on Monday with the benchmark Shanghai Composite rising 0.8 percent, while the Shenzhen Component rallied 1 percent. Hong Kong’s Hang Seng index fell 0.6 percent, and the TECH index slid 0.2 percent.
A股反弹港股微跌：周一大盘全天震荡反弹，三大指数集体收涨。截至收盘，沪指涨0.84%，深成指涨0.98%，创业板指涨0.65%。沪深两市全天成交额8412亿元，较上个交易日放量1592亿。北向资金全天净买入22.44亿元。港股恒生指数收跌0.58%，恒生科技指数收跌0.21%。
Biz Word of the Day
财经词汇划重点
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
人民币汇率中间价是即期银行间外汇交易市场和银行挂牌汇价的最重要参考指标。中国人民银行于每个工作日闭市后公布当日银行间外汇市场美元等交易货币对人民币的收盘价，作为下一个工作日该货币对人民币交易的中间价。
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: Stephanie LI
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，实习生丁越
音频制作：李莹亮
设计：郑文静、廖苑妮
21世纪经济报道海外部 制作
南方财经全媒体集团 出品
