Hi everyone. I’m Stephanie LI.

大家好，我是主持人李瑩亮。

(資料圖)

Coming up on today’s program.

重點提要

Interest rateswap connect system launched between Chinese mainland and Hong Kong today;

PBOC keeps one-year MLF rate unchanged at 2.75%.

Here’s what you need to know about China in the past 24 hours

中國經濟要聞

A much-expected program to allow mutual access to interest rate swap markets between the Hong Kong Special Administrative Region (HKSAR) and the Chinese mainland started on Monday, marking a milestone in the opening-up of the mainland’s bond and interbank financial derivatives markets.

The Northbound Trading of Swap Connect provides a convenient and secure channel for international investors to trade interest rate swap products in the mainland via a link regime between institutions in Hong Kong and the mainland. It aims to facilitate global investors’ management of interest rate risks arising from their holding of mainland bonds.

According to the People’s Bank of China, the initial net daily trading quota for Northbound Swap Connect is set at 20 billion yuan ($2.9 billion). The current trading platforms are TradeWeb and Bloomberg. As of 9:36 am, 37 transactions totaling 1.8 billion yuan had been completed by 16 overseas institutions.

“The launch of swap connect is another important milestone in the financial cooperation between Hong Kong and the mainland,” HKSAR Chief Executive John Lee Ka-chiu said in a speech at its launch on Monday.

While providing more investment and risk management tools for international investors, the program will strengthen Hong Kong’s role as the world’s largest offshore yuan hub and international risk management center, he said.

Nicholas Aguzin, CEO of Hong Kong Exchanges and Clearing, said the latest connect scheme is a major component in the internationalisation of the yuan. "From Stock Connect to Bond Connect to ETFs and now Swap Connect, the connect program is an ecosystem that supports the two-way flow between China and the world," Aguzin said.

Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, said, the program will create favorable conditions for global investors to increase their participation in the onshore bond market, and carries special significance for enhancing the recognition of, and confidence in, yuan bonds across the international market.

Interest rate swap is the most important means for Chinese financial institutions to hedge interest rate risk in the interbank market. According to the PBOC, a total of 21.3 trillion yuan was traded in the interbank local currency derivatives market in 2022.

5月15日，京港兩地同時敲鑼，“互換通”正式上線。

今天，內地與香港利率互換市場互聯互通合作（簡稱“互換通”）正式上線運行。 “互換通”初期先行開通“北向互換通”，即香港及其他國家和地區的境外投資者，通過兩地基礎設施互聯互通，參與內地銀行間金融衍生品市場。可交易品種為利率互換產品，報價、交易及結算幣種為人民幣。

初期全市場每日交易凈限額為200億元人民幣，即全部境外投資者通過“北向互換通”開展利率互換交易在軋差后的名義本金凈額每日不超過200億元人民幣；清算限額為40億元人民幣，即上海清算所與場外結算公司之間凈頭寸對應的“互換通”資源池風險敞口上限為40億元人民幣，后續可根據市場情況適時調整額度。

目前“北向互換通”受認可的境外電子交易平臺包括TradeWeb、Bloomberg。目前，Tradeweb Markets已宣布在互換通上完成其首筆交易。截止早上9時36分，“北向互換通”已成交37筆共18億元人民幣交易額，參與的境外機構有16家。

市場分析認為，“互換通”是債市基礎設施建設從現券交易的全方位開放向衍生品領域延伸的重要舉措。展望未來，隨著“互換通”的發展，中國債券市場將進一步與國際市場接軌，吸引更多境外資金流入。這不僅令國際投資者可以通過投資中國債市優化資產配置，也有助于推動中國債市的投資者結構進一步多元化。

15日上午，人民銀行、香港證監會、香港金管局聯合舉辦了“互換通”上線儀式。香港交易所集團行政總裁歐冠升在儀式上表示，“在全球范圍內從未曾出現過類似的如此具有開放性和重要性的連接機制。”歐冠升稱，互換通進一步豐富了互聯互通為國際投資者所帶來的人民幣資產生態圈，還將推動更大范圍可持續性的人民幣國際化進程，進而進一步提升人民幣在全球市場的地位。

香港特區行政長官李家超表示，新措施將為國際投資者提供更豐富的投資和風險管理工具，強化香港作為全球最大的離岸人民幣業務中心和國際風險管理中心定位。

香港金管局總裁余偉文表示，“北向互換通”進一步將互聯互通擴展到衍生品市場，是兩地金融合作又一個新的里程碑，也體現了香港作為內地深化金融市場開放窗口的獨特性。

余偉文表示，最近幾年，國際投資者對中國債券資產興趣不斷提升，所以他們對于相關的風險管理工具的需求也更為突出。過去一段時間，債券通投資者主要利用離岸人民幣互換產品對沖利率風險，“北向互換通”提供了便利的渠道，通過香港的金融基建和中介機構，進入流動性較好的在岸利率互換市場，可以更有效地管控利率風險。

“互換通”境內外投資者可經由內地與香港金融市場基礎設施機構在交易、清算、結算等方面互聯互通的機制安排，在不改變交易習慣、有效遵從兩地市場法律法規的前提下，便捷地完成人民幣利率互換交易和集中清算。同時，人民銀行與香港證監會、香港金管局加強監管合作，強化聯絡協商機制，保障“互換通”平穩有序運行，維護金融市場穩定。

利率互換是中國金融機構在銀行間市場上對沖利率風險的最主要手段。據中國人民銀行數據，2022年，銀行間本幣衍生品市場共成交21.3萬億元人民幣，其中，利率互換名義本金總額占99%。

The China-Laos Railway has handled 13,310 cross-border passenger trips since the launch of its passenger service on April 13, according to the Mohan entry-exit border checkpoint on Saturday. During this period, the Chinese border town of Mohan in southwest Yunnan Province logged 7,024 inbound passenger trips and 6,286 outbound trips.

中老鐵路國際客運開通首月旅客破萬：5月13日，中老鐵路國際旅客列車開行滿一個月，鐵路部門共計開行動車組列車30對，列車準點率100%。據磨憨邊檢站統計，開通首月中老鐵路磨憨口岸驗放來自28個國家的出入境人員13310人次，其中，入境7024人次，出境6286人次，入境人數比出境人數多11.7%。

Moving on to regional highlights

區域觀察

The recruitment for the sixth China International Import Expo(CIIE) is progressing well, as more than 70 percent of the total exhibition area has already been booked. Companies have already booked more than 260,000 sqm of the exhibition area at the National Exhibition and Convention Center in Shanghai, where the CIIE will be held from Nov 5 to 10, according to Fang Hui, general manager of the CIIE department of the National Exhibition and Convention Center (Shanghai) Co Ltd. on Saturday. With a total space of 360,000 sqm, this year’s exhibition will expand the area for startups and innovation incubation, which covers 5,000 sqm, tripling that of last year.

進博會簽約招展已超70%：5月13日，國家會展中心（上海）進口博覽會展覽部總經理方輝表示，今年第六屆進博會，企業商業展規劃的展覽面積還是36萬立方米，目前各項招展工作正在有序推進。截至目前，簽約的招展面積已超過26萬平方米，同比超過兩個百分點。據悉，第六屆進博會將于2023年11月5日至10日在國家會展中心（上海）全面線下舉辦，由按照前五屆設置的食品、汽車、技術裝備、消費品以及醫療和服務貿易六大展區組成。今年還將做大做強“創新孵化展區”，初步策劃500家初創企業和項目參展，參展規劃的展覽面積是5000平方米，為上屆的三倍多。

Purchase orders worth more than 10 billion yuan for goods from Central and Eastern European Countries (CEECs) are expected to be placed at the upcoming third China-CEEC Expo & International Consumer Goods Fair in China. More than 3,000 exhibitors and 10,000 professional purchasers are expected to attend the trade fair, which will be held in Ningbo, Zhejiang Province, from Tuesday to Saturday, according to Li Guanding, vice mayor of Ningbo, yesterday. As the only national-level institutional exhibition specifically for Central and Eastern Europe in China, the expo is likely to draw more than 100,000 visits this year.

第三屆中東歐博覽會采購訂單將超百億：5月16日，第三屆中國-中東歐國家博覽會將于5月16日至20日在浙江寧波舉行。5月14日下午，第三屆中國—中東歐國家博覽會暨國際消費品博覽會、第二十四屆中國浙江投資貿易洽談會新聞發布會上，寧波市副市長李關定介紹，此次中東歐展覽總面積達22萬平米。預計到會參展商超3000家，專業采購商超10000名，觀展人數超10萬人次，中東歐商品采購訂單超100億元，為中國和中東歐國家企業“引進來”“走出去”提供了更多機遇。

Beijing Subway and WeChat Pay have recently started deploying a palm print recognition system on the Daxing International Airport Line. Passengers can access the subway trains of the line after scanning and uploading their palm print at the ticket machine, then link it to their personal phone number and ID via WeChat mini program.

北京大興機場地鐵線可刷掌乘車：近日，北京地鐵和微信支付合作推出“刷掌乘車”服務。乘客需要在自動售票機上開通刷掌乘車功能。首先，乘客需先在現場自動售票機的掌紋識別圓環上錄入掌紋，之后通過微信小程序“北京地鐵地鐵刷掌乘車”完成手機號碼綁定、實名認證、協議授權等流程后開通了。北京地鐵客服人員表示，目前該服務僅支持北京大興國際機場線范圍內使用。

Greater Bay Area, Greater future

新使命，大未來

An offshore oil and gas platform weighing more than 15,000 tons has been successfully docked with a submarine jacket in the Pearl River Mouth Basin in Guangdong Province on Sunday. The Enping 20-4 platform built by China National Offshore Oil Corporation (CNOOC) set a new weight record for China"s offshore oil and gas platform dynamic positioning float-over installation. The platform will enter its drilling operation phase and be put into production in the second half of this year, which is expected to become the largest offshore production platform in the Enping oilfield in the eastern part of the South China Sea.

萬噸級海上油氣平臺對接成功：5月13日，在廣東珠江口盆地水深近百米的海域，重量超過15000噸的中海油恩平20-4海上鉆采平臺與海底導管架對接成功。創造了我國海上油氣平臺動力定位浮托安裝重量的新紀錄，填補了國內技術空白。安裝完成后，恩平20-4平臺就將進入鉆井作業階段，今年下半年投產，有望成為恩平油田群產量最高的平臺。

Next on industry and company news

產業及公司新聞

China exported 1.07 million vehicles in the first quarter of 2023, surging by 58.3 percent year-on-year, data from China"s General Administration of Customs (GAC) recently revealed, indicating that China has now become the world"s largest auto exporter, outpacing Japan with 954,000 units. China"s total vehicles export value from January to April stood at 7.67 trillion yuan, up 10.6 percent year-on-year, with car exports now playing important role in the country"s foreign trade structure.

中國一季度汽車出口超越日本：據中國汽車工業協會整理的海關總署數據顯示，今年1至3月，中國汽車出口107萬輛，同比增長58.1%。同期，日本汽車工業協會數據顯示，日本汽車出口95.4萬輛，同比增長5.6%。這意味著中國單季超越去年汽車出口量排名全球第一的日本。數據顯示，今年4月份，我國汽車企業出口量達37.6萬輛，同比增長1.7倍，持續實現迅猛增長。

China-based XTC New Energy Materials said in a filing on Monday that it plans to set up a joint venture with France"s Orano, to focus on battery innovation and production in northern French port city of Dunkirk. According to the filing, the joint venture will produce cathode material and precursors. The expected investment is 1.5 billion euros (11.33 billion yuan) and the venture will create 1,700 jobs, according to French President Emmanuel Macron on Friday.

馬克龍官宣15億歐元中法合資電池項目：廈鎢新能5月15日早間公告，公司下屬子公司計劃于北京時間5月16日與法國歐安諾公司公司（Orano）下屬公司簽署合資協議，擬在法國北部港口城市敦刻爾克設立一家電池正極材料合資企業及一家前驅體合資企業；其中電池正極材料合資企業將由公司下屬子公司持股51%、歐安諾持股49%，前驅體合資企業由公司下屬子公司持股49%、歐安諾持股51%。法國總統馬克龍當地時間12日官宣，廈鎢新能與法國歐安諾公司計劃投資15億歐元（約114億人民幣），在該國北部港口城市敦刻爾克設立一家電池領域的合資企業，預期將創造1700個工作崗位。

Chinese e-commerce giant Alibaba Group Holding confirmed that it will transfer its autonomous driving business to Cainiao Smart Logistics from its research institute Damo Academy, which launched low-speed unmanned logistics vehicle Xiaomanlv in 2020 and used it to deliver one million orders the following year, media reported today. The adjustment will only cover 30 percent of staff at Damo, meaning it will downsize nearly 200 employees.

阿里達摩院放棄自動駕駛研發：5月15日消息，阿里達摩院自動駕駛業務線迎重大調整，不僅是業務方向調整，團隊從屬關系也改變：整個自動駕駛實驗室并入菜鳥集團。這意味著阿里自動駕駛將從實驗室前沿科技探索，轉入場景業務落地實戰。15日，媒體獲悉，此次業務調整并非整體并入，僅有近百人轉入菜鳥集團，部門劃歸于菜鳥CTO下屬技術團隊，其余近200人被裁，約占70%。此后，達摩院本身將不再保留相關業務和團隊。

China"s leading smartphone maker OPPO will shut down its chip design unit Zeku amid rising uncertainties in the global economy and the smartphone market, the company announced on Friday. OPPO said it would terminate all Zeku employee contracts as of Friday, and the laid-off workers will have access to severance compensation at the rate of years of employment times the average monthly salary, plus three months of wages.

OPPO終止芯片設計哲庫業務：5月12日，OPPO宣布關停旗下芯片設計公司哲庫科技（ZEKU）的業務。對此，OPPO方面解釋稱，面對全球經濟、手機市場的不確定性，經過慎重考慮，公司決定終止ZEKU業務。“這是一個艱難的決定，我們會妥善處理相關事宜，并將一如既往做好產品，持續創造價值。”哲庫宣布，裁員補償按N+3賠償，其中的N的基數為員工過去全年的月薪、獎金以及其他應發收入所有的合計來去除以12，沒有各地三倍上限的這個上限。

Chinese lithium miners Tianqi Lithium and Ganfeng Lithium Group have unveiled new projects to expand their downstream lithium battery business. Tianqi Lithium will invest 3 billion yuan to build a battery-grade lithium hydroxide monohydrate plant in Jiangsu province, the firm said on Friday. Ganfeng Lithium announced on the same day that it intends to spend 2.5 billion yuan on a lithium-ion batteries project in Hubei province.

兩大鋰業巨頭加碼鋰電產業布局：5月12日晚，鋰業巨頭贛鋒鋰業、天齊鋰業相繼披露了最新的對外投資計劃。其中，贛鋒鋰業擬投資25億元，在湖北襄陽建設新能源鋰電池生產項目；天齊鋰業則擬在江蘇省張家港保稅區建設電池級氫氧化鋰生產基地，計劃總投資約30億元。

Tesla will fix more than 1.1 million electric vehicles in China due to braking risks of these cars produced in the past four years. The software updates will be delivered virtually. The cars have defects that may increase the probability of drivers mistakenly stepping on the accelerator pedal for too long, leading to potential crashes, per the statement. The major recall, which starts on May 29, involves imported Model S and Model X vehicles, domestically produced Model Ys, as well as Model 3s, which were made in China or abroad, the State Administration for Market Regulation said in a statement on Friday, which is likely to involve all the vehicles Tesla China has ever delivered in the domestic market.

特斯拉宣布百萬大召回：5月12日，市場監管總局網站公告稱，特斯拉日前向國家市場監督管理總局備案召回計劃。自今年5月29日起召回生產日期在2019年1月12日至2023年4月24日期間的多款電動車，共計1104622輛。本次召回范圍內的車輛沒有允許駕駛員選擇能量回收制動策略；同時，對駕駛員長時間深度踩下加速踏板的情況可能沒有提供足夠提醒。以上因素疊加可能增加長時間誤踩加速踏板的概率，增加碰撞的風險，存在安全隱患。本次召回包括部分進口Model S、Model X、Model 3及國產Model 3、Model Y汽車等車型。根據交付數據計算，本次召回很可能涵蓋了特斯拉中國向中國市場所交付的所有國產車輛。

Switching gears to financial news

金融市場消息

China"s central bank rolled over maturing medium-term policy loans while keeping interest rates unchanged on Monday. The People"s Bank of China (PBOC) said it was keeping the rate on 125 billion yuan worth of one-year medium-term lending facility (MLF) loans to some financial institutions unchanged at 2.75 percent from the previous operation.

5月MLF利率維持不變：5月15日，人民銀行發布消息稱，為維護銀行體系流動性合理充裕，人民銀行開展1250億元中期借貸便利（MLF）操作和20億元公開市場逆回購操作。MLF利率、7天期逆回購利率與上期持平，分別為2.75%、2%。MLF利率已連續9個月維持不變。

China Taiping Insurance has acquired a 6 percent stake in China Zheshang Bank for 3 billion yuan, according to the lender yesterday, who sold 1.35 billion shares, equivalent to 6.33 percent of its total shares, to China Taiping Insurance via judicial auction. These shares were previously held by Travelers Automotive Group, which have been frozen by the judiciary. Following the completion of the transaction, China Taiping Insurance will become the third-largest shareholder in China Zheshang Bank and the Travelers Automotive Group will cease to hold any shares in China Zheshang Bank.

太平人壽30億拍得浙商銀行6.33%股份：5月14日上午，京東法拍公告了浙商銀行涉及股東旅行者汽車集團所持6.33%、約13.5億股，被以約30億元成功拍出，競得人為太平人壽保險。最終股權轉讓成功后，太平壽險將成為浙商銀行股東（股份數量有待后續披露），旅行者汽車集團將不再持有公司股份。旅行者汽車集團所持浙商銀行6.33%股權，曾一直位列浙商銀行第三大股東，2018年起被司法凍結。

Global index provider MSCI is adding another 51 Chinese mainland-listed companies to its MSCI China Index, as China significantly lowers the threshold for firms that qualify for its mainland-Hong Kong stock connect mechanism, in a move that could bring in almost 10 billion yuan of passive tracking funds. The adjustment will increase the weighting of mainland-listed stocks on the MSIC Emerging Markets Index to around 6 percent, and is expected to spur foreign capital to increase their allocation of mainland stocks, according to market estimates.

MSCI中國指數新納入51只A股：近日，明晟指數（MSCI）首次季度調整結果公布，MSCI中國A股指數新納入51只股票，其中滬市42只股票、深市9只股票。相關調整結果將于5月31日收盤后正式生效。據估算，本次調整使得MSCI全球指數系列納入A股總市值增加約兩萬億元，自由流通市值增加約一萬億元，此次調整后預計將使A股在新興市場指數的權重進一步提升至近6%。這或為A股市場帶來近百億的被動跟蹤資金凈流入，后續也有望吸引外資主動資金增配A股。

Wrapping up with a quick look at the stock market

股市收盤情況

Chinese stocks started the week with healthy gains, as the benchmark Shanghai Composite added 1.2 percent and the Shenzhen Component rose 1.6 percent. Hong Kong’s Hang Seng index also climbed 1.8 percent and the TECH index gained 1.3 percent.

A股港股午后拉升：周一A股大盤午后V型反彈，滬指漲超1%收復3300點，創業板指漲超2%。截至收盤，滬指漲1.17%，深成指漲1.57%，創業板指漲2.11%。滬深兩市全天成交額合計9383億元。北向資金全天凈買入40.85億元，連續7日加倉。港股午后快速拉升，恒指收漲1.75%，恒生科技指數漲1.33%。

Biz Word of the Day

財經詞匯劃重點

An interest rate swapis aforward contractin which one stream of futureinterestpayments is exchanged for another based on a specifiedprincipalamount. Interest rate swaps usually involve the exchange of a fixed interest rate for a floating rate, or vice versa, to reduce or increase exposure to fluctuations ininterest ratesor to obtain a marginally lower interest rate than would have been possible without theswap.

利率互換是一種基礎的、簡單透明的金融衍生品，是利率衍生品的一種。交易雙方基于風險管理等目的，約定在未來一定期限內，根據約定的本金和利率計算利息并進行利息交換。利率互換有多種形式，其中固定利率換浮動利率（Plain Vanilla IRS）是目前最為普遍的普通利率互換，其一端支付或收取固定現金流，另一端收取或支付浮動現金流。

Executive Editor: Sonia YU

Editor: LI Yanxia

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