CBN丨PBOC keeps MLF loan rate steady, yet hopes of rate cuts persist

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重点提要

• China’s central bank keeps MLF loan rate unchanged, but analysts still expect cuts in the second quarter;

• Home prices in 70 major cities in February slightly went up.

中国经济要闻

The People's Bank of China bucked market expectations for a rate cut on Tuesday, injecting a net 100 billion yuan of fresh funds via renewed medium-term lending facility loans at the rate same as the previous operation.

The central bank also conducted 10 billion yuan worth of seven-day reverse repurchase agreements at a 2.1 percent rate to replace 10 billion yuan that was due to mature.

The moves appear to have cooled expectations that the PBOC will cut the key policy rate this month to boost credit expansion. However, current economic headwinds might still persuade the country's central bank to cut key policy interest rates in the second quarter of the year, experts said on Tuesday.

Ming Ming, co-chief economist of CITIC Securities, said any absence of a rate cut this month could mean the PBOC may take some more time to observe the effects of previous easing measures, adding that given the government's firm objectives of stabilising economic growth and boosting credit expansion, there will remain room for further monetary easing, but an interest rate cut may await stronger catalysts and a better timing.

Wang Qing, chief macroeconomic researcher at Golden Credit Rating International, said that the possibility of reducing the MLF interest rate by another 10 basis points is rising. Weaker consumption and the cooling property market means there has not been any fundamental mitigation of downward economic pressure since last year's second half, Wang noted, adding that the recent resurgence of Covid-19 will affect the domestic economy in the short term.

在2月金融数据走弱后，市场预计3月MLF将降息，但最终预期落空。有分析认为，利率未调整的原因在于，1-2月累计金融数据好过预期，经济恢复的势头向好，且3月距离1月降息时点较短。但当前宏观经济仍面临下行压力，二季度仍有降息的可能。

3月15日上午央行公告称，为维护银行体系流动性合理充裕，2022年3月15日人民银行开展2000亿元中期借贷便利（MLF）操作和100亿元公开市场逆回购操作。其中，MLF期限为一年期，利率2.85%，持平于上次；逆回购期限为7天，利率2.1%，也持平于上次。

对于此次利率未调整，中信证券明明认为，央行超额续作MLF并保持操作利率不变，在国内宽信用初期和美联储加息靴子落地前国内货币政策保持谨慎观望。在稳增长和宽信用的坚定目标下，货币政策进一步宽松空间仍然存在，但降息操作可能需要等待更强的催化因素和更适宜的窗口。

东方金诚首席宏观分析师王青表示，二季度MLF利率再度下调10个基点的可能性正在增加。一是当前消费偏弱、地产遇冷局面仍在持续，这意味着去年下半年以来的经济下行压力尚未根本缓解。二是近期国内多地强化防控，有可能在短期内对经济运行形成扰动。

• China continued to see a generally stable housing market in February, with home prices in 70 major cities showing slight month-on-month increase, data from the NBS showed Wednesday. New home prices in four first-tier cities rose 0.5 percent month on month in the period, while new home prices in 31 second-tier cities remained flat and those in 35 third-tier cities witnessed a month-on-month decrease of 0.3 percent last month.

  70城房价分化明显：3月16日，国家统计局发布2月70城房价数据。70个大中城市中，一线城市新建商品住宅销售价格环比上涨0.5%；二线城市新建商品住宅销售价格环比由上月上涨0.1%转为持平；三线城市新建商品住宅销售价格环比下降0.3%。

• The Cyberspace Administration of China(CAC), the country’s top internet regulator, signalled Monday that streaming services, social networks and online messaging services will have to restrict children’s usage as online gaming platforms were made to do last year. The major platforms should regularly conduct assessments on cyber protection for minors in order to provide a "clean" online environment for them, CAC said, adding that the platforms should also cap daily spending amount for minor users.

  网信办加强未成年人防沉迷：3月14日，国家互联网信息办公室就《未成年人网络保护条例（征求意见稿）》再次公开征求意见。征求意见稿提出，网络游戏、网络直播、网络音视频、网络社交等网络服务提供者应当针对未成年人使用其服务设置青少年模式，在使用时段、时长、功能和内容等方面按照国家有关规定和标准提供服务，并为监护人履行监护职责提供时间管理、权限管理、消费管理等功能。

产经消息及公司新闻

• Ping An Good Doctor recorded a net loss of 1.5 billion yuan last year owing to continuous strategic upgrades made during the reporting period, with more expenses in channels, services and capabilities. Total revenue in 2021 grew 6.8 percent year on year to 7.33 billion yuan, with the total gross margin being 23.3 percent.

  平安好医生亏损扩大：3月15日晚间，平安好医生披露2021全年业绩公告。2021年，平安好医生实现营业收入73.34亿元，同比增长6.8%；年内净亏损15.39亿元，较去年同期的9.49亿元扩大62.3%。

• New energy vehicle maker BYD said on Tuesday that the latest resurgence of Covid-19 in Shenzhen, where its headquarter and main production base are located, has had only a modest impact on the company’s production in the city. BYD produces two flagship models at its three plants in the city, with a monthly output of 25,000 to 30,000 vehicles.

  比亚迪深圳工厂受疫情影响不大：3月15日，比亚迪方面回应媒体表示，本次深圳疫情对其深圳工厂的生产有些影响，但影响不大。公开资料显示，比亚迪深圳工厂主要生产两款旗舰车型汉和唐，目前月产能在2.5万辆~3万辆。

• Over 100 international flights to Shanghai will be diverted to one of a dozen other Chinese cities to help relieve pressure on the metropolis, as the city contends with the latest wave of Covid infections, according to the Civil Aviation Administration of China on Tuesday.

  上海国际航班将分流：3月15日，民航局运输司副司长徐青接受媒体采访时表示，近期，为缓解上海市疫情防控压力，经国务院联防联控机制研究决定，自3月21日至5月1日期间，调整部分上海入境国际客运航班。要调整的航班涉及共5家航空公司22条航线，共计106班，入境点将调至12个口岸机场。

• Chinese actor Deng Lun has to pay 106 million yuan in overdue taxes, late fees and fines for tax evasion, Shanghai’s tax authority announced Tuesday. The Shanghai tax bureau found that Deng evaded 47.7 million yuan in personal income taxes by dressing up personal income as corporate income.

  邓伦偷逃税被罚1.06亿：3月15日，上海市税务局第四稽查局依据相关法律法规规定，对演员邓伦追缴税款、加收滞纳金并处罚款，共计1.06亿元。经查，邓伦在2019年至2020年期间，通过虚构业务转换收入性质进行虚假申报，偷逃个人所得税4765.82万元。

金融市场要闻

• More than 20 A-share listed commercial banks had issued their financial previews or annual reports for the year of 2021. Most posted a decline in their NPL ratio. Jiangsu Jiangyin Rural Commercial Bank saw its NPL ratio drop by 47 basis points at the end of last year compared to the end of 2020, the largest decrease among its peers. Ping An Bank witnessed its NPL ratio fell 16 basis points year-on-year to 1.02 percent at the end of 2021.

  20多家银行不良率下降：截至上周末，已有20多家A股银行发布2021年业绩快报，大多数银行的不良贷款率均实现下降。截至2021年末，下降最多的是江苏江阴农商银行，与2020年末相比，不良贷款率下降0.47个百分点。而平安银行也较2020年末下降0.16个百分点，不良贷款率为1.02%。

最后来看股市收盘情况

• Chinese stocks rebounded on Wednesday, with more than 4200 stocks in the red. The benchmark Shanghai Composite gained 3.48 percent, while the Shenzhen Component closed 4.02 percent higher. The Hang Seng Index soared by over 9 percent, the biggest jump in more than a decade, to return to over 20000 points. The Tech Index climbed a record-breaking 22 percent, with tech giants Bilibili, JD.com, Kuaishou and Tencent recorded gains of over 20 percent. Chinese stocks traded on U.S. exchanges recouped some losses Tuesday as dip buyers emerged, as the Nasdaq Golden Dragon China Index closed 5 percent higher.

  周三A股大幅反弹，沪指上涨3.48%，深成指涨4.02%。两市超4200只个股上涨，近200股涨超9%。行业板块几乎全线上涨，旅游酒店、航空机场板块爆发。恒生指数收涨9.08%，重回20000点上方。恒生科技指数涨22.19%，哔哩哔哩涨40.83%，京东涨35.64%，快手涨34.64%，腾讯涨超20%。美股热门中概股当地时间周二反弹，纳斯达克中国金龙指数结束三连跌，收涨4.98%。

Biz Word of the Day

财经词汇划重点

• Anonperforming loan (NPL)is a loan in which the borrower is in default due to the fact that they have not made the scheduled payments for a specified period. Generally, the period is 90 days or 180 days.NPL ratiomeans the ratio of NPL to total gross loans of a financial institution.

  不良贷款是指出现违约的贷款，是逾期贷款、呆滞贷款和呆账贷款的总和。一般而言，借款人若拖延还本付息达三个月之久，贷款即会被视为不良贷款。不良贷款率指金融机构不良贷款占总贷款余额的比重。

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

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Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, ZHANG Ran, CHEN Zihui

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策划、编辑：李艳霞

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（作者：李莹亮,,张然 编辑：李艳霞）