Hi everyone. I’m Stephanie LI.

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大家好，我是主持人李莹亮。

Coming up on today’s program.

重点提要

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

中国经济要闻

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，京港两地同时敲锣，“互换通”正式上线。

今天，内地与香港利率互换市场互联互通合作（简称“互换通”）正式上线运行。 “互换通”初期先行开通“北向互换通”，即香港及其他国家和地区的境外投资者，通过两地基础设施互联互通，参与内地银行间金融衍生品市场。可交易品种为利率互换产品，报价、交易及结算币种为人民币。

初期全市场每日交易净限额为200亿元人民币，即全部境外投资者通过“北向互换通”开展利率互换交易在轧差后的名义本金净额每日不超过200亿元人民币；清算限额为40亿元人民币，即上海清算所与场外结算公司之间净头寸对应的“互换通”资源池风险敞口上限为40亿元人民币，后续可根据市场情况适时调整额度。

目前“北向互换通”受认可的境外电子交易平台包括TradeWeb、Bloomberg。目前，Tradeweb Markets已宣布在互换通上完成其首笔交易。截止早上9时36分，“北向互换通”已成交37笔共18亿元人民币交易额，参与的境外机构有16家。

市场分析认为，“互换通”是债市基础设施建设从现券交易的全方位开放向衍生品领域延伸的重要举措。展望未来，随着“互换通”的发展，中国债券市场将进一步与国际市场接轨，吸引更多境外资金流入。这不仅令国际投资者可以通过投资中国债市优化资产配置，也有助于推动中国债市的投资者结构进一步多元化。

15日上午，人民银行、香港证监会、香港金管局联合举办了“互换通”上线仪式。香港交易所集团行政总裁欧冠升在仪式上表示，“在全球范围内从未曾出现过类似的如此具有开放性和重要性的连接机制。”欧冠升称，互换通进一步丰富了互联互通为国际投资者所带来的人民币资产生态圈，还将推动更大范围可持续性的人民币国际化进程，进而进一步提升人民币在全球市场的地位。

香港特区行政长官李家超表示，新措施将为国际投资者提供更丰富的投资和风险管理工具，强化香港作为全球最大的离岸人民币业务中心和国际风险管理中心定位。

香港金管局总裁余伟文表示，“北向互换通”进一步将互联互通扩展到衍生品市场，是两地金融合作又一个新的里程碑，也体现了香港作为内地深化金融市场开放窗口的独特性。

余伟文表示，最近几年，国际投资者对中国债券资产兴趣不断提升，所以他们对于相关的风险管理工具的需求也更为突出。过去一段时间，债券通投资者主要利用离岸人民币互换产品对冲利率风险，“北向互换通”提供了便利的渠道，通过香港的金融基建和中介机构，进入流动性较好的在岸利率互换市场，可以更有效地管控利率风险。

“互换通”境内外投资者可经由内地与香港金融市场基础设施机构在交易、清算、结算等方面互联互通的机制安排，在不改变交易习惯、有效遵从两地市场法律法规的前提下，便捷地完成人民币利率互换交易和集中清算。同时，人民银行与香港证监会、香港金管局加强监管合作，强化联络协商机制，保障“互换通”平稳有序运行，维护金融市场稳定。

利率互换是中国金融机构在银行间市场上对冲利率风险的最主要手段。据中国人民银行数据，2022年，银行间本币衍生品市场共成交21.3万亿元人民币，其中，利率互换名义本金总额占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.

中老铁路国际客运开通首月旅客破万：5月13日，中老铁路国际旅客列车开行满一个月，铁路部门共计开行动车组列车30对，列车准点率100%。据磨憨边检站统计，开通首月中老铁路磨憨口岸验放来自28个国家的出入境人员13310人次，其中，入境7024人次，出境6286人次，入境人数比出境人数多11.7%。

Moving on to regional highlights

区域观察

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.

进博会签约招展已超70%：5月13日，国家会展中心（上海）进口博览会展览部总经理方辉表示，今年第六届进博会，企业商业展规划的展览面积还是36万立方米，目前各项招展工作正在有序推进。截至目前，签约的招展面积已超过26万平方米，同比超过两个百分点。据悉，第六届进博会将于2023年11月5日至10日在国家会展中心（上海）全面线下举办，由按照前五届设置的食品、汽车、技术装备、消费品以及医疗和服务贸易六大展区组成。今年还将做大做强“创新孵化展区”，初步策划500家初创企业和项目参展，参展规划的展览面积是5000平方米，为上届的三倍多。

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.

第三届中东欧博览会采购订单将超百亿：5月16日，第三届中国-中东欧国家博览会将于5月16日至20日在浙江宁波举行。5月14日下午，第三届中国—中东欧国家博览会暨国际消费品博览会、第二十四届中国浙江投资贸易洽谈会新闻发布会上，宁波市副市长李关定介绍，此次中东欧展览总面积达22万平米。预计到会参展商超3000家，专业采购商超10000名，观展人数超10万人次，中东欧商品采购订单超100亿元，为中国和中东欧国家企业“引进来”“走出去”提供了更多机遇。

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.

北京大兴机场地铁线可刷掌乘车：近日，北京地铁和微信支付合作推出“刷掌乘车”服务。乘客需要在自动售票机上开通刷掌乘车功能。首先，乘客需先在现场自动售票机的掌纹识别圆环上录入掌纹，之后通过微信小程序“北京地铁地铁刷掌乘车”完成手机号码绑定、实名认证、协议授权等流程后开通了。北京地铁客服人员表示，目前该服务仅支持北京大兴国际机场线范围内使用。

Greater Bay Area, Greater future

新使命，大未来

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.

万吨级海上油气平台对接成功：5月13日，在广东珠江口盆地水深近百米的海域，重量超过15000吨的中海油恩平20-4海上钻采平台与海底导管架对接成功。创造了我国海上油气平台动力定位浮托安装重量的新纪录，填补了国内技术空白。安装完成后，恩平20-4平台就将进入钻井作业阶段，今年下半年投产，有望成为恩平油田群产量最高的平台。

Next on industry and company news

产业及公司新闻

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.

中国一季度汽车出口超越日本：据中国汽车工业协会整理的海关总署数据显示，今年1至3月，中国汽车出口107万辆，同比增长58.1%。同期，日本汽车工业协会数据显示，日本汽车出口95.4万辆，同比增长5.6%。这意味着中国单季超越去年汽车出口量排名全球第一的日本。数据显示，今年4月份，我国汽车企业出口量达37.6万辆，同比增长1.7倍，持续实现迅猛增长。

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.

马克龙官宣15亿欧元中法合资电池项目：厦钨新能5月15日早间公告，公司下属子公司计划于北京时间5月16日与法国欧安诺公司公司（Orano）下属公司签署合资协议，拟在法国北部港口城市敦刻尔克设立一家电池正极材料合资企业及一家前驱体合资企业；其中电池正极材料合资企业将由公司下属子公司持股51%、欧安诺持股49%，前驱体合资企业由公司下属子公司持股49%、欧安诺持股51%。法国总统马克龙当地时间12日官宣，厦钨新能与法国欧安诺公司计划投资15亿欧元（约114亿人民币），在该国北部港口城市敦刻尔克设立一家电池领域的合资企业，预期将创造1700个工作岗位。

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.

阿里达摩院放弃自动驾驶研发：5月15日消息，阿里达摩院自动驾驶业务线迎重大调整，不仅是业务方向调整，团队从属关系也改变：整个自动驾驶实验室并入菜鸟集团。这意味着阿里自动驾驶将从实验室前沿科技探索，转入场景业务落地实战。15日，媒体获悉，此次业务调整并非整体并入，仅有近百人转入菜鸟集团，部门划归于菜鸟CTO下属技术团队，其余近200人被裁，约占70%。此后，达摩院本身将不再保留相关业务和团队。

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终止芯片设计哲库业务：5月12日，OPPO宣布关停旗下芯片设计公司哲库科技（ZEKU）的业务。对此，OPPO方面解释称，面对全球经济、手机市场的不确定性，经过慎重考虑，公司决定终止ZEKU业务。“这是一个艰难的决定，我们会妥善处理相关事宜，并将一如既往做好产品，持续创造价值。”哲库宣布，裁员补偿按N+3赔偿，其中的N的基数为员工过去全年的月薪、奖金以及其他应发收入所有的合计来去除以12，没有各地三倍上限的这个上限。

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.

两大锂业巨头加码锂电产业布局：5月12日晚，锂业巨头赣锋锂业、天齐锂业相继披露了最新的对外投资计划。其中，赣锋锂业拟投资25亿元，在湖北襄阳建设新能源锂电池生产项目；天齐锂业则拟在江苏省张家港保税区建设电池级氢氧化锂生产基地，计划总投资约30亿元。

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.

特斯拉宣布百万大召回：5月12日，市场监管总局网站公告称，特斯拉日前向国家市场监督管理总局备案召回计划。自今年5月29日起召回生产日期在2019年1月12日至2023年4月24日期间的多款电动车，共计1104622辆。本次召回范围内的车辆没有允许驾驶员选择能量回收制动策略；同时，对驾驶员长时间深度踩下加速踏板的情况可能没有提供足够提醒。以上因素叠加可能增加长时间误踩加速踏板的概率，增加碰撞的风险，存在安全隐患。本次召回包括部分进口Model S、Model X、Model 3及国产Model 3、Model Y汽车等车型。根据交付数据计算，本次召回很可能涵盖了特斯拉中国向中国市场所交付的所有国产车辆。

Switching gears to financial news

金融市场消息

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利率维持不变：5月15日，人民银行发布消息称，为维护银行体系流动性合理充裕，人民银行开展1250亿元中期借贷便利（MLF）操作和20亿元公开市场逆回购操作。MLF利率、7天期逆回购利率与上期持平，分别为2.75%、2%。MLF利率已连续9个月维持不变。

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.

太平人寿30亿拍得浙商银行6.33%股份：5月14日上午，京东法拍公告了浙商银行涉及股东旅行者汽车集团所持6.33%、约13.5亿股，被以约30亿元成功拍出，竞得人为太平人寿保险。最终股权转让成功后，太平寿险将成为浙商银行股东（股份数量有待后续披露），旅行者汽车集团将不再持有公司股份。旅行者汽车集团所持浙商银行6.33%股权，曾一直位列浙商银行第三大股东，2018年起被司法冻结。

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中国指数新纳入51只A股：近日，明晟指数（MSCI）首次季度调整结果公布，MSCI中国A股指数新纳入51只股票，其中沪市42只股票、深市9只股票。相关调整结果将于5月31日收盘后正式生效。据估算，本次调整使得MSCI全球指数系列纳入A股总市值增加约两万亿元，自由流通市值增加约一万亿元，此次调整后预计将使A股在新兴市场指数的权重进一步提升至近6%。这或为A股市场带来近百亿的被动跟踪资金净流入，后续也有望吸引外资主动资金增配A股。

Wrapping up with a quick look at the stock market

股市收盘情况

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股大盘午后V型反弹，沪指涨超1%收复3300点，创业板指涨超2%。截至收盘，沪指涨1.17%，深成指涨1.57%，创业板指涨2.11%。沪深两市全天成交额合计9383亿元。北向资金全天净买入40.85亿元，连续7日加仓。港股午后快速拉升，恒指收涨1.75%，恒生科技指数涨1.33%。

Biz Word of the Day

财经词汇划重点

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.

利率互换是一种基础的、简单透明的金融衍生品，是利率衍生品的一种。交易双方基于风险管理等目的，约定在未来一定期限内，根据约定的本金和利率计算利息并进行利息交换。利率互换有多种形式，其中固定利率换浮动利率（Plain Vanilla IRS）是目前最为普遍的普通利率互换，其一端支付或收取固定现金流，另一端收取或支付浮动现金流。

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