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
China keeps its mortgage reference rates unchanged in October as many Chinese cities move to cut mortgage rates to below 4 percent;
NDRC will release sixth batch of frozen pork from reserves, following rising hog prices recently.
中国经济要闻
China kept its benchmark lending rates unchanged for a second straight month on Thursday, in line with expectations, as authorities held off unleashing more monetary stimulus.
The one-year loan prime rate (LPR) was kept at 3.65 percent, while the over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of 4.3 percent, according to the National Interbank Funding Center.
The country had lowered the one-year rate by 5 basis points to 3.65 percent in August. The over-five-year rate had been slashed by 15 basis points twice this year, first in May and again in August to the current figure, followed by many banks in several Chinese cities cutting mortgage rates for first-time home buyers to below 4 percent.
On September 29, the People's Bank of China said it would allow eligible cities to further cut mortgage rates for first-time home buyers. Over 10 cities including North China's Tianjin Municipality, Shijiazhuang in North China's Hebei Province, and Wuhan in Central China's Hubei Province have seen banks reduce mortgage rates to below 4 percent.The lowest rate hits 3.7 percent.
Chinese cities have also announced measures to boost the recovery of the real estate market, from lowering interest rates for housing provident fund loans and cutting down payments to granting subsidies for home purchases.
In the longer term, as pro-growth government measures take effect, it is believed the property market will likely see a faster recovery in the fourth quarter, experts said.
中国人民银行授权全国银行间同业拆借中心公布，2022年10月20日贷款市场报价利率（LPR）为：1年期LPR为3.65%，5年期以上LPR（以下简称5年期LPR）为4.3%。以上LPR在下一次发布LPR之前有效。
因为9月存款利率下降，市场预期10月5年期LPR有单边调降的可能，但最终LPR保持不变。其原因在于：一是10月MLF利率未变；二是9月有效信贷需求回升，再度下调LPR的必要性不大。三是新利率传导机制下，9月降低存款利率的目的主要是维持利差稳定；四是9月末央行已允许部分地方降低或取消首套房利率下限，目前暂无降低5年期LPR的必要。
此前首套房利率下限为5年期LPR减20BP。按照央行最新通知要求，10月以来包括武汉、天津等在内的诸多城市将首套房利率下限调整为5年期LPR减40BP左右。在此背景下，虽然10月LPR保持不变，但许多城市首套房贷利率仍会下降，多地首套房贷利率已进入“3时代”。
9月29日，人民银行、银保监会发布《关于阶段性调整差别化住房信贷政策的通知》，决定阶段性调整差别化住房信贷政策：对于2022年6-8月份新建商品住宅销售价格环比、同比均连续下降的城市，在2022年底前，阶段性放宽首套住房商业性个人住房贷款利率下限，可自主决定在2022年底前阶段性维持、下调或取消当地新发放首套住房贷款利率下限。
调整之前，首套房商贷利率下限为5年期LPR减20BP，也就是4.1％。此次调整为房贷利率进一步下探打开通道，一些强二线城市首套房贷利率已突破4%，进入“3时代”。
据记者梳理，截至10月19日，70个大中城市中，武汉、石家庄、贵阳、天津等多个城市首套房贷利率降至4%以下，其中石家庄可低至3.8%。意味着这些城市的首套房贷利率下限由LPR减20BP，调整为LPR减40BP左右。
易居研究院智库中心研究总监严跃进表示，房贷低利率时代开启，对于四季度楼市行情提振的作用确实会比较明显。就目前看，3.9%的利率是最合适的。当然一些压力比较大的城市，商业银行也会继续进行调整，但要调整至3.7%，还需要点时间。
Moving on to regional highlights
区域观察
The national production line for skin of domestic airliners has recently completed in Xi'an Aviation Base, according to the management committee on Wednesday. It is expected to produce more than 100 skin parts on the homegrown largepassengerplane.
全国产大飞机蒙皮生产线在西安建成：19日消息，全国产大飞机蒙皮生产线近日在西安航空基地正式建成。全面投产后，预计可年产100架以上的国产大飞机机头、前中后机身、舱门、活动翼面上的蒙皮类零件，解决国产大飞机大部段客户的产能瓶颈和降本需求，推动国产大飞机蒙皮产业高质量发展。
The world's first ground-based electromagnet-driven super speed experiment facility in Jinan, East China's Shandong Province enters operation on Thursday. The facility can accelerate objects weighing no less than one ton to 1,030 kilometers per hour, making a historic record in massive ultra-high-speed electromagnetic propulsion technology.
世界首个电磁橇在济南成功运行：19日消息，阶段性建成的世界首个电磁推进地面超高速试验设施——“电磁橇”设施，在济南成功运行，对于吨级及以上物体最高推进速度可达每小时1030公里，创造了大质量超高速电磁推进技术的世界最高速度纪录。
Two new offshore duty-free shops located in Haikou International Duty-free City and Wangfujing International Duty-free Port have been approved to open, raising the number of duty-free shops in Hainan Province to twelve, media reported on Thursday. The operating area of offshore duty-free shops will be more than doubled to over 500,000 square meters.
海南再设两家离岛免税店：日前海南省举行的离岛旅客免税购物政策实施情况新闻发布会，海南省两家离岛免税店按程序获得批准。新增两家离岛免税店后，海南离岛免税店增加到12家，全省离岛免税店经营面积将增加一倍以上，由现有的22万平方米增加到超过50万平方米。据了解，新增的两家离岛免税店，分别为海口国际免税城和王府井国际免税港。
产业及公司新闻
China will release the sixth batch of pork into the market from central reserves to maintain supply and price stability, the country's top economic planner said Thursday. From Oct.10 to 14, the average retail price of lean pork has jumped over 40 percent compared with the same period last year, which triggered the first degree alarm for excessive price hike.
第6批中央猪肉储备近日投放：据国家发展改革委监测，10月10日至14日当周，36个大中城市精瘦肉零售价格周均价比去年同期上涨超过40%，进入《完善政府猪肉储备调节机制 做好猪肉市场保供稳价工作预案》确定的过度上涨一级预警区间。为切实做好生猪市场保供稳价工作，近日国家将投放今年第6批中央猪肉储备，并指导各地加大力度同步投放地方政府猪肉储备。
Chinese conglomerate Fosun International said on Wednesday three of its units will sell a combined 60 percent stake in Nanjing Nangang Iron & Steel United for up to 16 billion yuan (US$2.21 billion) to Jiangsu Shagang Group to reduce its debts. Shagang, China's largest private steelmaker and the world's fourth by steel production capacity, will become the actual controller of Nanjing Iron & Steel when the deal is completed.
复星拟160亿出售南京南钢：10月19日晚间，复星国际发布公告称，拟转让南京南钢钢铁联合有限公司的60%股权，意向买方为江苏沙钢集团有限公司，意向总价不超过160亿元，具体金额将视尽职调查结果进一步协商。
BMW will invest another 10 billion yuan to expand its high voltage battery production center located in Shenyang of Northeast China's Liaoning Province, likely to be the company's third complete power battery center globally, as well as the first one outside of Germany where the company is based, sources said Wednesday.
宝马再增资百亿扩建在华项目：宝马中国内部人士透露，宝马将再投资百亿人民币扩建其在沈阳的高压电池生产中心，扩大在中国的电池项目投入。据悉，该中心是宝马集团全球第三家及德国之外第一家完整的动力电池中心。
金融市场消息
Agricultural Bank of China (ABC), one of the country’s five largest commercial lenders, got the regulatory approval to set up China’s fifth wealth management joint venture majority owned by a foreign company. BNP Paribas Asset Management Holding, a unit of French banking group BNP Paribas will hold a 51 percent stake in the JV, while ABC Wealth Management takes the rest, ABC announced yesterday.
第五家合资理财公司获批：10月19日，农业银行发布公告称，近日，该行全资子公司农银理财收到中国银行保险监督管理委员会批复，农银理财获准与法国巴黎资产管理控股公司合作筹建中外合资理财公司。合资理财公司将由农银理财与法巴资管共同出资设立，农银理财和法巴资管出资比例将分别为49%和51%，我国合资理财公司将有望扩容至5家。
股市收盘情况
Chinese stocks closed lower on Thursday, with the benchmark Shanghai Composite down 0.31 percent, while the Shenzhen Component fell 0.56 percent. Hong Kong stocks pared losses after diving to a 13-year low, as the benchmark Hang Seng ended down 1.4 percent and the TECH index dropped 2.37 percent.
A股集体收跌港股拉升回落：周四三大指数午后冲高回落，截至收盘，沪指跌0.31%，深成指跌0.56%，创业板指跌1.00%，芯片股、大消费股逆市领涨。港股早盘低开低走，午后一度拉升但随后回落。恒生指数收跌1.4%，恒生科技指数跌2.37%，大型科技股普跌，电力股跌幅居前，航空板块午后拉升。
Biz Word of the Day
财经词汇划重点
A sovereign wealth fundis a state-owned investment fund comprised of money generated by the government, often derived from a country's surplus reserves. The funding for a SWFcan come from a variety of sources, such as surplus reserves from state-owned natural resource revenues, trade surpluses,bank reservesthat may accumulate from budgeting excesses, foreign currency operations, money from privatizations, and governmental transfer payments.
主权财富基金，指由一些主权国家政府所建立并拥有，用于长期投资的金融资产或基金，主要来源于国家财政盈余、外汇储备、自然资源出口盈余等，一般由专门的政府投资机构管理。
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
音频制作：李莹亮
设计：郑文静、廖苑妮
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