On 5 May, the Chinese People’s Bank’s Web site reported that preparations for Hong Kong’s interconnectivity with domestic interest rates (hereinafter referred to as “interchanges”) were well under way, and transactions under “North-to-North swap” would commence on 15 May.

According to the Central Bank, the initial tradable variety of “North-to-North” is the exchange of interest-based products and the quotation, transaction and settlement of currency are the currency of the people. In terms of the level of transactions, the nominal net equivalent of all offshore investors, through exchange of interest rates “North-to-North” transactions, does not exceed yuan renminbi per day, and subsequent adjustments may be made in due course, depending on market conditions.

The Managing Director of the China Exchange Centre stated in his statement that the official launch of the “conversion” would deepen the depth and breadth of the external opening of Chinese financial markets to meet the demand for currency derivatives of global investors.

Various international regulatory agencies have told journalists that offshore investors have exchanged interest rates in China. At present, QFII (a qualified offshore investor) is not able to lay down the most effective hedge tool for the future of State debt, and the exchange of interest rates in the offshore market will be an ideal alternative. At the same time, the exchange of domestic exchange of interest rates for foreign lending in BPMs may be lower and more efficient than the exchange of foreign exchange rates in offshore currency.

Active institutional preparations for “interchange”

The exchange of interest rates and the replacement of interest rates is a derivative of off-site transactions that can be used to manage the risk of changes in interest rates and to exchange interest on different interest rates between the parties on the same principal, such as a fixed interest rate on which one party may charge the principal, while the other receives interest on the fluctuating interest on the principal. In recent years, as the Chinese capital markets have become more open to the outside world, an increasing number of offshore investors have increased the allocation of domestic currency bonds, and their demand for the management of interest rate risks through derivatives has continued to increase. Prior to the opening of the “conversion”, offshore investors are often able to manage interest rate risks only through exchange of interest rates in off-shore people’s currencies, or through exchange of interest rates in non-contributory loans (NDIRS). The opening of the “conversion” will greatly facilitate their participation in the exchange of interest rates in the local currency.

As early as 4 July 2022, the People’s Bank, the Hong Kong Supervisory Board, the Hong Kong Administrative Authority issued a joint announcement in which they agreed to interchange between China’s Foreign Exchange Centre, the Shanghai Settlement Institute and the Hong Kong Outsourcing Company Ltd., starting with the opening of the “North-to-North” exchange, and offshore investors from Hong Kong and other countries of China could participate in the interbank financial derivative market through two-way infrastructure.

On 28 April this year, the People’s Bank’s Web site news shows that, in order to regulate “interchange” related operations, protect the legitimate interests of investors both within and outside the country, maintain interest rates for market order, the Bank has developed the Interim Scheme for the Management of Cooperation between the Inland and Hong Kong Exchange rates for Market Interconnections, which has been implemented since then.

On the same day as the Central Bank announced “North-to-North” 15 days, Pambo announced that it would work with the China Exchange Exchange Centre (CNDC) to launch a new solution on 15 May to facilitate the use by offshore investors of the Pambo terminal (Pombo terminal) for the inter-bank exchange of interest rates in the interior of the country through “interbanking”. The solution allows offshore investors to achieve seamless transactions “conversion” in the context of the new derivative interconnectivity mechanism without changing transaction habits.

The currently accredited offshore electronic trading platforms under “North-South swap” include TradeWeb, Bloomberg (Pombo), which will be able to join other accredited electronic trading platforms in the future in response to market demand, and which are recognized as Chinese foreign exchange trading centres.

Lee ice, Managing Director of the Pambo Asia-Pacific Region, stated: “As global investors participate in China’s financial markets through various channels, they have been looking forward to more investment tools to deal with hedge risks and disperse portfolios. “The exchange of information” is another important milestone in China’s financial market development and will release the potential of offshore investors to participate in derivative markets in the country. This new interconnectivity mechanism further highlights the unique importance of Hong Kong as an international financial centre in the global financial ecosystem.”

Upgrading of hedge efficiency

The latest data show that the demand for fixed-income assets in China by offshore investors has improved. After two months of large-scale financial outflows in 2023, foreign holdings increased by $11.9 billion (US$1.7 billion) in March, in stark contrast to the 179 billion yuan renminbi flow from January to February.

The Barclay study showed that offshore investors’ holdings of China’s debt had declined to $27.8 billion, while the holding of policy bank bonds had increased by $300 million; the holding of large bills had increased by $42 billion, the largest single-month increase since February 2021. In March, the share of foreign-owned Chinese debt in total outstanding Chinese debt fell to 8.4 per cent, the lowest level since September 2019.

“We believe that this decline has been driven by a decline in foreign holdings over the past year and an increase in China’s debt balance (an increase of 75 per cent since September 2019).” Barclay Foreign Exchange, Macrost Division Monde indicated.

In the view of the major institutions, the introduction of interest-to-balance instruments has also helped to increase the incentive for offshore investors to hold yuan bonds, which will provide them with more convenient access to interest rate risk management, and offshore institutions can ease the cross-border flow of funds by using interest rates to exchange risks to the buffers, reduce the impact of interest rate fluctuations on their value of holding bonds.

In the absence of open access to QFII investors in the country’s futures markets, “conversion” is also an ideal alternative.

What is the current state of exchange of interest rates between banks in the interior? China

Guigang is a project with a total investment of 1 billion yuan

The commencement ceremony was held

On June 24, Gangnan district held the commencement ceremony of CGN Gangnan Muge wind farm project. The commencement of Muge wind power project indicates that the development of new energy industry in South Hong Kong is moving forward to a deeper level, which will play a great role in promoting the economic development of the region.

Project introduction

It is understood that CGN New Energy Holding Co., Ltd. is a company specializing in wind and solar power generation. The total investment of the wind power project developed and constructed in Muge, south of Hong Kong is 1 billion yuan. It is a high-tech industry with low energy consumption and low pollution. It has huge development space and broad market prospects.

▲ planning chart

Construction planning

➯ the planned total capacity of nanmuge wind power project of CGN port is 122mw

➯ the installed capacity of phase I project is 80mW,

➯ the installed capacity of phase II project is 42mW, with a total installed capacity of 38 units

After completion, it is expected to produce 233 million kwh of clean energy online electricity per year and an annual output value of more than 130 million yuan. It will effectively promote the optimization of power supply structure in Gangnan, alleviate the pressure of environmental protection brought by traditional power supply, and realize the coordinated development of economy and environment.

After the completion of CGN gangnanmuge wind power project, the annual clean energy on grid power will be about 233 million kwh, and the equivalent full load utilization hours will be 1917 hours, which can save 73200 tons of standard coal and reduce a large amount of CO2, so and other harmful gas emissions for the country every year. At the same time, it will help to improve the power supply structure of Guigang City, alleviate the pressure of environmental protection caused by coal power and realize the coordinated development of economy and environment; We will help fight poverty and promote the development of local tourism.

No more spoilers!

We look forward to the early completion of the project

Let’s wait and see!

Guigang online information office guides the production of Guigang daily / Guigang news

Content source ▍ original Muge Town People’s Government of Gangnan District

Edited by Luo Ying

Editor on duty ▍ Huang Qianqian

Duty officer ▍ Xie Jingxiang

Legal adviser ▍ Guangxi Junwang law firm 0775-4251733

Tel. ▍ 0775-4523503, 4521951, 4552730

National assistant craft artist

Member of Jiangsu arts and Crafts Society

Member of Yixing Folk Artists Association

Born in 1974 in a scholarly family, he has loved calligraphy and painting and good poetry since childhood. In 1994, he graduated from Changzhou light industry leather design, and then entered China University of Geosciences to study art design, and Nanjing Normal University to study product design. Mr. Zhang Leping, the son of Zhang Rongsheng, who learned from Zisha craft factory in “piano, chess, calligraphy and painting”, won the guidance of Chinese arts and Crafts Master Tan Quanhai. In 2009, he founded “Miao Mo jingshe Zisha studio” in Zisha village, the birthplace of Zisha. Over the past ten years, Xu Yinfei has made continuous innovations in pot making and pottery carving, organically combining the modeling, conception, layout and Seiko of his works, and gradually formed his own unique style of pot making and pottery carving. It carries out ceramic carving art decoration on the surface of purple sand works. The method of ceramic carving knife is changeable. The knife follows the meaning of the pen. It seeks artistic conception in elegance and beauty in practicality. In the design and creation of purple clay pots, I often ask for advice from Yu chanlian, a good neighbor of the two Panama gold medal winners, Jiangsu arts and Crafts Master Shao Shunsheng, and teacher Shao often comes to the studio to give careful guidance. Xu Yinfei’s works have been invited to participate in large-scale exhibitions and won awards for many times, and are deeply favored and collected by pot art lovers and collectors at home and abroad.

In October 2014, “Dabin Liufang” won the gold award of “2014 Jinfu cup Jiangsu arts and crafts boutique Grand Prix”;

In December 2015, “Fulin Sifang” won the gold award of “2015 Shengbao cup arts and crafts boutique Grand Prix”;

In October 2016, “Yipin bamboo section” won the gold award of “2016 Art Expo cup Jiangsu arts and crafts boutique Grand Prix”;

In September 2016, “Liufang Jinglan” won the silver award of “the fourth Chinese ceramic masterpiece and ceramic works”;

In December 2020, “double line bamboo drum” and “Daheng Duozhi” were permanently collected by Jiangxi Provincial Museum;

In September 2021, the work “red boat pot” on the 100th anniversary of the founding of the Communist Party of China was collected by Jiaxing Museum beside the South Lake and the red boat.

In October 2021, “Dayun Hanwa” won the gold award of “2021 China International Cultural Tourism Products Expo and the third Yixing Ceramic ‘five golden flowers’ entering Dalian double evaluation Exhibition”; (Ma Jianzhong, harmony China Television)

According to the April 16th issue of WeChat bio, China Bio, recently, the two New Coronavirus inactivated vaccines (the O strain) were developed by the China biological Beijing biological products research institute and Wuhan biological products research institute, which was approved by the research ethics committee of the University of Hong Kong and the hospital authority of the West Bank of Hong Kong and Western China. And the clinical trial approval of the Hongkong pharmaceutical and Poisons Board, It was officially approved to carry out the sequential immune clinical study of the new coronavirus vaccine in Hong Kong.

Next, the Chinese biological group of China National Medicine Group will conduct a sequential immunization clinical study in the form of a randomized, double-blind, cohort study in the population aged 18 or above who have completed the 2 or 3 new dose of the crown vaccine. The safety and immunogenicity of the two vaccines of BIBP- O inactivated vaccine (O strain) and WIBP- New Coronavirus inactivated vaccine (O strain) are evaluated.

Kexing website also announced in April 16th that in April 14, 2022, the COVID-19 inactivated vaccine developed by Kexing holding Biotechnology Co., Ltd. (“SINOVAC Kexing”), based on the Omicron, was awarded clinical approval in the Hongkong Special Administrative Region.

The results of preclinical study showed that Sinovac Kexing Omicron variant inactivated vaccine was safe and effective in animals. After completing the safety and effectiveness evaluation and clinical trial design based on animal models, Sinovac Kexing began to submit clinical applications to many countries and regions at the end of February. The clinical approval document in Hong Kong is the first clinical approval document obtained by Sinovac Kexing Omicron inactivated vaccine.

This deep experience oriented space is designed to respect the craft, personality and self-expression, and display the complete rainbow botanical fragrance series, and the whole home furnishing flavor series from aromatherapy candles, fragrant candles to soap, indoor spray and aromatherapy suits.

Each Loewe luoyiwei house flagship store presents the warmth and privacy of art collectors, and is full of strong cultural atmosphere. The concept of the newly opened Deji Plaza boutique evokes the calm objectivity and aesthetic inspiration of botanical archives, integrating the pragmatism of scientists with the most primitive enthusiasm for nature.

All series of products are displayed on shelves made of natural materials such as polished wood and glazed ceramics. The interior decoration of the boutique is carefully created by craftsmen to convey a variety of tactile feelings. The whole row of oak drawers are decorated with gentle lights, showing the colorful of Loewe luoyiwei’s full range of fragrances. It imitates the file display carefully organized by botanists in the 18th century, but has a bold and modern spirit of discovery.

There is a pool decorated with blue Spanish Handmade Tiles in the store. This special area is used to show the ancient bathing ceremony inherited behind Loewe luoyiwei home fragrance soap series. At the same time, the seasonal replacement of works of art, flower design, decorative handicrafts and reference books (including the original edition of the famous hand-painted Journal of Botany founded by Curtis in 1787) constantly revitalized and maintained the vitality of the whole space - always showing the inherent eclecticism and inclusive philosophy of Loewe luoyiwei fragrance.

This new space of Loewe luoyiwei fragrance integrates the passion for the beauty of nature with the objectivity of science, and provides a new context for the kaleidoscope like multi sensory experience of Loewe luoyiwei fragrance. It aims to stimulate all visitors to explore deeply and create their own unique rainbow botanical fragrance.

It is reported that LOEWE Roy home furnishing fragrance series consists of 10 flavors, including three kinds of aromatherapy candles, indoor spray, indoor fragrance set and fragrant candlestick. Each odor is a description of the true smell of herbs and flowers, which evokes the most pure aroma in botanical gardens.

In 2020 and 2021, LOEWE Roy’s nine series of iconic perfume series were launched under the great concept of rainbow botany. This bold, inclusive and colorful product series was poured into the cube bottle designed by Jonathan Anderson. The rainbow botanical series is presented in kaleidoscope of colors. Each color expresses the one and only natural flavor of the fragrance. It captures thousands of emotions, emotions and attitudes, and aims to improve the quality of daily life through perfume.

Bear big bear two bald headed strong parachutes to send joy and dance happily. Draw the picture scroll of “bear strong flying into the sky”

In the process of screening, “bear haunting · return to earth” also held a “bear haunting parent-child meeting” with the theme of “bear Qiang’s Spring Festival and happy Chinese year” in Nanjing. The interesting color filling relay of “bear Qiang’s flying into the sky and happy New Year” attracted many children to draw huge pictures together, one by one, to draw our space China year, Send your best wishes to China’s aerospace industry with your imagination.

In the interview during the activity, some parents said that they had a strong interest in “bear haunt · return to earth” through this activity, and would take their children to the cinema on the first day of the new year; Many family audiences who have finished watching the film participated in the relay painting activities on the spot, praising the film for teaching in fun, allowing children to grow more confident and further enhancing children’s curiosity and imagination.

The film viewing atmosphere is very happy, family affection and friendship are warm and moved

Xiong Er, who has been protected by his family and friends in dog xiongling, rushed out of the earth in “bear haunt · return to earth” to shoulder the important task of saving the world. The process from “bear child” to a great hero was not so smooth, and Xiong Er also made a lot of jokes. According to the parents who have seen the film, “this year’s film is much funnier than in previous years! On average, I and my children laugh 1-2 times every few minutes. I haven’t seen such a happy film for a long time. It is recommended that the whole family watch it together.” Some children said childishly in an interview: “I like the simple bear 2. It’s very cute. I want to laugh as soon as it comes out!” The staff of a cinema also said: “the atmosphere of the bear haunting cinema this year is particularly good. It’s like celebrating the new year ahead of time.”

At the same time, the story of the film has also made a breakthrough in paying attention to the family as always. The urgency of the new character “Abu” to go home and find his relatives, and Xiong Da’s trust and tolerance for the imperfect Xiong Er have created many moving moments for the film. When I saw the story of the second bear in the Spring Festival, I didn’t want to watch it with my heart. When I saw the second bear in the Spring Festival, I told the audience that I didn’t trust my younger brother. I didn’t want to watch it with my heart Some parents said in the post screening interview: “it’s not difficult for children to focus and be happy with an animated film, but it’s too difficult for children to watch it together with their parents. I didn’t expect the presence and absence of bears to do it. It’s not only inspirational and touching, but also very educational and fun. The children said that they should learn the garbage classification of bear II in the future to protect the earth.”

The story is full of a sense of future. It’s fun to keep your eyes on it all the way

This “bear haunt · return to earth” is the longest time span in the series of works, and it is also the most ambitious one in the story setting. As a new role of the Laite nationality, Abu is “the ancestor of the earth” and has experienced the ancient times of the prosperity of scientific and technological level. In the post screening interaction of the theme film of “parent-child film review committee”, a little boy raised his hand and said: “I like this bear so much! Bear 2 is super handsome every time he changes! It is my great hero!” Some parents said: “I didn’t expect to find the feeling of watching cartoons when I was a child from this year’s bear haunt. I enjoyed it very much.”

In order to serve the sci-fi story of this work, the creative team has made great efforts at the production level. The whole film has about 2000 shots, with more than 80% of special effects shots. A lot of action plays and air battles are time-consuming. Some film critics commented on the post screening social platform: “with the progress of one film a year, today’s” bear haunt · return to earth “is no longer what it used to be. It’s shocking and blood boiling.” Another netizen said: “I didn’t expect much, but when I saw it, I cried and laughed all the way, and I also had goose bumps. I was cried by Xiong erran! It felt so good to leave the scene. I not only got 99 minutes of joy, but also full of strength and positive energy.”

Xiong Qiang celebrates the new year as standard! The Spring Festival family reunion movie “bear haunt · return to earth” will be released in national cinemas on the first day of the 2022 new year (February 1). At present, the national pre-sale has been opened. “Xiong Qiang group” looks forward to family reunion with the audience in the cinema and opening a warm and happy new year in advance!

Author / editor Yang Qiao / Mao Shiyang

In February 2022, the official announcement of “Feng e foot food”, an unmanned shelf project incubated by SF, completed a round of financing of 300 million yuan, and capital institutions such as Softbank Asia Venture Capital Corporation, CICC capital and Shenzhen innovation investment group joined the board.

Behind the “Feng e foot food” is the re layout of retail by express giant SF. Over the past 12 years, Wang Wei has tried various ways to enter retail in order to get rid of the fierce price competition in the express industry and balance his dependence on e-commerce platforms such as Alibaba and jd.com. Wang Wei believes that the extension of express business to e-commerce and new retail is based on the natural expansion of the main business.

But the process was not smooth. Over the past decade, SF has tried almost all new formats that can enter retail, including convenience stores, e-commerce, fresh e-commerce, community group purchase, community small stores, etc. In November 2017, SF started to incubate the “Feng e foot food” project, which is an unmanned shelf project, focusing on the office and providing white-collar workers with snacks, beverages and other commodities. In 2020, SF released the operation data of fenge foot food in that year, with 50000 retail terminals and 28 service cities.

Compared with SF’s volume, “Feng e foot food” seems insignificant, and the format of no shelf business is not new. The track has been silent for more than three years since the reshuffle in 2018, during which few people pay attention.

Now, unmanned shelves are suddenly lively again, and companies such as daily Youxian and Yuanqi forest have begun to layout. Even if the financing amount of “Feng e foot food” is only 300 million yuan, it is almost the largest external financing for relevant projects of SF in the 12 years since it entered the retail industry. At the same time, the project is also a minority in SF retail business, which has become the hope of Wang Wei.

Shunfeng has been “retail” for 12 years

In the exploration of retail business, SF almost doesn’t want to miss every outlet of the industry, but unfortunately, its every action falls on the road of chasing the outlet.

The most recent one occurred in 2021. Shunfeng launched “fenghuotai” community group purchase in a low-key way. The background of the project is the urban and rural supply chain comprehensive service platform built by Shunfeng’s Fengnong technology. However, in practical business, it is competing with internet giants such as buy more vegetables and meituan optimization.

However, after only one year, the project was suspended. In fact, it is not too early for SF to enter the community group purchase. At this time, there are many giants in the track. In the same year, the life on the same journey goes bankrupt, Shihui group and prosperity are preferred to shrink, and the industry has begun to shuffle. In addition, the business model of community group buying itself is not clear. Up to now, there are still different views in the industry on whether it is really a “tuyere”.

Insiders said that SF did not invest too much resources in the community group purchase business. “Try it and shut it down if you find something wrong.” However, whether it is due to late arrival or stepping on the wrong tuyere, SF does not want to miss any opportunities related to retail.

On the online business side, in 2010, SF launched the e-commerce platform “SF e business district”, and applied for a payment license, but soon withdrew from the market. In 2012, with the help of its own advantages in air transportation, Shunfeng launched the fresh e-commerce “Shunfeng optimization”. Wang Wei, who rarely appeared in the public view, personally flew from Shenzhen to Beijing and gave a dead order to all senior executives, saying that “Shunfeng optimization is a project that cannot fail”, but now the project is also undergoing strategic contraction.

In addition, SF also incubated a cross-border e-commerce platform, Fengqu Haitao, and opened “wow wow” global boutiques. But at present, Fengqu Haitao’s official website has been unable to open normally.

In terms of offline business, SF also has no less “tossing”. In 2011, SF launched self operated convenience stores in Shenzhen. Nearly 100 stores were opened. They can be put into trial operation for two years and are still in a state of loss. There has been no news since then. In 2014, SF launched “Heke”, a small community store. First, 518 “Heke” convenience stores opened at the same time, and then the number of stores expanded rapidly to more than 2000 in less than half a year. But in 2015, some of these stores were closed and some were renamed “SF home”, which was directly included in SF preferred in 2016. Until April 2019, SF preferred to close its offline stores nationwide.

In May 2020, SF launched the “Fengshi” group meal delivery business in the same city to provide meal delivery services for the enterprise employee market. The business of Beiguang has only covered the first tier of the outside world in 2020.

“(SF hopes) to March and expand upstream and downstream of the industrial chain and extend its own service chain.” Zhuang Shuai, an expert in the retail e-commerce industry and founder of Bailian consulting, believes that retail e-commerce belongs to the upstream of the logistics industry. The high correlation between the two can give companies new growth opportunities and better serve e-commerce and retail customers.

“Express also has the ability to explore business flow. Understanding the trend of business flow is the most important link in the whole supply chain. Including the supply chain business now done by SF, it is also trying to make a deep penetration from logistics to business flow.” A person in the express industry said.

Even so, the external environment may not allow it. In the view of industry insiders, the reasons why SF can’t afford “new retail” are very complex. For example, when Shunfeng joined the e-commerce Bureau in 2010, Wang Wei said that the beginning of e-commerce must be done well, and we should find people who really understand e-commerce. However, in the follow-up development, the express business of SF’s main business needs to rise relying on other e-commerce platforms. In order to avoid direct competition, the scope of “SF e business circle” was initially defined, mainly selling high-end food and 3C products, which limits the development of SF’s self operated e-commerce.

In addition, SF has made many detours in its own playing style. For example, in the “Hey guest” launched in 2014, goods can only be displayed in stores. Consumers also need to make an online shopping appointment before picking up goods offline. At that time, some people in the industry called this business model “pseudo demand”, and this “invisible” shopping form was also criticized by the market.

People in the express industry believe that SF hopes to learn from the model of Internet giants,