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on september 24, chinese assets exploded, the rmb exchange rate strengthened, a-shares and hong kong stocks soared, and chinese stocks collectively rose before the u.s. market opened.

the offshore rmb rose more than 300 points against the us dollar during the day, breaking through the 7.03 mark.the offshore rmb exchange rate against the us dollar was 7.03010.the onshore rmb closed at 7.0385 against the u.s. dollar at 16:30 on september 24, up 202 points from the previous trading day, setting a 16-month high.

the ftse china a50 index surged 5.35%.

as of the closing of a shares on the 24th,the shanghai composite index rose 4.15% to 2863.13 points, the largest single-day increase since july 6, 2020; the shenzhen component index rose 4.36%; and the chinext index rose 5.54%.

the turnover of the shanghai and shenzhen stock markets today was 971.3 billion, an increase of 420.3 billion from the previous trading day, and more than 5,100 stocks in the two markets rose. in terms of sectors, most sectors rose, with diversified finance, steel, insurance, and securities sectors leading the gains.

on the market, major financial stocks exploded across the board, with more than 10 stocks including pacific securities, capital securities, hongye futures, and jiuding investment hitting the daily limit, and oriental fortune rising by more than 10%.

liquor stocks surged, huangtai liquor hit the daily limit, kweichow moutai rose more than 8%, and the total market value returned to above 1.7 trillion yuan, with a transaction volume of more than 11.1 billion yuan, setting a new high for the year. luzhou laojiao rose more than 8%, wuliangye rose more than 7%, shanxi fenjiu rose more than 6%, and shede liquor rose more than 5%.

steel stocks fluctuated and strengthened, with nearly 10 stocks including zhongnan shares, xingang shares, anyang iron and steel, and bayi iron and steel hitting the daily limit.

the three major hong kong stock indices also saw a sharp rise. as of the close of trading on the 24th, the hang seng index rose 4.13%, the china enterprises index rose 5.09%, and the hang seng technology index rose 5.88%.

in terms of individual stocks, nio rose more than 11%, jd.com and li auto rose more than 10%, bilibili rose more than 7%, alibaba and xpeng motors rose more than 6%, and netease rose nearly 6%.

popular chinese stocks collectively rose before the u.s. market opened. jd.com, li auto, gaotu, xpeng motors, bilibili, and iqiyi rose by more than 7%, nio rose by nearly 7%, and alibaba rose by more than 5%.

according to the securities times, at the "one bank, one commission, one bureau" press conference today (september 24), pan gongsheng announced a number of incremental monetary policies: first,reduce the deposit reserve ratio and policy interest rate. the deposit reserve ratio will be lowered by 0.5 percentage points in the near future, providing about 1 trillion yuan of long-term liquidity to the financial market.; depending on the market liquidity situation, the deposit reserve ratio may be further lowered at an appropriate time this year. the central bank's policy interest rate will be lowered, and the 7-day reverse repurchase operation rate will be lowered by 0.2 percentage points.it will drop from the current 1.7% to 1.5%, guiding the loan market benchmark rate and deposit rate to decline simultaneously and maintaining a stable net interest margin for commercial banks.

the second is to lower the interest rate on existing mortgage loans and unify the minimum down payment ratio for mortgages.guide commercial banks to reduce the interest rates of existing mortgage loans to near the interest rates of newly issued mortgage loans, with an average reduction of about 0.5 percentage pointsunify the minimum down payment ratio for first and second home loans, i.e.the minimum down payment ratio for second home loans has been reduced from 25% to 15%.the central bank will increase the proportion of funding support for the 300 billion yuan affordable housing refinancing created by the people's bank of china in may from 60% to 100%, enhancing market-oriented incentives for banks and acquisition entities. the two policies of commercial property loans due at the end of the year and the extension of existing financing under the "16 financial measures" will be extended to the end of 2026.

third, new monetary policy tools will be created to support the stable development of the stock market. securities, funds and insurance companies will be swapped to support eligible securities, funds and insurance companies to obtain liquidity from the central bank through asset pledges, which will greatly enhance their ability to obtain funds and increase stock holdings. special re-loans for stock repurchase and increase holdings will be created to guide banks to provide loans to listed companies and major shareholders to support the repurchase and increase of stock holdings.

during the question-and-answer session, pan gongsheng said that the monetary policies of major economies have been adjusted recently, the pressure on the depreciation of the rmb exchange rate has been significantly eased, and it has turned to appreciation.

he said that the people's bank of china's position on exchange rate policy is clear and transparent. first, we insist on the decisive role of the market in exchange rate formation and maintain exchange rate flexibility. second, we must strengthen expectation guidance, prevent the foreign exchange market from forming unilateral consistent expectations and self-fulfilling expectations, guard against the risk of exchange rate overshooting, and maintain the basic stability of the rmb exchange rate at a reasonable equilibrium level.

he also pointed out that from the external situation, due to the divergence of economic trends among countries, geopolitical changes such as the us election, and fluctuations in international financial markets, the uncertainty of the external environment and the trend of the us dollar still exists. from the perspective of the domestic situation in china, we believe that the rmb exchange rate still has a relatively stable and solid foundation.

first, from a macro perspective, the trend of economic stabilization and improvement will be further consolidated and strengthened. the relatively strong monetary policy introduced by the people's bank of china this time will help support the real economy, promote residents' consumption and boost market confidence.

second, the balance of payments remained basically stable. in the first half of the year, the current account surplus to gdp ratio was 1.1%, which should be considered to be in a relatively reasonable range.

third, the people's bank of china and the state administration of foreign exchange attach great importance to the construction of the foreign exchange market. market participants are more mature, trading behavior is more rational, and the market's resilience has been significantly enhanced. in the first half of this year, the hedging ratio of import and export enterprises has reached 27%, and the proportion of cross-border settlement in rmb in goods trade accounts for 30%. these two numbers are not repeated. if added together, it is equivalent to that 50% of enterprises are less affected by exchange rate risks in foreign trade exports. as the people's bank of china has repeatedly explained to the market, in the context of two-way floating of the rmb exchange rate, participants should also look at exchange rate fluctuations rationally, strengthen the concept of risk neutrality, and not "bet on the direction of the exchange rate" or "bet on unilateral trends". enterprises should focus on their main businesses, and financial institutions should continue to serve the real economy well.