The People's Bank of China Governor Pan Gongsheng stated on March 22 that the central bank will continue to implement an appropriately accommodative monetary policy. He emphasized that China's current social financing conditions are loose, with reasonable growth in financial aggregates. The PBOC will balance short-term and long-term goals, support real economic growth while maintaining the health of the financial system, and manage internal and external equilibrium. It will utilize various monetary policy tools including reserve requirement ratios, policy rates, and open market operations to maintain ample liquidity.
Five Chinese regulatory authorities jointly released a draft of the Financial Law for public consultation on March 20. The draft consists of 11 chapters and 95 articles, focusing on improving fundamental financial legal systems and strengthening coordination across financial sectors. It establishes legal requirements for fundamental, principled, and directional issues in financial development, providing solid legal safeguards for building China into a financial powerhouse. The draft emphasizes enhanced financial market risk monitoring, rapid response mechanisms for market risks, and proper handling of major risks including abnormal market fluctuations, panic, and liquidity crunches. Financial regulators will strengthen expectation management, policy coordination, impact assessments of major financial policies, coordinated release of significant information, and legal handling of false or misleading information.
Yushu Technology's IPO application has been accepted by the Shanghai Stock Exchange, marking its official bid to become China's first humanoid robotics listing. According to its prospectus, Yushu plans to raise 4.202 billion yuan for projects including intelligent robot model R&D, robot本体 development, new intelligent robot products, and smart manufacturing base construction. In 2025, the company reported revenue of 1.708 billion yuan, up 335.36% year-over-year, with non-GAAP net profit of 600 million yuan, surging 674.29%.
China's Ministry of Commerce introduced 16 measures to promote travel service exports and boost inbound consumption. The policies cover seven areas: expanding inbound tourism consumption, facilitating business activities, activating sports event consumption, boosting cultural entertainment spending, developing health and education consumption, and improving supporting measures. To stimulate new service demand, the measures propose enriching inbound tourism products, enhancing international exhibition services, supporting international event introductions, optimizing approval processes for foreign-related performances, and encouraging Chinese language education development. From a resource integration perspective, the policies suggest creating "event + tourism" packages, developing "performance + cultural tourism" consumption scenarios, supporting international performance consumption zones, and building international medical tourism brands.
U.S. President Donald Trump issued a 48-hour ultimatum demanding Iran open the Strait of Hormuz, warning that failure to comply would result in U.S. strikes on Iranian power plants. Iran's military command responded that any attack on its energy infrastructure would make all U.S. and allied energy facilities, IT systems, and desalination plants in the region targets. Iran later announced it would allow non-"enemy" vessels through the strait with prior security coordination. Following these developments, cryptocurrency markets plunged sharply, with Bitcoin falling over 3% to below $68,300 and Ethereum dropping nearly 5% to around $2,050. Data showed over 100,000 positions liquidated within 24 hours.
Tesla CEO Elon Musk announced that SpaceX and Tesla will jointly unveil their self-built chip factory "Terafab" in a live stream. The project aims to produce over 1 terawatt of annual computing capacity (logic, memory, packaging), with approximately 80% allocated for space applications and 20% for terrestrial use.
Hydraulic leader Hengli Hydraulic disclosed that its controlling shareholder and chairman Wang Liping has been placed under留置 (retention) by authorities. Notably, Hengli's stock had surged 207% from its July 2024 low to a peak of 125.98 yuan per share earlier this year, with its market capitalization reaching 133.64 billion yuan. Market speculation had focused on its core business recovery and expansion into robotic ball screw manufacturing. Separately, *ST Aowei announced its delisting after its market capitalization remained below 500 million yuan for 20 consecutive trading days, with shares to be removed within 15 trading days of the exchange's decision.
U.S. stocks declined broadly, with the Nasdaq falling over 2%. SUPER MICRO COMPUTER INC plunged more than 33% after its co-founder was arrested for alleged AI server smuggling. Storage stocks also fell sharply. Most U.S.-listed Chinese stocks declined, with the Nasdaq Golden Dragon China Index dropping 2.92%. WTI crude rose 2.66%, while spot gold fell 3.36% to $4,494.44/oz and silver dropped 6.74% to $67.90/oz.
Three IPOs are scheduled for this week (March 23-27). Additionally, 4.36 billion shares worth 82.686 billion yuan in market value will become tradable, led by Postal Savings Bank Of China Co.,Ltd. (272.97 billion yuan), Shengmei Shanghai (57.91 billion yuan), and Jiebang Technology (56.68 billion yuan). Companies with the highest proportion of shares becoming tradable include United Water (69.3%), Yibo Technology (63.59%), and Jiebang Technology (61.67%).
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