The three major indices of the Shanghai and Shenzhen A-shares fell in the first half of the day, with the ChiNext dropping 1.5%. Domestic property stocks weakened, and SMIC and Hua Hong faced a downturn

To promote the development of the foreign exchange market and support enterprises in managing exchange rate risks, the People's Bank of China has decided to lower the foreign exchange risk reserve ratio for forward foreign exchange sales from 20% to zero starting next Monday (March 2). The offshore RMB against the US dollar quickly fell by over 100 points. The RMB against the US dollar central parity rate is reported at 6.9228, unchanged from the previous day.

Today (27th), the People's Bank of China conducted a 269 billion RMB (same below) seven-day reverse repurchase operation in the open market, with the operation rate remaining at 1.4%. There are no reverse repos maturing today, resulting in a net injection of 269 billion RMB for the day.

The three major A-share indices declined. The Shanghai Composite Index closed at 4,139 points, down 7 points or 0.2%, with a turnover of 674.3 billion RMB; the Shenzhen Component Index closed at 14,405 points, down 98 points or 0.7%, with a turnover of 910.8 billion RMB; the ChiNext Index closed at 3,296 points, down 48 points or 1.5%, with a turnover of 428.85 billion RMB.

Banking stocks showed mixed performance, with Industrial and Commercial Bank of China (601398.SH) down 0.7% and China Construction Bank (601939.SH) up 0.1%. Additionally, Contemporary Amperex Technology Co., Limited (300750.SZ) fell 0.6%. BYD (002594.SZ) dropped 0.7%.

Real estate stocks weakened, with I Love My Family (000560.SZ), Urban Investment Holdings (600649.SH), and China Fortune Land Development (600340.SH) falling between 1.2% and 2.5%. The leading stock Vanke (000002.SZ) also declined by 0.4%.

Fiberglass concept stocks were under pressure, with Honghe Technology (603256.SH) and International Composites (301526.SZ) each dropping by 10%.

In the chip sector, SMIC (688981.SH) A-shares and Hua Hong (688347.SH) A-shares declined by 1.4% and 2.5%, respectively. AI chip stock Cambricon (688256.SH) rebounded by 1.2%. Chipone Technology (688521.SH) opened lower but rose by 5.6%, with its revenue last year growing by 35.77% year-on-year, and losses continuing to narrow to 528 million RMB. Computing power leasing stock Chengdi Xiangjiang (603887.SZ) hit the daily limit