The three major A-share indices of Shanghai and Shenzhen opened lower by 0.4% to 1.2%, with lithium and chip-related stocks retreating

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 requirement 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 a hundred points. The central parity rate of the RMB against the US dollar is reported at 6.9228, unchanged from the previous day.

Today (27th), the People's Bank of China conducted a 269 billion yuan (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 yuan for the day.

The three major A-share indices opened lower. The Shanghai Composite Index opened at 4,128 points, down 0.4% or 17 points. The Shenzhen Component Index opened at 14,375 points, down 128 points or 0.9%. The ChiNext Index opened at 3,303 points, down 41 points or 1.2%.

In the banking sector, Industrial and Commercial Bank of China (601398.SH) opened down 0.3%. China Construction Bank (601939.SH) opened flat. Additionally, Contemporary Amperex Technology Co., Limited (300750.SZ) opened up 0.3%. BYD (002594.SZ) opened down 0.5%.

Lithium mining stocks retreated, with Ganfeng Lithium (002460.SZ) and TIANQI LITHIUM (002466.SZ) opening down 2% and 2.1%, respectively.

Chip stocks declined, with SMIC (688981.SH) A shares opening down 1.4%. Hua Hong (688347.SH) A shares opened down 1.8%. AI chip stock Cambricon (688256.SH) opened down 2%. Chipone Technology (688521.SH) opened down 1.8%, with its revenue last year growing by 35.77% year-on-year, and losses continuing to narrow to 528 million yuan.

Domestic GPU stocks Muxi Technology (688802.SH) and Moore Threads (688795.SH) opened down 1% and 1.7%, respectively