今日听力丨步长制药的销售费用都花在哪了？

5月13日，中方宣布将对600亿美元的美国商品加征关税，最高加征25%，6月1日正式生效。本次被加征关税的美国商品包括肉类、水果、液化天然气、纺织品、石油化工产品等。

The trade war drums are pounding again, as Beijing struck back at the U.S. by raising tariffs on products worth 60 billion dollars annually.

China announced late Monday it will increase tariffs on about 5-thousand American products to as much as 25 percent, starting June 1.

The move is a response to what the State Council’s Tariff Policy Committee called U.S., “unilateralism and trade protectionism.”

The goods targeted include meat products, frozen fruits, liquefied natural gas, textiles, petrochemicals and more.

The renewed clash came as the latest round of high-level talks ended Friday without a deal, and U.S. President Donald Trump more than doubled duties on 200 billion dollars a year of Chinese imports.

At the same time, both sides have signaled intentions to continue conversations.

The tariff increases will apply to most of the goods listed on a previous retaliation list effective last September.

5月13日，人民币兑美元汇率中间价报6.7954元，下调42个点，为1月24日以来新低。早盘开于6.8500元，此后迅速下行，陆续跌破6.85、6.86、6.87。离岸人民币更是下行明显，早盘下挫500点，连续突破6.88、6.89点位，北京时间下午3点，更是突破6.90，日跌幅572点。市场人士表示，人民币汇率下跌是预料之事；就目前的情况来看，在岸人民币跌破7仍然是小概率事件。

The Chinese yuan dropped to its lowest levels against the U.S. dollar in four months on Monday, as both countries imposed new tariffs on each other’s goods.

The onshore yuan closed at 6.87 per dollar down 6.03 percent from Friday’s official close, while the offshore yuan fell as much as 0.8 percent to 6.904, its lowest level since Dec. 27.

There has been speculation about whether and when the yuan could break the key 7 yuan per dollar level.

With Monday’s sharp fall, that debate has resumed.

The possibility of breaking 7 is relatively small despite the current pressure, said Zhao Qingming, chief economist of the derivatives institutes of the China Financial Futures Exchange.

Zhao said excessive depreciation of the yuan may not be conducive to stable exports and is not helpful to bilateral trade negotiations.

He said he expected the yuan to stabilize in a range of 6.6 to 7 yuan per dollar after slight further depreciation over the rest of this year.

5月13日，沪深两市大幅低开，主要股指开盘跌逾1%。金融、钢铁等板块表现低迷，上证50指数盘中跌逾2%，沪指全天弱势震荡，尾盘险守2900点。创业板指表现弱于大盘，午后一度跌逾2.5%。

China stocks opened lower on Tuesday after a major sell-off in the U.S. sparked by escalating tensions between the world’s two largest economies.

But they quickly recouped those loses as local investors shrugged off the latest developments.

The Shanghai Composite Index opened down 1.06 percent, while the Shenzhen index opened down a similar 1.15 percent, following the Monday sell-off that saw the major U.S. indexes all drop by 2.4 percent or more.

Despite opening down, the two main indexes quickly bounced back and moved into positive territory.

About an hour into the trading day the Shanghai Composite was up about 0.14 percent, while Shenzhen was up about 0.4 percent.

MSCI如期扩大纳入A股。北京时间5月14日凌晨，MSCI宣布半年度指数审议结果，26只中国A股新增纳入MSCI中国指数（MSCI China Index），其中18只为创业板股票，所有成分股的纳入因子将从5%增至10%，结果于5月28日收盘后生效。

Global index giant MSCI will add stocks trading on Shenzhen’s ChiNext board to its indexes for the first time, allowing foreign investors to tap the tech-focused board by investing in the indexes.

MSCI has decided to add 26 Chinese A-shares to its China A Large Cap Index, of which 18 are ChiNext stocks.

近日一项调查显示，在上海，无户籍的外地人口尽管可能是高收入人群，但与本地人相比很难拥有一套住房。概率上来看前者比后者低90%。拥有户口的本地人也更能实现财富的积累，而无户口的农民工等外来人口，尽管在重要岗位从事重要工作，却依然不受欢迎，难以融入上海这样的大城市。

There are some things money can’t buy — and in Shanghai, an apartment is sometimes one of them.

Migrants from other cities without a Shanghai hukou, or household registration, have 90 percent lower odds of owning homes in the city compared to Shanghai natives, even though they’re more likely to be higher earners, according to a recent study of city residents in their 30s.

Rural migrants fare slightly worse, and have 92 percent lower odds of owning a home than locals.

China’s hukou system ties every registered citizen to a particular location, and affects where they’re able to access social services, education and the housing market.

此前在美国高校招生舞弊案中出现的山东步长制药股份有限公司近日收到上交所对其2018年年度报告的事后审核问询函，要求步长制药解释其销售费用。其2018年财报显示，该年度公司的销售费用占其营业收入比例高达59%，高于行业平均水平，这些费用主要包括市场推广、学术推广费及咨询费等。

The U.S. elite college admissions scandal is having effects beyond the country’s borders.

Shandong Buchang Pharmaceutical, a public company traded on the Shanghai stock exchange, has been in hot water in recent days, as rumors swirled that the company’s controller, Zhao Tao, allegedly paid 6.5 million dollars to get his daughter into Stanford University.

Now, the Exchange is closely watching Buchang’s moves.

On Monday, it issued a notice asking the company to explain its high sales expenses.