on Monday
The CPPCC National Committee held a symposium on the analysis of the macroeconomic situation in the first half of 2024
The National Committee of the Chinese People's Political Consultative Conference held a symposium on the analysis of the macroeconomic situation in the first half of 2024 in Beijing on the 22nd. Wang Huning, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Chairman of the National Committee of the Chinese People's Political Consultative Conference, attended and delivered a speech. He said that it is necessary to continue to deepen research around the important arrangements for deepening economic system reform and the primary task of high-quality development, and put forward more precise, pragmatic and effective countermeasures and suggestions to help reform measures be implemented and better create new momentum and advantages for development. It is necessary to implement the decisions and arrangements of the CPC Central Committee on economic work, do a good job in stabilizing expectations and building consensus, sing the "bright theory" of China's economy, and help achieve the annual economic and social development goals. (Xinhua News Agency)
Central Bank: Cut the interest rate of the standing lending facility by 10 basis points
The central bank updated the standing lending facility interest rate table. From July 22, 2024, the overnight, 7-day and 1-month standing lending facility rates will be adjusted to 2.55%, 2.70% and 3.05%, respectively, all of which are 10 basis points lower than before.
The LPR for terms over 5 years dropped by 10 basis points, and a 1 million yuan mortgage loan reduced by 21,000 yuan over 30 years
The People's Bank of China lowered the one-year and five-year loan market benchmark rates (LPR) by 10 basis points to 3.35% and 3.85%, respectively. If calculated based on a commercial loan limit of 1 million yuan, a loan period of 30 years, and equal principal and interest repayment, the LPR fell by 10 basis points, the monthly payment decreased by 57.3 yuan, and the cumulative monthly payment decreased by 21,000 yuan over 30 years. In addition, the central bank announced that in order to strengthen expectation management and promote better connection between the LPR release time and the operation time of the financial market, starting from July 22, 2024, the LPR release time will be adjusted from 9:15 am on the 20th of each month (postponed in case of holidays) to 9:00 am.
China's central bank lowers 7-day reverse repurchase rate to 1.70%
The central bank announced on July 22 that in order to optimize the open market operation mechanism, from now on, the 7-day reverse repurchase operation in the open market will be adjusted to a fixed interest rate and quantity bidding. At the same time, in order to further strengthen counter-cyclical regulation and increase financial support for the real economy, from now on, the interest rate of the 7-day reverse repurchase operation in the open market will be adjusted from the previous 1.80% to 1.70%.
Central Bank: Decided to appropriately reduce collateral for medium-term lending facility (MLF) operations
The People's Bank of China announced that in order to increase the scale of tradable bonds and ease the supply and demand pressure in the bond market, starting from this month, medium-term lending facility (MLF) participating institutions that have the need to sell medium- and long-term bonds can apply for a phased reduction of MLF collateral.
Announcement of the State Council Tariff Commission on the 15th Exclusion and Extension List of Goods Subject to Additional Tariffs on the United States
The Ministry of Finance announced that the 13th list of exclusion extensions for goods subject to additional tariffs on the United States will expire on July 31, 2024. The State Council Tariff Commission decided to extend the exclusion period for relevant goods in accordance with procedures. From August 1, 2024 to February 28, 2025, the goods listed in the appendix will continue to be exempted from the tariffs imposed by China in response to the US 301 measures.
Tuesday
National Development and Reform Commission: Support high-quality enterprises to borrow medium- and long-term foreign debt to promote high-quality development of the real economy
The National Development and Reform Commission issued a notice on supporting high-quality enterprises to borrow medium and long-term foreign debt to promote high-quality development of the real economy. It is mentioned that in order to further expand high-level opening up to the outside world, improve cross-border investment and financing facilitation, support high-quality enterprises to better coordinate resources in both domestic and international markets, give full play to foreign debt funds to serve high-quality development, and improve the quality and level of international circulation It plays a positive role in actively supporting high-quality enterprises with prominent industry status, excellent credit, and leading role in promoting high-quality development of the real economy to borrow foreign debts. (National Development and Reform Commission)
The National Development and Reform Commission and five other departments issued the "Special Action Plan for Energy Conservation and Carbon Reduction in the Electrolytic Aluminum Industry"
The National Development and Reform Commission and five other departments issued the "Special Action Plan for Energy Conservation and Carbon Reduction in the Electrolytic Aluminum Industry". It mentioned that by the end of 2025, the output of recycled aluminum will reach 11.5 million tons. Through the implementation of energy-saving and carbon-reduction transformation, the electrolytic aluminum industry will save about 2.5 million tons of standard coal and reduce carbon dioxide emissions by about 6.5 million tons from 2024 to 2025. Strictly implement the policy of replacement of electrolytic aluminum production capacity, and no new electrolytic aluminum production capacity will be added in key areas of air pollution prevention and control. Reasonably regulate the export of high-energy-consuming and low-value-added products such as aluminum ingots. Guide electrolytic aluminum enterprises to optimize and upgrade raw material solutions, and improve the quality of products such as alumina, aluminum anodes and cathodes by controlling the quality of raw materials such as alumina, reducing the impurity content of alumina, and purifying anode covering materials. Support the development of the recycled aluminum industry, improve the aluminum product recycling system, formulate standards for slag, aluminum product unloading, aluminum product recycling, and improve the comprehensive utilization level of scrap aluminum, overhaul slag, aluminum ash slag, carbon slag, etc. By 2025, the proportion of direct alloying of molten aluminum will reach more than 90%.
Russian Deputy Prime Minister: Gasoline export ban will be restored from August 1
Russia will reinstate a ban on gasoline exports from August 1 and is considering extending it until the fall, Deputy Prime Minister Alexander Novak said on Tuesday. Russia has banned gasoline exports for six months since March 1, but some countries with direct intergovernmental agreements on fuel supplies with Russia, such as Mongolia, are exempt from the restrictions. The ban was introduced to prevent fuel shortages and curb price increases after a series of Ukrainian drone attacks on refineries and technical disruptions. The restrictions were suspended in May until June 30 and then extended until the end of July.
Wednesday
Futures high-frequency trading was slowed down, futures companies extended fiber optic cables, and investors measured that "order return time was significantly delayed"
Recently, a piece of news that "high-frequency futures trading has slowed down, and the optical fiber from futures companies to the counters of major futures exchanges has been extended by 30 kilometers" has been circulated in the futures circle. The reporter learned exclusively from many industry insiders that in recent actual operations, there has indeed been a delay in the return of high-frequency trading orders. Industry insiders bluntly stated that this is a restriction imposed by the exchange on high-frequency trading by futures companies. A person from a quantitative institution explained to the reporter that this move will increase the delay in data transmission and transaction orders, which will in turn affect high-frequency trading. "It is basically confirmed that the exchange has increased the delay." Mr. Yang, who is engaged in high-frequency futures trading, said that he has been trading at the Shanghai Futures Exchange. "Previously, the time it took for our order to be returned was about 500 microseconds. Starting from July 5, it suddenly increased to 800 microseconds. It is the same as what was passed in the essay, probably a delay of 300 microseconds." (Interface)
Indonesia plans to widely use palm oil-based B40 biodiesel by 2025
Indonesia plans to widely use B40 biodiesel made from palm oil by 2025, replacing the current B35 blend, the Energy Ministry said in a statement. Earlier this week, Indonesia used biodiesel blended with 40% palm oil on trains for the first time, the Energy Ministry said late on Tuesday.
Ministry of Agriculture and Rural Affairs: Soybean self-sufficiency rate increased by nearly 4 percentage points in two years
Han Jun, secretary of the Party Leadership Group of the Ministry of Agriculture and Rural Affairs, said at a press conference on the 24th that my country's grain output has remained stable at more than 1.3 trillion catties for nine consecutive years, reaching 139.08 billion catties last year, with per capita grain possession of 493 kilograms. This year's summer grain harvest was another bumper harvest, with summer grain production increasing by 7.25 billion catties to 299.56 billion catties, setting a new historical high. In recent years, the Ministry of Agriculture and Rural Affairs has made great efforts to promote soybean production, and the soybean self-sufficiency rate has increased by nearly 4 percentage points in two years. The supply of cotton, oil, sugar, meat, eggs, milk, aquatic products, fruits, vegetables and tea is very sufficient. (China Net)
Ministry of Agriculture and Rural Affairs: Currently, pig production capacity is in the green and reasonable area
Wang Lejun, chief animal husbandry officer of the Ministry of Agriculture and Rural Affairs, said at a press conference held by the State Council Information Office today that the Ministry of Agriculture and Rural Affairs will focus on five aspects of work in order to stabilize animal husbandry production. First, we will do a good job in production capacity regulation. At present, the production capacity of pigs is in the green and reasonable area. The next step is to focus on the "master switch" of the 39 million sows, and do a good job in supporting measures such as production capacity regulation and policy guarantees, and strive to ensure that the production capacity is stable in a reasonable range. Second, strengthen early warning guidance. Keep a close eye on the changes in data such as the number of sows, newborn piglets and medium and large pigs, guide farms to market pigs in a timely and orderly manner, ensure that the breeding income is "put in the bag", prevent excessive pressure and concentrated market release from causing sharp price increases or sharp drops, and especially strive to avoid a sharp drop in pig prices during the off-season after the Spring Festival next year. For beef and dairy cows, we must guide farms to optimize and adjust the herd structure, appropriately eliminate old and low-yielding cattle, and better match production development with market demand. Third, do a good job in relieving difficulties. Guide the main producing provinces to implement relief measures such as subsidies for the purchase of fresh milk and subsidies for powder spraying, and promote cost-saving and efficiency-enhancing feeding models. Fourth, prevent major epidemics. Fifth, improve the level of the industry. Vigorously promote the facility, organization and industrialization of animal husbandry, extend the industrial chain, and increase product added value.
Thursday
Oil prices have dropped, filling up a tank will save 5.5 yuan
The new round of refined oil price adjustment window opened at 24:00 on July 25. The details of this oil price adjustment are as follows: domestic gasoline and diesel prices were reduced by 145 yuan and 140 yuan per ton respectively. On average across the country: No. 92 gasoline was reduced by 0.11 yuan per liter; No. 95 gasoline was reduced by 0.12 yuan per liter; No. 0 diesel was reduced by 0.12 yuan per liter. Taking a family car with a fuel tank capacity of 50L as an example, filling up a tank of No. 92 gasoline will save 5.5 yuan. (CCTV Finance)
The Ministry of Commerce responded to the EU's plan to impose temporary anti-dumping duties on Chinese biodiesel
On July 25, Ministry of Commerce spokesperson He Yongqian said at a regular press conference of the Ministry of Commerce that China has noted that the European Commission released a preliminary ruling on the anti-dumping investigation on biodiesel from China on July 19, disclosing that it intends to impose a temporary anti-dumping duty on biodiesel imported from China. China is highly concerned about the EU's protectionist actions in the biodiesel industry. China has repeatedly stressed that the EU's tax measures will only raise the cost of related products, damage the interests of related EU industries and consumers, and undermine the EU's green transformation process and the overall situation of China-EU economic and trade cooperation. China has always advocated the reasonable and prudent use of trade relief measures, and urged the EU not to rashly adopt trade protectionist measures and to resolve mutual concerns with China through dialogue and consultation. (Securities Times)
Two departments: Lower the application threshold for ultra-long-term special treasury bond funds to support equipment upgrades for small and medium-sized enterprises
The National Development and Reform Commission and two other departments issued a notice on "Several measures to strengthen support for large-scale equipment renewal and consumer goods trade-in". It mentioned that the threshold for applying for ultra-long-term special treasury bonds will be lowered, and the requirement of "total project investment of not less than 100 million yuan" will no longer be set to support equipment renewal for small and medium-sized enterprises. The role of re-lending policy tools will be brought into play to guide financial institutions to support equipment renewal and technological transformation. For bank loan principals of qualified operating entities, the central government's interest subsidy will be increased from 1 percentage point to 1.5 percentage points, with a subsidy period of 2 years and a total subsidy scale of 20 billion yuan.
The central bank lowered the one-year MLF bid rate to 2.30%
The central bank conducted a 1-year MLF operation of 200 billion yuan today, with a winning rate of 2.30%, which was 2.50% previously; and conducted a 7-day reverse repo operation of 235.1 billion yuan, with a winning rate of 1.70%, which was the same as before. Today, 49 billion yuan of 7-day reverse repo matured.
Friday
China's central bank: Optimize the management of qualified investors' domestic securities and futures investment funds, and steadily promote high-level institutional opening of the financial market
The People's Bank of China and the State Administration of Foreign Exchange jointly issued an announcement to revise the "Regulations on the Management of Funds for Domestic Securities and Futures Investment by Foreign Institutional Investors" to further optimize the cross-border fund management of qualified foreign institutional investors and renminbi qualified foreign institutional investors (QFII/RQFII). The "Regulations" will come into effect on August 26, 2024. The newly revised document proposes to further simplify business registration procedures and optimize account management. Further improve foreign exchange management. Optimize the management of cross-border capital flows of QFII/RQFII, improve the principles for the management of currencies for remittances, and facilitate foreign institutional investors to allocate domestic securities assets. Unify the foreign exchange risk management model of QFII/RQFII and direct access to the interbank bond market (CIBM). On the premise of following the principles of actual need transactions and hedging, it is clarified that QFII/RQFII can handle spot foreign exchange settlement and sales and foreign exchange derivative transactions through more channels such as domestic financial institutions with foreign exchange settlement and sales qualifications other than custodians, the interbank foreign exchange market, etc. (People's Bank of China)
NDRC: Comprehensively promote the regular issuance of real estate investment trust (REITs) projects in the infrastructure field
The National Development and Reform Commission issued a notice on comprehensively promoting the normalized issuance of real estate investment trust fund (REITs) projects in the infrastructure field. It is mentioned that since the pilot project of infrastructure REITs, the system and rules have continued to be improved, the issuance scale has grown steadily, the types of assets have been continuously enriched, the market performance has been generally stable, and the enthusiasm of all parties to participate has increased significantly. Infrastructure REITs have played an important role in promoting innovation in investment and financing mechanisms and deepening capital The important role of market reform and serving the development of the real economy has become increasingly apparent, and there are good conditions for promoting the normal issuance of infrastructure REITs. All participants must strictly implement the principles of marketization and rule of law, perform their respective duties and responsibilities, and promote the regular issuance of infrastructure REITs in accordance with laws and regulations. This notice will be effective from August 1, 2024.
China Securities Regulatory Commission: Study and plan a package of measures to further deepen the reform and opening up of the capital market
Recently, Wu Qing, Party Secretary and Chairman of the China Securities Regulatory Commission, held a special symposium in Beijing, and had in-depth exchanges with representatives of 10 foreign-funded securities, funds, futures institutions, QFII institutions, etc. in China, and fully listened to their opinions and suggestions. Wu Qing pointed out that since the beginning of this year, in the face of a complex and severe external environment, China's economy has continued to recover and improve, with more positive factors in economic operation, and new industries and new drivers growing faster and stronger, fully demonstrating that China's economy has a stable foundation, strong resilience and great potential. At present, the China Securities Regulatory Commission is earnestly studying and implementing the spirit of the Third Plenary Session of the 18th CPC Central Committee, and studying and planning a package of measures to further comprehensively deepen the reform and opening up of the capital market.
The scale of steel mill production cuts and maintenance has expanded, with a reduction in building materials of 1.98 million tons from July to August!
According to incomplete statistics, as of July 26, 18 steel mills have issued relevant production and sales control policies. At the same time, many electric furnace steel mills are currently considering suspending production for maintenance due to losses. It is understood that this round of maintenance is mainly affected by the switch from the old to the new national standards. Since the middle of the month, prices have fallen rapidly, resulting in narrowing profits or losses for steel mills, and more steel mills have taken the initiative to reduce production. In addition, agents generally face greater pressure to ship goods out of the warehouse, and have slowed down pick-up to digest inventory, prompting steel mills to control production and sales. Preliminary estimates show that the production cuts and maintenance will affect the output of construction steel by a total of about 1.98 million tons. The production cuts and maintenance of most steel mills are concentrated from late July to the end of August (daily output is expected to drop by more than 40,000 tons during this period). (Mysteel)
U.S. consumer confidence falls to 8-month low, high inflation continues to exert pressure
U.S. consumer confidence fell to an eight-month low in July as high inflation continued to weigh on personal finances. The final consumer confidence index fell to 66.4 in July from 68.2 in June (66 before revision), according to data released by the University of Michigan. Consumers expect prices to rise by 2.9% year-on-year over the next year, the lowest level in four months and slightly lower than the 3% expected in June. They also expect average price increases of 3% over the next five to 10 years, roughly the same as a month ago. Consumer confidence has been falling since the first quarter, reflecting the high cost of living and high borrowing costs, which have led to pessimistic views and expectations about personal finances. Although inflation has begun to cool, wage growth remains modest and many Americans have used up their savings during the pandemic. "Consumer confidence has risen 33% from its historic low in June 2022, but remains cautious as high inflation continues to weigh on people's attitudes, especially among low-income people," said Joanne Hsu, head of the survey.
U.S. inflation rose modestly in June, and the Fed may start cutting interest rates in September
U.S. prices rose modestly in June, highlighting an improving inflation environment that could allow the Federal Reserve to start cutting interest rates in September. The U.S. Commerce Department's Bureau of Economic Analysis said on Friday that the PCE price index edged up 0.1% in June after being flat in May. The annual rate of the PCE price index fell to 2.5% in June from 2.6% in May. The U.S. core PCE price index rose 0.2% in June from the previous month, after an unrevised increase of 0.1% in May. Overall, price pressures are fading, which could help Federal Reserve officials who meet next week to gain confidence that inflation is moving toward their 2% target.
Saturday
Trump will return to the site of the "assassination attempt" and hold another rally
On July 26, local time, former US President Trump posted on social media that he would return to Butler, Pennsylvania, where the "attempted assassination" incident took place, and hold another rally there. Trump did not announce the specific date of the rally in his post that day. On the 13th, Trump was "attempted to assassinate" at a campaign rally in Butler, Pennsylvania, and his right ear was injured.
National Bureau of Statistics: Industrial production grew steadily and rapidly, and corporate profits continued to recover steadily
Yu Weining, statistician of the Industrial Department of the National Bureau of Statistics, interpreted the profit data of industrial enterprises: In the first half of the year, the profits of industrial enterprises above designated size nationwide increased by 3.5% year-on-year, and the growth rate was 0.1 percentage point faster than that in January-May. Among them, the profits of industrial enterprises above designated size in June increased by 3.6%, and the growth rate was 2.9 percentage points faster than that in May. In terms of industries, among the 41 major industrial categories, 32 industries had year-on-year profit growth in the first half of the year, and the growth rate was 78.0%, which was the same as that in January-May. The revenue of industrial enterprises has recovered steadily. The steady and rapid growth of industrial production, coupled with the obvious narrowing of the decline in ex-factory prices of industrial products since the second quarter, have jointly promoted the stable recovery of corporate revenue. In the first half of the year, the operating income of industrial enterprises above designated size increased by 2.9% year-on-year, which was the same as that in January-May. The stable recovery of corporate revenue has created favorable conditions for the continued growth of profits. In the next stage, we must resolutely implement the spirit of the Third Plenary Session of the 20th CPC Central Committee, actively expand domestic demand, smooth the circulation of the national economy, develop new quality productivity according to local conditions, create new momentum and new advantages for development, and continuously promote the high-quality development of the industrial economy.
National Bureau of Statistics: From January to June 2024, profits of industrial enterprises above designated size increased by 3.5%
From January to June, the total profit of industrial enterprises above designated size nationwide was 3511.03 billion yuan, a year-on-year increase of 3.5%. From January to June, among industrial enterprises above designated size, state-controlled enterprises realized a total profit of 1208.39 billion yuan, a year-on-year increase of 0.3%; joint-stock enterprises realized a total profit of 2624.33 billion yuan, an increase of 1.5%; foreign-invested enterprises and Hong Kong, Macao and Taiwan-invested enterprises realized a total profit of 861.49 billion yuan, an increase of 11.0%; private enterprises realized a total profit of 919.36 billion yuan, an increase of 6.8%.
Harris and Trump's poll numbers are "nearly even"
The latest data shows that the polls of US Vice President Harris, who has basically secured the Democratic presidential nomination, and Republican presidential candidate and former President Trump are close, and the election is currently in a stalemate. According to poll data compiled by the US election information website "Real Transparent Politics", as of the 25th, Trump was 1.7 percentage points ahead of Harris in national polls on average. The latest poll released by the Wall Street Journal on the 25th showed that Trump was 2 percentage points ahead of Harris. The newspaper said in the report that Harris's support rate is "on par" with Trump's, indicating that non-white voters' support for Harris has increased and Democrats' enthusiasm for this election has also increased significantly. In several key swing states that may determine the final outcome of the election, the two's support rates are also very close. (Xinhua News Agency)
Wang Yi meets with US Secretary of State Blinken
On July 27, 2024 local time, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with US Secretary of State Blinken in Vientiane at his invitation. The two sides exchanged views on the current Sino-US relations and agreed to continue to maintain communication at all levels and further implement the important consensus reached by the two heads of state in San Francisco. Wang Yi said that in the past three months, the diplomatic, financial, law enforcement, climate change teams and the two militaries of the two sides have maintained communication, and the people-to-people exchanges between the two countries have also increased. However, it must be pointed out that the US has not stopped its containment and suppression of China, and has even intensified it. The risks facing Sino-US relations are still accumulating, and the challenges are also rising. It is still at a critical juncture of stopping the decline and stabilizing. It is necessary to constantly calibrate the direction, control risks, properly handle differences, eliminate interference, and promote cooperation. (Ministry of Foreign Affairs)
This year, State Grid's investment will exceed 600 billion yuan for the first time
According to the State Grid Corporation of China, in order to accelerate the construction of a new power system, this year, the State Grid Corporation's annual grid investment will exceed 600 billion yuan, an increase of 71.1 billion yuan over last year. The new investment will mainly be used for ultra-high voltage AC and DC project construction, digital and intelligent upgrades of the grid, etc.
Sunday
my country's gold production in the first half of 2024 was 179.634 tons, a year-on-year increase of 0.58%.
According to the authoritative data release forum of the 2024 China International Gold Conference: In the first half of 2024, the domestic raw gold production was 179.634 tons, an increase of 1.036 tons compared with the same period in 2023, a year-on-year increase of 0.58%. Among them, 141.496 tons of gold was produced from gold mines and 38.138 tons of non-ferrous by-product gold was completed. In addition, 72.026 tons of gold was produced from imported raw materials in the first half of 2024, a year-on-year increase of 10.14%. If this part of gold produced from imported raw materials is included, the country will produce a total of 251.660 tons of gold, a year-on-year increase of 3.14%. In the first half of 2024, the national gold consumption was 523.753 tons, a year-on-year decrease of 5.61% compared with the same period in 2023. Among them: 270.021 tons of gold jewelry, a year-on-year decrease of 26.68%; 213.635 tons of gold bars and gold coins, a year-on-year increase of 46.02%; 40.097 tons of gold for industrial and other uses, a year-on-year decrease of 0.53%. (China Gold Association)
Israel's Foreign Ministry: Lebanon's Hezbollah has "crossed all red lines"
On July 28, local time, the Israeli Ministry of Foreign Affairs issued a statement saying that Hezbollah in Lebanon launched a rocket attack on the Israeli-occupied town of Majdar Shams in the Golan Heights on the 27th, killing 12 children, and that this move had "crossed all red lines." Previously, Hezbollah in Lebanon said it had "nothing to do" with the attack.
Lebanon's Hezbollah on high alert
Lebanon's Hezbollah is on high alert and has cleared a number of key locations in eastern and southern Lebanon in anticipation of a possible escalation by Israel, two security sources said.
Article forwarded from: Jinshi Data
