4/3/2021 Financial News: RMB Recorded A Seven-Week Devaluation;22 CCP Officials Involved In Using Loans For Personal Gain

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1.RMB Shrinks And Closes Up, But Recorded A Seven-week Streak, Setting The Longest Record For More Than Two And A Half Years

The Renminbi against the US dollar closed up on Friday, and the trading volume for the entire day shrank by nearly 30%; this week it fell by 0.31%, which was a seven-week decline, the longest since August 2018.  Today, some overseas markets are closed for holidays. The U.S. dollar remains stable during the day, and changes in supply and demand continue to dominate the market. In the short term, all parties may have no intention of choosing a direction and focus on the US non-agricultural data at night. They also pointed out that the U.S. dollar still has room for upside and that the renminbi may test the support of the 6.6 mark; although the renminbi has been adjusted recently, the volatility of options for various maturities has not changed significantly, indicating that market expectations are still stable.

2.22 CCP Officials at Or Above The Bureau Level Are Involved In The Use Of Loans For Personal Gain

Huang Hejian, the former chairman of the CPPCC in Longhui County, Hunan Province, took advantage of the convenience of his position or the convenience of his power and status to seek benefits for others in project bidding, real estate development, selection and appointment, and received bribes totaling 12.129 million yuan, according to the related judgement documents.  The CCP’s Central Commission for Discipline Inspection revealed that, among the CCP officials who have been punished by party discipline and government affairs this year, at least 22 of them are involved in using loans for personal gain.

Comment: The CCP system is an evil meat grinder system, with big corrupt officials arresting small corrupt officials, and small corrupt officials exploiting the people.

3.China Releases 2 Million Tons of State-storage Rice to Feed Producers To Cope With High Corn Prices

People familiar with the matter said that due to the increase in corn prices, China this week released 2 million tons of rice from the national reserve to sell to feed producers to increase the supply of feed grains.  China sold 1.4 million to 1.5 million tons of rice for feed use on Wednesday, accounting for about 70% of the total bid.  These rises will be sold directly to feed producers through state-owned companies, unlike reserve rice that is regularly auctioned to the wider market.  The benchmark price is 1,500 yuan ($228.62) per ton, which is much lower than the current corn price of 2,700 to 3,200 yuan per ton.

4.A Massive Number Of Tissue Paper Companies Have Successively Issued “Price Increase Notices” And Plan To Adjust Their Prices In April

Following the price adjustment of raw paper companies in January, a number of household paper companies have recently issued a wave of “price increase notices”, and they intend to adjust their prices in April.  The well-known domestic paper companies Vinda, Qingfeng, and Jierou notified the distributors to increase their prices by more than 10% in April.  Allegedly, the reason is that the prices of raw materials continue to rise, leading to a sharp rise in the production costs of enterprises.  As raw material prices continue to rise, non-leading companies have suspended production and reduced production.  Some consumers worry about whether the supply of household paper is guaranteed.

5.HengYuanXiang, A Century-old Domestic Product Supporting Xinjiang Cotton, Failed Its Quality Inspection

A few days ago, the Jiangsu Provincial Market Supervision Administration conducted random inspections on winter products such as cotton clothing and cashmere sweaters. It was found that among the 350 batches that were randomly inspected, 43 batches were found to be unqualified, and the unqualified rate was 12.3%. Hengyuanxiang was also specifically named. When the Xinjiang blood cotton caused a dispute, Hengyuanxiang said that his shirts were made of long-staple cotton from Aksu, Xinjiang. However, since 2014, Hengyuanxiang’s cotton has been repeatedly unqualified, such as unqualified pH value and filling quality; unqualified washing size change rate items; unqualified fiber composition and content items.

6.Reportedly Told H&M To ‘bolster Its Awareness Of The National Territory’ After Citing Issues With The Retailer’s ‘problematic’ Maps

CCP told H&M to correct what it says is inaccurate mapping on the retailer’s website. CCP officials told H&M to fix its mapping system on its website and to “bolster its awareness of national territory,” The retailer has drawn criticism from China in the past for labeling Hong Kong, Macau, and Tibet as countries, as well as labeling Taiwan as a country on the retailer’s native Taiwan website.  H&M’s criticism of forced labor in the country drew ire from Chinese consumers and companies, who boycotted the brand. Shortly after, H&M appeared to be scrubbed from the internet in China, with products missing from popular shopping sites and the location of H&M’s 500 stores removed from map services.

By 【Financial Team – 雪梨Cheli】
News Collection: Totoro

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