4/10/2021 Financial News: RMB Close Hit A Week Low; China’s Copper Imports In 2021 Are Expected to Fall By About 27%

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1.U.S. Index Rose Slightly, RMB Close Hit A Week Low

The RMB against the US dollar closed down nearly a hundred points on Friday (April 9) to a new one-week low, while the central parity rose slightly. Traders said that the U.S. dollar index rose slightly in Japan, dragging the RMB to fall below 6.56 yuan and then the decline narrowed. However, the Fed maintains a firm dovish stance, the rebound momentum of the US index is not expected, and the RMB still maintains range fluctuations. The trader pointed out that the volatility of the RMB has narrowed recently and may continue in the short term; in addition, some foreign exchange settlement customers hold the US dollar and wait and see, “some will see around 6.6.”. In the global currency market, the U.S. dollar rose slightly on Friday, but this week is still expected to set its biggest weekly decline this year.

2.China’s Refined Copper Imports In 2021 Are Expected to Fall by About 27%

Antaike, a research institute supported by the CCP, said on Friday that China’s refined copper imports in 2021 are expected to drop by about 27% from last year’s high level, while primary aluminum imports will be reduced by more than half. China imported a record amount of copper and aluminum in 2020, pushing Chinese metal prices higher than international prices, and providing arbitrage space for cheaper overseas metal inflows. An analyst said that the total refined copper imports this year are expected to be 3.4 million tons, down 27.2% from the 4.67 million tons in 2020.

3.The CCP “Verbal Warned” 13 Cities Within Three Months, Releasing Strict Controls on The Property Market

In late January, the Ministry of Housing and Urban-Rural Development of China went to Shenzhen and Shanghai for research. Within three months, the Ministry of Housing and Urban-Rural Development has investigated and supervised 13 cities, and continued to signal strict control of the property market. On April 8, a CCP official verbal warned the heads of the governments of five cities including Guangzhou and Hefei, saying that the city governments must “resolutely curb speculation in real estate.”

4.Over 2.2 Trillion Bonds Due In April, The Bond Supply Wave Hits

As of the end of the first quarter, the stock of China’s bond market has reached 117.34 trillion. Entering the second quarter, as the issuance of interest rate bonds will increase significantly, and the pressure on the renewal of bonds exceeding 2.2 trillion yuan will increase, the overall bond issuance scale is expected to remain at a relatively high level. It is said that the scale of local debt issuance in the second quarter is expected to increase significantly, the pressure on the renewal of credit bonds at maturity is greater, and the credit risk of the issuer is outstanding.

5.Best Express And Jitu Express Were Suspended For “Low-price Dumping”

On April 9, Yiwu Post Administration confirmed that Best Express and Jt Express were rectified due to “low-price dumping”. The main measure was to stop some distribution centers, which were implemented on the same day. The warning letter indicated that the express company in Yiwu, the city with the largest express delivery business volume in the country, shall not be dumped at a cost price much lower than RMB 1.4 per order, but it has not yet performed as required. As the rectification failed to meet the requirements, on April 9, Yiwu Post Administration ordered the distribution centers of Best and Jitu express to suspend business for rectification.

6.MLB Commissioner Feared All-Star Game Relocation Would Become a ‘Political Event’

Major League Baseball’s (MLB) Commissioner Robert Manfred feared relocating the All-Star Game from Atlanta because the move would balloon into a “political event.” After Stacey Abrams, LeBron James, and Al Sharpton urged MLB Commissioner Robert Manfred to relocate the All-Star Game from Atlanta, the MLB Commissioner apprehensively made the decision. The upheaval over the All-Star Game comes after the State of Georgia’s legislature took action on election integrity by limiting the number and location of drop boxes, reforming voter ID requirements, and expanding early voting access statewide while modernizing the state’s voter rolls.

By 【Financial Team – 雪梨Cheli】

News Collection: Totoro

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