1.RMB Against the US Dollar Increased by 109 Basis Points
On June 7th, the mid-market exchange rate of RMB (Yuan) against the US Dollar rose by 109 basis points to 6.3963, compared with the mid-market exchange rate of Yuan 6.4072 on the previous trading day.
2.Special Municipal Bond Issuance Fall Short of Expectations
Recently, the Government Debt Research and Evaluation Center of the Ministry of Finance released the report on the municipal bonds’ issuance in May 2021. The data shows that 572.6 billion yuan of new municipal special bonds have been issued from January to May, which is 16.51% of the targeted debt limit.
3.Three Banks to Use Huawei’s HarmonyOS2
Bank of China, CITIC Bank (credit card) and Guangfa Bank (credit card) announced their intention of using HarmonyOS (Hongmeng) to support the localization of the operating system. Bank of China and CITIC Bank will partner with Huawei to launch atomization services and lay out a new ecology of open banking scenarios.
4.Shipping Container Rates Soaring
Today the global ocean shipping industry has seen a tale of two extremes, with the empty containers’ piling up at the overseas ports due to the pandemic in those countries, and the containers’ shortage at the busy Asian ports. Freight rates from Communist China to the U.S. and Europe have surged 300%. The rates on some routes are up 10 times.
5.Live Pigs Spot Price Continues Falling
The live pigs’ spot prices fell for 5 months in a row, with a cumulative drop of over 50%. The national live pigs farming industry has completely in the loss territory. The pig spot price may not continue falling due to the high cost of breeding.
6.999 Online Lenders Were Investigated
At a press conference of the China Banking and Insurance Regulatory Committee (CBRC) held on June 1, CBRC Party Committee member and Vice Chairman Liang Tao announced that the 999 online lenders have been investigated and they will coordinate with public security and judicial departments to expedite the trial progress in accordance with the law, to recover the stolen funds and losses, and to recover executives’ bonus and celebrities’ endorsement fees and commercial incomes.
【G Translators – Financial Team】