1/19/2021 Financial News: CCP’s Central Bank Foreign Exchange Decrease

Image source: https://www.japantimes.co.jp/

  1. On  18, 2021, the central bank’s official website information showed that at the end of December 2020, Communist China’s central bank accounted for 21.1 trillion yuan in foreign exchange, a decrease of 32.87 billion yuan compared to Nov 2020, trending decrease on a month-on-month basis since Jan 2020. On January 7, the official website of the central bank disclosed that as of the end of December 2020, Communist China’s foreign exchange reserves had reported US$3216.522 billion, an increase of US$38.03 billion.


2. The interest rate of large deposit certificates of major banks in Communist China can rise by 50%. In order to increase the attractiveness of large deposits certificates, many banks introduce pay interest on deposits monthly or large deposits certificates could be transferable. For example, large deposit certificates with monthly interest payment, the interest rate for a 200,000 yuan ($30,814) 3-year certificates of deposits is 4.08%. In a strict regulatory environment, small and medium-sized banks’ ability to attract new deposits face challenges when restricted by “attracting deposits at high interest rates” through the Internet.

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3. The Ministry of Industry and Information Technology has released a draft rare-earth metals management rule on Jan 15, including quota management of domestic rare-earth production, investment management and supervision, which is a sign that Communist China vows to standardize management of the rare-earth industry and promote high-quality development of it. The total export of rare earth metals was down to 35,447.5 tons, or 23.5 percent year-on-year in 2020, Communist China’s customs authority said on Thursday, registering the lowest figure since 2015.


4. On January 17, the average egg price nationwide was 10.60 yuan/kg ($1.63/kg), f exceeded the corresponding period of the previous year. It was 2.82 yuan/kg ($0.43/kg) higher than the average price of 7.78 yuan/kg ($1.2/kg) at the beginning of December 2020, increased by 36.25%. The current spike in wholesale egg prices was due to increased demand for the forthcoming Chinese New Year. In mid-December last year, as the CCP virus worsened, consumers started panic shopping, and began hoarding various foods.


5. The U.S. government has asked Australia to scrap proposed laws that will make it the first country in the world to force Facebook Inc and Alphabet Inc’s Google to pay for news sourced from local media outlets.


6. The French central bank said on Jan.19, it would exit from coal and limit exposure to gas and oil in its investment portfolio by 2024 as part of a shift towards more environmentally friendly assets.


By 【Financial Team -Tracy】

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