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The Peoples Bank of China (PBOC) announced today that it conducted 105.5 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 105.5 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.On February 3, the Securities Association of China launched a summary and evaluation survey of the three-year improvement plan (2023-2025) for securities companies network and information security, requiring all securities companies to submit survey questionnaires by February 15. This evaluation survey covers six main tasks: continuously improving the level of technology governance, establishing a scientific and reasonable technology investment mechanism, enhancing the ability to plan and control information system architecture, strengthening system R&D and testing management capabilities, consolidating system operation and maintenance capabilities, and improving the information security protection system. The aim is to comprehensively verify the implementation effectiveness of the three-year improvement plan and provide a basis for decision-making for the continuous optimization of the industrys network and information security capabilities. This is the first systematic review of the industrys network security construction achievements by regulators since the plan expires in 2025.February 3 – The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3 at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the Government Work Report. The report showed that in the past year, Shanghai continued to strengthen its efforts to stabilize foreign trade and investment. Foreign trade achieved growth against the trend, the "four-quadrant" differentiated policy approach was further deepened, and trade diversification yielded significant results. Total imports and exports to ASEAN and countries participating in the Belt and Road Initiative increased by 10.4% and 12.1% respectively. Efforts to attract foreign investment were further intensified. An action plan to promote foreign investment was formulated and implemented, the new round of comprehensive pilot programs for expanding the opening-up of the service sector was accelerated, foreign-invested enterprises were encouraged to reinvest in China, and the overseas investment promotion coordination mechanism was strengthened. A number of major foreign investment projects in fields such as new energy vehicles and biomedicine were accelerated. Significant progress was made in work related to Hong Kong, Macao, Taiwan, and overseas Chinese affairs.February 3rd - The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3rd at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the "Government Work Report." The report showed that by 2025, the well-being of Shanghai residents will continue to improve. Per capita disposable income will reach 92,000 yuan, an increase of 4.1%.The most active palladium futures contract rose more than 6.00% intraday, currently trading at 440.00 yuan/gram. The most active platinum futures contract rose 2.00% intraday, currently trading at 564.55 yuan/gram.

Concentrate on U.S. Inflation as Oil Falls After China-Led Rally

Skylar Williams

Aug 09, 2022 10:36

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On Tuesday, oil prices retreated from recent gains, with WTI futures hovering around $90, as investors redirected their focus to incoming U.S. inflation data for further monetary policy indicators.


As of 02:02 EST, U.S. Crude Oil WTI Futures declined 0.5% to $90.34, while Brent Oil Futures decreased 0.2% to $96.27. (0000 GMT).


On Monday, amid choppy trading, both contracts rose as much as 3 percent on signs that crude demand remained high in China, the world's largest oil importer.


In July, China's oil imports increased significantly from a four-month low, as additional locations lifted COVID restrictions.


On the heels of dismal factory data, fears of a decrease in Chinese demand pushed oil prices to a six-month low last week, levels not seen since before Russia's invasion of Ukraine.


As a result of the war's ramifications and the COVID-19 pandemic, it is now projected that this year's gasoline prices will be affected by a global recession.


Wednesday's release of U.S. CPI inflation data will likely determine the Federal Reserve's rate rise strategy for the following month.


Given that gasoline prices have decreased from their yearly peak and are a substantial contributor to CPI inflation, it is predicted that the July estimate will be lower than the previous month. The average estimate for yearly growth in July has decreased from 9.1 percent in June to 8.7 percent.


This year, the Federal Reserve has raised interest rates four times and has hinted at further hikes. The central bank has emphasized a data-driven approach to monetary policy tightening, thus the magnitude of its next increase will largely rely on the July and August CPI readings.


Higher interest rates will have a detrimental effect on economic activity and will likely constrain oil consumption. Two straight quarters of economic downturn in the United States have led markets to believe that the nation is presently experiencing a recession.

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