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On September 10, Lu Lei, Vice Governor of the Peoples Bank of China, introduced at a press conference held by the State Council Information Office on the theme of "Starting the 15th Five-Year Plan" that overseas entities currently hold more than 11 trillion yuan of RMB financial assets in China, and central banks or monetary authorities of more than 80 countries and regions have included RMB in their foreign exchange reserves; Panda bonds have been issued for more than 1.3 trillion yuan, with issuers covering 26 countries and regions across five continents.Enterprise Singapore: For the week ending September 9, Singapores light distillate fuel oil inventories increased by 1.196 million barrels to 11.874 million barrels, a one-month high; middle distillate fuel oil inventories increased by 326,000 barrels to 8.237 million barrels, a two-week high; and fuel oil inventories decreased by 98,000 barrels to 20.355 million barrels, a two-week low.On September 10, Li Bin, Deputy Director and Spokesperson of the State Administration of Foreign Exchange, introduced at a press conference held by the State Council Information Office on the theme of "Starting the 15th Five-Year Plan" that my countrys direct investment has achieved basic convertibility, and cross-border securities investment has formed a cross-border investment system mainly based on institutional investor system, interconnection mechanism, and direct market access for overseas investors. Macro-prudential management is implemented across the board for cross-border financing.On September 10th, at a press conference held by the State Council Information Office, Cong Lin, Deputy Director of the State Financial Regulatory Commission, stated that the Commission will guide financial institutions to adapt to the needs of consumption upgrading, support the expansion of commodity consumption, and continuously unleash the potential of service consumption and new types of consumption. The Commission will adhere to a close integration of investment in goods and investment in people, strengthen financial support for key areas of the "two major projects," "two new projects," "six networks," and the 109 major projects of the "15th Five-Year Plan," and strive to promote stable foreign trade, supporting the export of intermediate goods, the construction of overseas warehouses, and the development of cross-border e-commerce.On September 10th, at a press conference held by the State Council Information Office, Li Bin, spokesperson and deputy director of the State Administration of Foreign Exchange, stated that during the 15th Five-Year Plan period, my countrys foreign trade exports and imports will develop in a more coordinated manner, outward investment and inward investment will further expand, and the balance of payments is expected to remain basically balanced. In the future, the State Administration of Foreign Exchange will better coordinate development and security, continuously promote the facilitation of cross-border trade and investment to enhance the momentum of foreign-related economic development, and promote a steady increase in the scale and continuous optimization of the balance of payments. It will also continuously improve macro-prudential management, strengthen the monitoring and early warning of cross-border capital flows, continuously enhance the vitality and resilience of the foreign exchange market, and prudently respond to external shock risks.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.