The onshore yuan opened sharply down more than 400 points at 6.7350 against the US dollar on June 13, before falling below the 6.75 mark for the first time since May 27.In the offshore RMB market, which reflects more of the international investors' expectations, the value of the offshore RMB fell by more than 300 basis points from 6.7501 to 6.7848 at 4 a. m. on June 14, but has since turned to appreciation.In the early morning of June 16, the Federal Reserve, raising its benchmark rate by 75 basis points to 1.50% to 1.75%, the biggest since 1994.Fed Chair Jerome Powell told a news conference that the pace of subsequent rate hikes would depend on future data and that raising rates by 75 basis points was not expected to be the norm.The offshore renminbi surged after the news, exceeding 800 basis points last week to as high as 6.6663, the biggest gain since 2017.The central parity rate of the yuan rose 419 basis points to 6.7099 against the US dollar, while the onshore yuan closed at 6.7162 yuan at 16:30.Banks recently announced that the surplus of foreign exchange settlement and sale on behalf of customers in May hit a new low in more than a year.The surplus of the bank in foreign exchange settlement and sale in May was $1.451 billion, the surplus of foreign exchange settlement and sale of banks by themselves was $12.01, and the surplus of foreign exchange settlement and sale of banks on behalf of customers was $251 million, the lowest since April 2021. Excluding the difference of foreign exchange settlement and sale after the performance of the month, the surplus of the bank on behalf of customers in May was $19.16 US dollars, down $9.596 billion from the previous month.The settlement exchange rate and the selling exchange rate are inverted, and the relationship between supply and demand of foreign exchange has changed. Judging from the fact that the amount of foreign exchange settlement has never increased, the market holds foreign exchange for sale.Foreign trade enterprises note that citic Securities Ming Ming team said that in the short term, the RMB is expected to be more affected by market factors, under the pressure of the US dollar index, the improvement of Sino-US trade relations, enterprises and other foreign exchange settlement and sale behavior and other long and short factors interaction, the RMB fluctuations may intensify, or continue to maintain a wide shock pattern.We must do a good job of the exchange rate hedge! Bicycle Wheel Spoke Reflector, screw type terminal blocks and micro match connector should be noted.
America
The White House wants to cut tariffs on China
Local time on June 14, the White House press secretary carina let-Pierre confirmed that biden administration is discussing whether to cancel tariffs on some Chinese goods, she also severely accused former President trump of some Chinese goods tariffs is "irresponsible", said the tariffs increased the burden of American families and businesses.
U. S. President Joe Biden said in a meeting with major cabinet members at the Oval Office that he prefers to remove products from his Trump list of tariffs on Chinese imports, Axios News Network reported Wednesday.Biden revealed the idea at a meeting with major cabinet members on Monday, and an official announcement is expected to be made as early as this month, according to people familiar with the matter.
Recently, investors and the media have warned about the possibility of runaway inflation and a recession, and the possibility of a possible stock market crash.
new regulation
New regulations on packaging and inspection of export dangerous goods were implemented
Since June 1, the SN / T 0370-2021 "Export Dangerous Goods Packaging Inspection Regulations" series of standards were officially implemented, which are divided into three parts: general provisions, performance inspection, and use identification.It is reported that the new rules have changed the inspection standards of dangerous goods packaging labels, if enterprises fail to update the product packaging in advance will lead to product rework, and even affect the delivery time of goods resulting in contract default.
Customs interpretation, please see here:
http://www.customs.gov.cn/customs/302249/302270/302272/4360643/index.html
http://www.customs.gov.cn/customs/302249/302270/302272/4360653/index.html
http://www.customs.gov.cn/customs/302249/302270/302272/4360658/index.html
India
Consider limiting imports of refrigerators
India is considering restricting imports of refrigerators to support its own manufacturers, the sources said.The Indian government is considering changing the existing free import system, requiring importers to apply for licenses from the authorities, according to two anonymous sources.
A source close to the government reportedly said: " The task is to support everyone who makes them (refrigerators) in India, not the people who transport them to India.”
Pakistan
Foreign exchange bottom, reduce imports
Pakistan's foreign exchange reserves continue to fall rapidly, and the government is under pressure to save on high import spending and keep the money at home.In February, Pakistan's foreign exchange reserves were about $16 billion in total, and in June, less than $10 billion remained, not enough in less than two months.Last month, the government restricted imports of non-essential luxury goods, trying to keep the money at home.
The Pakistani government is now calling on people to drink less tea, save money on imports and protect the country's foreign exchange reserves.Pakistan is the world's largest importer of tea, worth more than $600 million last year.
The Pakistani rupee fell 1.3 rupees to close at 206.46:1, another record low, according to the National Bank of Pakistan on June 15.
According to current indicators, Pakistan's economy is entering a very difficult stage, with economists arguing that the country could declare its government bankrupt at a future stage if no external support is available to revive its deteriorating economy.Export to Pakistan, please pay attention to the safety of foreign exchange collection.
Vietnam
Textile and garment exports surged
In the first five months of this year, Vietnam's textile and clothing exports totaled us $18.7 billion, up 23.5 percent from the same period in 2021.So far, most companies have received orders at the end of September, and many companies are negotiating and signing contracts for receiving orders at the end of the year.In addition to traditional products, companies have strengthened the development and investment in the production of many fashion and large quantity orders.
Duan Wenyong, director of the organization department of South Textile Corporation (Natexco), said that the company achieved an impressive number of strong solutions in the first half of this year, earning about 102.3 million units, 101% of the year plan and 123% of the same period last year.The company's orders have run until the end of September, or even by the end of the year.The deputy general manager of Yuesheng Corporation said that in the first quarter of this year, the company overcame various difficulties and challenges and achieved good operating performance, with revenue of 25% of the annual plan and profit of 35% of the annual plan.
Algeria
The automatic import license is valid for one year
On June 1, Algerian National Radio Algeria released a report entitled "The Official Bulletin makes the Automatic Import License valid for one year". The full excerpt is as follows:
The new Executive Order issued in the Official Gazette No.37 provides that the automatic import license is valid for one year under Executive Order Number 22-201 of May 25,2020 and Executive Order Number 15-306 of December 6,2015.
The regulation is one of a series of new regulatory measures signed by Prime Minister Ali Oman Ben Abdel Rahman on 25 May 2022.
The automatic import license is granted for all imports and is valid for one year, the communique said.The relevant ministries shall seek the opinions of the Ministry of Trade before granting the license, and the Ministry of Trade shall reply within 10 days.
A digital platform will be established at the trade ministry level and will be linked with relevant ministries and customs, the communique said.
Importers who obtain licenses from the relevant authorities must implement the provisions of the new decree within six months from the date of issuing the new decree in the official bulletin.
Iran
Imported cars will be open up
The speaker of parliament officially announced a five-year car import license to the Ministry of Industry, Mining and Trade yesterday.The Ministry of Industry, Mining and Trade will formulate regulations on automobile import, including automobile import conditions, prices, emissions and tariffs.The market reaction was booming, with the chairman of the Tehran Motor Union saying many importers were waiting for specific rules.
Uruguay
Make anti-dumping final ruling to electric water heater
Recently, the Ministry of Economy and Finance of Uruguay issued Announcement No.113 / 022, which made a final anti-dumping ruling on electric water heaters originating in China, and decided to impose anti-dumping duties on the Chinese products involved in the case.The products involved are the household electric water heater with a capacity of 15 liters to 120-liter steel storage tank, involving the products under Uruguay Tax number 8516.10.00.10.The measure is valid for three years.
Post time: Jun-21-2022