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摘要:No 678 - Policy, loud and clear
磐石金融有限公司( BANDS Financial Limited )在香港注册成立,是一家持有香港证监会(SFC)2号牌照的期货经纪公司,业务涉及中国以外全球大部分活跃期货及期权市场。
China is now vaccinating above 15 million people a day, and the one-shot Ad5-nCoV vaccine also known as Convidecia is now being issued to residents of Shanghai and the neighbouring province of Zhejiang. Convidecia is a viral vector vaccine similar to AstraZeneca's AZD1222 and therefore marks a departure from the starting point of other vaccinations widely available in China. Beijings target is to vaccinate over 40% of the population by the end of June. Perhaps it is coincidental that China will celebrate the 100th anniversary of the founding of the Communist Party on the 1st July. The celebratory mood music will undoubtedly grow louder as we go through June, of which harmony and stability will be the keynotesSo where are we? Following the IHS Markit US Flash Composite PMI on Friday which printed an all-time high of 68.1 in May, pointing to an unprecedented rate of expansion in the US private sector economy as both manufacturing and services expanded at record rates, with input prices and output charges rising to record levels.In China, the voice of Beijing could be clearly heard during the weekend. Bitcoin fell to $31,000 as Huobi suspended its mining activity on the mainland, following comments by Premier Liu He and the State Council late last week. Elsewhere Lu Jinzhong, a director of the research and statistics department of the PBOC's Shanghai branch, in an article published on Friday by China Finance, a magazine affiliated to the central bank, said Beijing should allow the yuan to appreciate to offset the rising cost of commodity imports caused by global monetary easing and high demand as major economies recover from the pandemic.“”China should enhance the flexibility of the exchange rate and let the yuan appreciate appropriately to offset the imported effect [of inflation],“ However, in a statement published on the PBOC website on Sunday, Liu Guoqiang, deputy governor of the PBoC said that ”The PBoC has improved the managed floating exchange rate system based on market supply and demand, adjusted with reference to a basket of currencies. This system is suitable for China's exchange rate system.“ Adding ”The PBoC will pay attention to the guidance of investor expectations, give full play to the role of the exchange rate in adjusting China's macroeconomy. It is important to maintain the basic stability of the exchange rate at a reasonable and balanced level. Long-term China watchers may think both statements were somewhat choreographed, therefore taken together signalling the way forward for a market-led appreciation of the RMB within the current framework, containing absolutely no surprises as we go forward in the coming months. Beijing thinking about Fed policy was probably disclosed in comments by Xiao Yuanqi, Vice Chairman of the China Banking and Insurance Regulatory Commission in a speech at the Tsinghua PBCFS Global Finance Forum at the weekend. He put forward five considerations on financial issues, which mentioned that along-term low-interest-rate environment will cause hidden and long-term financial risks. Negative interest rates will not only weaken the central bank's monetary policy transmission effect but may also lead to excessive expansion of government debt, it is also easy to encourage asset bubbles and speculation in the financial markets.And I have to say, some observers in the west may agree with him.Have a good day
Joh
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