China’s foreign exchange reserves fell by $44.8 billion
On May 7, the People’s Bank of China announced the official asset reserves at the end of April 2024, and the data showed that as of the end of April 2024, the scale of China’s foreign exchange reserves was $3.08 billion, down $44.8 billion, or 1.38%, from the end of March. Over the same period, China’s gold reserves rose to 72.8 million ounces.
Turkey’s central bank kept its key interest rate at 50%
Recently, the Central Bank of Turkey announced that the Turkish monetary Policy Committee decided to keep the benchmark interest rate unchanged at 50%. In order to curb inflation, the Turkish central bank raised interest rates eight times from June last year to January 2024, from 8.5% to 45% along the way. In response to the worsening inflation outlook, on March 21 local time, the central bank’s monetary policy committee announced another increase in the benchmark interest rate by 500 basis points to 50%.
On May 8, the offshore RMB depreciated against the US dollar and the euro, and appreciated against the yen
Offshore RMB slightly depreciated against the US dollar exchange rate, as of press time, offshore RMB against the US dollar exchange rate of 7.2309, compared with the previous trading close of 7.2235, weakening 74 basis points.
Offshore RMB slightly depreciated against the euro exchange rate, as of press time, offshore RMB against the euro exchange rate of 7.7675, compared with the previous trading close of 7.7669, depreciated 6 basis points.
Offshore RMB strengthened sharply against 100 yen, as of press time, offshore RMB against 100 yen exchange rate of 4.6400, compared with the previous trading close of 4.6700, up 300 basis points.
On May 8, the onshore RMB depreciated against the US dollar and the euro, and appreciated against the yen
The onshore RMB exchange rate weakened slightly against the US dollar. As of press time, the onshore RMB exchange rate was 7.2285 against the US dollar, which was 104 basis points weaker than the last trading day’s close of 7.2181.
The onshore RMB exchange rate weakened slightly against the euro, as of press time, the onshore RMB exchange rate against the euro was 7.7635, compared with the previous trading day’s close of 7.7626, weakening 9 basis points.
The onshore RMB strengthened sharply against the 100 yen exchange rate, as of press time, the onshore RMB against the 100 yen exchange rate of 4.6400, compared with the previous trading price of 4.6600, up 200 basis points.
On May 8, the central parity rate of RMB depreciated against the US dollar and appreciated against the euro and yen
The exchange rate of RMB against the US dollar weakened slightly, with the central parity rate of RMB against the US dollar at 7.1016, 14 basis points weaker than the previous trading day’s 7.1002.
The exchange rate of RMB against the euro appreciated slightly, with the central parity rate of RMB against the euro at 7.6659, up 83 basis points from 7.6742 in the previous trading day.
The RMB strengthened slightly against the 100 yen exchange rate, with the central parity rate of the RMB to the 100 yen exchange rate at 4.6145, up 144 basis points from the previous trading day of 4.6289.
German exports rose 0.9% in March from the previous month
According to data published by the German Federal Statistical Office, on a working day and seasonally adjusted basis, German exports in March 2024 increased by 0.9% month-on-month to about 134.1 billion euros. Economists had expected a rise of just 0.4%. German imports also rose 0.3 percent month-on-month to about 111.9 billion euros in March, resulting in a trade surplus of about 22.3 billion euros, the data showed.
Inflation in Venezuela has fallen to its lowest level in 12 years
Recently, the Central Bank of Venezuela reported that the country’s cumulative inflation rate in the first four months of this year was 6.3%, the lowest level in the history of the same period since 2012. The report shows that Venezuela’s inflation rate was 2% in April 2024, a significant decrease compared to 55.8% in April 2018.
Standard & Poor’s downgraded Israel’s sovereign credit rating to A+
Standard & Poor’s has downgraded Israel’s sovereign credit rating from AA- to A+, citing heightened geopolitical risks in the region and the rating outlook remaining negative. “The recent confrontation with Iran has heightened Israel’s already elevated geopolitical risks,” S&P said in a statement. The rating agency said a wider regional conflict could have a further material negative impact on Israel’s security situation.
South Korean e-commerce launched a member discount war to attract return
As Coupang raised the price of wow members, its competitors, including G-market, SSG, naver, and 11th Street, are trying to attract lost members by lowering their annual membership fees and strengthening membership benefits. G-market offers the most discounts, lowering the annual membership fee to 4,900 won and extending the membership for one year for free. Delivery platforms such as Kufang Company and Betta Nation also offer free shipping and other incentives.
PayPal’s first-quarter net profit rose 12% from a year earlier
Recently, payment service provider PayPal announced the company’s fiscal 2024 first quarter financial results. PayPal reported net revenue of $7.699 billion in the first quarter, up 9% from $7.040 billion in the same period last year, and up 10% excluding the impact of currency changes. Net income was $888 million, up 12% from $795 million a year earlier.
Maersk Q1 air cargo volume increased by 52% year-on-year
Recently, Maersk released the financial data for the first quarter of 2024, and the air cargo volume in the Q1 of 2023 increased by 52%, the same as the fourth quarter of 2023, and the first quarter of 2024 was 85,000 tons. The improvement in demand stems from the shift in container trade patterns in response to the Red Sea/Gulf of Aden situation, the surge in e-commerce, etc. Global air freight forwarding demand, after seven quarters of contraction, is expected to grow 4% to 5% year on year in Q1.
The first direct air route from China’s Beijing-Tianjin-Hebei region to South America has been launched
Recently, at the container terminal of China’s Tianjin Port, with the “China Ocean Transport Argentina” ship loaded with construction machinery, electrical appliances and other container goods from the Beijing-Tianjin-Hebei region to the sea, sailing to South America’s Rio de Janeiro, Santos, Itapua, Navigentes and other ports, China’s Beijing-Tianjin-Hebei region in recent years, the first direct route to the east coast of South America officially opened.
Microsoft will invest $2.2 billion in Malaysia
Recently, Microsoft CEO Nadella announced in Kuala Lumpur that Microsoft will invest $2.2 billion in cloud computing and artificial intelligence in Malaysia over the next four years. He said it was Microsoft’s largest single investment in Malaysia in the 32 years it has been in the country. Earlier, Nadella also visited Indonesia and Thailand, and announced a number of investment plans.
Guizhou Moutai’s first-quarter revenue rose 18%
Recently, Guizhou Moutai released the first quarter report of 2024. In the first quarter of this year, the operating income was 45.776 billion RMB, an increase of 18.11%. Net profit attributable to shareholders of listed companies was 24.065 billion RMB, up 15.73% year on year; Non-net profit attributable to shareholders of listed companies was 24.051 billion RMB, up 15.75% year-on-year.
The new iPad Pro is coming
On May 7, Apple introduced the new iPad Air and iPad Pro at a special spring product launch event. This is Apple’s first tablet refresh in nearly two years. With the release of the new tablet, the last generation of the physical home button and Lightning port of the iPad 9 has been removed from the official website. This shows that Apple has completely bid farewell to the physical Home button, Lightning interface era.
