In the first quarter, bilateral trade between China and Russia increased by 5.2% year-on-year
Recently, the Ministry of Commerce of China held a press conference on the 8th China-Russia Expo. Liu Xuesong, director of the Department of Eurasia of China’s Ministry of Commerce, said that in the first quarter of this year, the bilateral trade volume between China and Russia was 56.68 billion US dollars, an increase of 5.2% year-on-year, and continued to maintain a good momentum of development. China and Russia are friendly neighbors connected by mountains and rivers with a deep-rooted traditional friendship. Consolidating and deepening bilateral relations serves the fundamental interests of the two countries and two peoples.
Brazil’s central bank cut its key interest rate to 10.5%
Recently, the monetary policy committee of the Central Bank of Brazil decided to cut the benchmark interest rate by 0.25 percentage points to 10.5%. This is the seventh consecutive rate cut by the central bank of Brazil since August 2023. Earlier, Brazil’s central bank cut its benchmark interest rate by half a percentage point six times in a row. Before the start of this cycle, the central bank’s benchmark interest rate was as high as 13.75%.
On May 13, the offshore RMB depreciated against the US dollar and the euro and was unchanged against the Japanese yen
Offshore RMB/USD exchange rate weakened slightly, as of press time, offshore RMB/USD exchange rate was 7.2391, compared with the previous trading close of 7.2326, weaker by 65 basis points.
Offshore RMB exchange rate depreciated sharply against the euro, as of press time, offshore RMB exchange rate against the euro was 7.8157, compared with the previous trading close of 7.7869, depreciating 288 basis points.
Offshore RMB was unchanged against 100 yen, as of press time, offshore RMB was trading at 4.6400 yen, unchanged from the previous close of 4.6400 yen.
On May 13, the onshore RMB depreciated against the dollar, euro and yen
The onshore RMB exchange rate weakened slightly against the US dollar, as of press time, the onshore RMB exchange rate against the US dollar was 7.2341, compared with the last trading day’s close of 7.2270, weakening 71 basis points.
The onshore RMB exchange rate depreciated sharply against the euro, as of press time, the onshore RMB exchange rate against the euro was 7.8069, compared with the last trading day’s close of 7.7820, depreciating 249 basis points.
The onshore RMB weakened slightly against the 100 yen exchange rate, as of press time, the onshore RMB against the 100 yen exchange rate of 4.6400, from the previous trading price of 4.6300, weaker by 100 basis points.
On May 13, the RMB central parity rate appreciated against the US dollar and the euro, and appreciated against the yen
The RMB exchange rate weakened slightly against the US dollar, with the central parity rate of the RMB against the US dollar at 7.1030, 19 basis points weaker than the previous trading day’s 7.1011.
The exchange rate of RMB against the euro weakened slightly, with the central parity rate of RMB against the euro at 7.6829, down 12 basis points from 7.6817 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 4.5867, up 87 basis points from the previous trading day at 4.5954.
The New Zealand-EU Free Trade Agreement has come into force
A far-reaching new free trade agreement between the European Union and New Zealand has come into force, which is expected to save New Zealand exporters S $100 million a year in tariffs. Under the agreement, 97% of New Zealand’s current exports to the EU will be duty-free, and more than 91% of tariffs will be eliminated immediately on the date of entry into force.
South Korea’s exports rose 16.5% in the first 10 days of May from a year earlier
According to preliminary verification data released by the Korea Customs Service (Customs) on the 13th, South Korea’s exports in the first 10 days of May amounted to 16.811 billion US dollars, an increase of 16.5% year-on-year. Imports fell 6.7% year-on-year to $17.366 billion. The trade balance recorded a deficit of $554 million. As of last month, the monthly trade balance has been in surplus for 11 consecutive months.
Cuba announces visa-free access to China, expanding the “circle of friends”
Cuba recently announced visa-free entry for Chinese citizens holding ordinary passports. Cuban Minister of Tourism Garcia announced that in order to promote economic and trade relations with China, especially to promote the development of tourism, Cuba will implement a visa-free policy for Chinese citizens holding ordinary passports from this month. At the same time, Garcia announced that China will be the guest of honor of the 2025 Cuban Tourism Festival and that direct flights between China and Cuba will resume on May 17.
In the first quarter, US retail e-commerce spending rose 7% from a year earlier
According to the latest data from Adobe Analytics, in the first quarter of 2024, retail e-commerce spending in the United States increased by 7% year-on-year. From January 1 to April 30, U.S. consumers spent $331.6 billion online. Adobe expects U.S. retail e-commerce spending to exceed $500 billion in the first half of 2024, up at least 6.8% from a year earlier.
Shopee opens new logistics center in Brazil
Southeast Asian e-commerce company Shopee has announced the opening of a new logistics center in Tocantins, Brazil. The new facility will operate on a “last mile” model, aiming to optimize the North-South logistics network connectivity on the Goiania – Belem axis in Brazil for more efficient parcel delivery services.
China’s port cargo throughput rose 6.1% year on year
Recently, China’s Ministry of Transport released the national port cargo and container throughput data for the first quarter of 2024. From January to March 2024, China’s ports handled 4.089 billion tons of cargo, up 6.1% year on year, of which 1.306 billion tons of foreign trade cargo was handled, up 9.5% year on year; The container throughput of 76.73 million TEU was completed, an increase of 10%, and the container throughput of domestic and foreign trade increased by 8.5% and 11.1% respectively.
DHL’s first-quarter net profit fell 18.4% from a year earlier
DHL has announced its unaudited results for the first quarter of 2024. In the first quarter of 2024, DHL achieved operating revenue of 20.25 billion euros, down 3.2% year-on-year; Earnings before interest and tax (EBIT) of €1.31 billion, down 19.8% year-on-year; Group consolidated net profit of €740 million, down 18.4%; Net profit per basic share was 0.63 euros. Free cash flow was €610 million, well ahead of expectations.
Huawei’s first-quarter net profit rose about 564% from a year earlier
Recently, Huawei disclosed that in the first quarter of 2024, the company achieved operating income of about 178.45 billion RMB, an increase of 36.66%, and net profit of about 19.65 billion RMB, an increase of about 564%. Based on this preliminary calculation, Huawei’s net profit in the first quarter of this year exceeded 200 million RMB per day. According to the latest report from Canalys, Huawei won the first place in the Chinese smartphone market in the first quarter of 2024, and returned to the first place after 13 quarters of setbacks.
Starbucks’ second-quarter sales fell 4% from a year earlier
Recently, Starbucks (SBUX.US) reported fiscal second quarter results. Second-quarter revenue fell 2% year over year to $8.6 billion, and adjusted earnings per share fell 8% to $0.68. Global same-store sales were down 4% year-over-year and transaction volumes were down 6%, which was not fully offset by a 2% increase in the average amount spent.
ZooWalk is on fire
Recently, many young people are keen to go to the zoo, in a “zoo walk” encounter beauty, cultivate the soul. Originally a “exclusive” place for baby walkers or the elderly, it has now become a new paradise for young people to punch in frequently. This is not without the operator’s “careful” and “clever thinking”. With the help of the we-media platform, the animal network has become popular, and the panda “Meng LAN” and the white-faced saki monkey “Du Du” have become the new top stream, attracting young people to come.
