Li Qiang attended the 9th China-Japan-ROK Summit
Chinese Premier Li Qiang, ROK President Yoon Seok-yuol and Japanese Prime Minister Fumio Kishida jointly attended the 9th China-Japan-ROK Leaders’ Meeting in Seoul on Thursday. The three countries issued the Joint Declaration of the Ninth Trilateral Summit Meeting, the Joint Statement on the 10-year Vision for Trilateral Intellectual Property Cooperation, and the Joint Statement on Future Pandemic Prevention, Preparedness and Response, and agreed to commit themselves to implementing the 10-year Vision for Trilateral Cooperation.
The RMB remained the world’s fourth largest payment currency for six consecutive months
According to the RMB monthly report and data statistics released by the Society for Worldwide Interbank Financial Telecommunication (Swift), in April 2024, the RMB maintained the position of the fourth most active currency in the world, accounting for 4.52%, in the global payment currency ranking based on the amount of statistics.
On May 27, the offshore RMB strengthened against the US dollar, depreciated against the euro and was unchanged against the yen
The offshore RMB exchange rate against the US dollar appreciated slightly, as of press time, the offshore RMB exchange rate against the US dollar was 7.2572, compared with the previous trading day’s close of 7.2606, an appreciation of 34 basis points.
Offshore RMB slightly depreciated against the euro exchange rate, as of press time, offshore RMB to the euro exchange rate of 7.8735, compared with the previous trading day’s closing price of 7.8723, depreciation of 12 basis points.
Offshore RMB to 100 yen unchanged, as of press, offshore RMB to 100 yen exchange rate of 4.6200, compared with the previous trading day close of 4.6200, no change.
On May 27, the onshore RMB depreciated against the dollar and euro and was unchanged against the yen
The onshore RMB weakened slightly against the US dollar, as of press time, the onshore RMB against the US dollar exchange rate of 7.2437, compared with the previous trading day’s close of 7.2420, depreciating 17 basis points.
The onshore RMB exchange rate weakened slightly against the euro, as of press time, the onshore RMB exchange rate against the euro was 7.8583, compared with the previous trading day’s close of 7.8562, down 21 basis points.
The onshore RMB exchange rate to 100 yen was unchanged, as of press time, the onshore RMB exchange rate to 100 yen was 4.6100, compared with the previous trading day’s trading price of 4.6100, no change.
On May 27, the central parity rate of the RMB strengthened against the US dollar and the yen, and depreciated against the euro
The RMB strengthened slightly against the US dollar, with the central parity rate of the RMB to the US dollar at 7.1091, up 11 basis points from 7.1102 in the previous trading day.
The RMB depreciated slightly against the euro, with the central parity rate of the RMB to the euro at 7.7402, 148 basis points weaker than the previous trading day’s 7.7254.
The exchange rate of RMB against 100 yen slightly appreciated, the central rate of RMB against 100 yen was 4.5595, compared with the previous trading day 4.5615, an appreciation of 20 basis points.
Canadian CPI growth slowed to 2.7% year-on-year
Recently, Statistics Canada released the latest data, due to the general slowdown in price growth, Canada’s annual inflation rate fell to 2.7% in April. The bureau said the slowdown in inflation from 2.9% in March was driven mainly by the prices of food, services and durable goods. That’s good news for the Bank of Canada, which has been looking for a sustained decline in inflation toward its 2% target.
The Italian government plans to introduce a tax on electric cars
Recently, Italy’s economy and Finance Minister Giorgetti said that with the transition to electric vehicles, the government is considering levying a consumption tax on electric vehicles. According to Quintegia, a research firm, the Italian government will collect 71 billion euros in taxes from cars in 2022, of which 31.9 billion euros will come from fuel excise duty, 55 billion from vehicle usage fees and 12.3 billion from VAT on maintenance, spare parts and tires.
Pakistan and Turkey expand bilateral trade
Pakistan’s Foreign Minister Ishaq Dar recently revealed plans to significantly enhance bilateral trade between Pakistan and Turkey, aiming to achieve a trade volume of $5 billion. This ambitious goal is part of ongoing efforts to strengthen economic ties between the two countries and reflects their shared commitment to promoting mutually beneficial trade relations.
U.S. e-commerce sales rose 8.5% in the first quarter from a year earlier
According to Digital Commerce 360’s analysis of U.S. Department of Commerce data, U.S. e-commerce penetration hit an all-time high in the first quarter, accounting for 22.2% of total sales in the first quarter of 2024, compared to a high of 21.2% in 2023. In the first quarter of 2024, U.S. e-commerce sales reached $268.12 billion, an increase of 8.5% compared to $247.18 billion in the first quarter of 2023.
Shopee Philippines announced an update to the scoring rules
Shopee Philippines has announced that the new scoring rules will be implemented from June 3. After the update, the delayed shipment rate ≥10%= 2 points, the delayed shipment rate ≥10% and the delayed shipment order ≥30 = 3 points, the delayed shipment rate ≤9.99% can be selected as the preferred seller program, the order incomplete rate ≥10%= 2 points, the order incomplete rate ≥10% and the uncompleted order ≥30 = 3 points.
Cargo throughput at Russian seaports fell 4.3 per cent year-on-year
According to the statistics released by the Russian Federal Maritime and River Transport Agency and the Press center of the Russian Commercial Seaport Association, from January to April 2024, the cumulative cargo throughput of Russian seaports was 288.4 million tons, down 4.3% from the same period last year. Among them, export goods were 225.9 million tons, down 4.8% year-on-year, and import goods were 13.4 million tons, up 3.1% year-on-year.
ZIM’s first-quarter revenue grew 13.7% year on year
Recently, the world’s ninth ship company to star ZIM announced the first quarter of this year’s financial results. During the reporting period, Yixing achieved revenue of $1.562 billion, an increase of 13.7%. Net income was $92 million, compared to a loss of $58 million in the same period last year; Pre-tax profit of $96 million, compared with a loss of $65 million in the same period last year; Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were $427m, up 14.5% from a year earlier.
Tesla’s European sales fell to a 15-month low
The European Automobile Manufacturers’ Association said Tesla registered just 13,951 vehicles in April, down 2.3 percent from the same month last year and the worst result since January 2023. Industry-wide sales of battery-electric vehicles rose 14 percent that month.
Miniso’s first-quarter net profit rose 27.7% from a year earlier
Recently, Miniso (09896) announced that the revenue for the quarter ended March 31, 2024, was 3.724 billion RMB, an increase of 26.0%; During the period, the profit was 586 million RMB, an increase of 24.4%; Adjusted net profit of 617 million RMB, an increase of 27.7%; Adjusted EBITDA was RMB965 million, an increase of 36.7%. Adjusted EBITDA margin of 25.9% compared to 23.9% for the same period in 2023.
AI perfume is coming
Recently, at the ongoing 8th edition of the French Science and Technology Innovation Exhibition, an exhibitor’s perfume machine attracted attention, which can create a unique scent for each experiencer through artificial intelligence algorithms. Experiencers first fill out an online questionnaire, and the machine analyzes the experiencer’s personality based on the answers on the questionnaire, and combines the perfume ingredients already in the machine to create a perfume that matches their temperament.
