China’s CPI rose 0.3% year-on-year, while PPI fell 2.5%
consumer price index (CPI) rose 0.3% year-on-year and 0.1% month-on-month in April, according to data released by the National Bureau of Statistics on May 11. Core CPI, which strips out food and energy prices, rose 0.2%t from a month earlier after falling 0.6%. It rose 0.7% year-on-year, 0.1 %age points higher than the previous month. PPI fell 2.5% year on year; Month-on-month, the decline was 0.2%, 0.1 %age points wider than the previous month.
China extended 730 billion RMB in new loans in April
On the 11th, data released by the People’s Bank of China showed that RMB loans increased by 10.19 trillion RMB in the first four months of 2024; The cumulative increase in social financing in the first four months was 12.73 trillion RMB, 3.04 trillion RMB less than the same period last year. In April, RMB loans increased by 0.73 trillion RMB, and the scale of social financing decreased by 1987 billion RMB. At the end of April, the balance of broad money (M2) was 301.19 trillion RMB, up 7.2% year on year.
On May 10, the offshore RMB depreciated against the US dollar and the euro and was unchanged against the Japanese yen
Offshore RMB/US dollar exchange rate slightly depreciated, as of press time, offshore RMB/US dollar exchange rate was 7.2326, compared with the previous trading close of 7.2206, a depreciation of 120 basis points.
Offshore RMB exchange rate slightly depreciated against the euro, as of press time, offshore RMB exchange rate against the euro was 7.7869, compared with the previous trading close of 7.7811, depreciated 58 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 10, the onshore RMB depreciated against the dollar and appreciated against the euro and yen
The onshore RMB/USD exchange rate weakened slightly, as of press time, the onshore RMB/USD exchange rate was 7.2270, compared with the last trading day’s close of 7.2212, weaker by 58 basis points.
The onshore RMB exchange rate strengthened slightly against the euro, as of press time, the onshore RMB exchange rate against the euro was 7.7820, compared with the last trading day’s close of 7.7871, up 51 basis points.
The onshore RMB strengthened slightly against the 100 yen exchange rate, as of press time, the onshore RMB against the 100 yen exchange rate of 4.6300, from the previous trading price of 4.6400, up 100 basis points.
On May 10, the RMB central parity rate appreciated against the US dollar and depreciated against the euro and yen
The exchange rate of the RMB against the US dollar strengthened slightly, with the central parity rate of the RMB against the US dollar at 7.1011, up 17 basis points from 7.1016 in the previous trading day.
The exchange rate of the RMB against the euro depreciated sharply, with the central parity rate of the RMB against the euro at 7.6817, 178 basis points weaker than the previous trading day’s 7.6659.
The RMB slightly depreciated against the 100 yen exchange rate, with the central parity rate of the RMB to the 100 yen exchange rate at 4.5954, 15 basis points weaker than the previous trading day at 4.6145.
The global manufacturing PMI came in at 49.9% in April
Recently, the China Federation of Logistics and Purchasing released the April global manufacturing purchasing managers’ index (PMI). Index changes show that global economic growth slowed in April from the previous month, but basically continued the moderate recovery trend. The global manufacturing purchasing managers’ index came in at 49.9% in April, down 0.4 percentage points from the previous month and slightly above the first-quarter average of 49.6%.
Industrial production in Argentina fell 21.2% in March from a year earlier
According to data released by Argentina’s National Institute of Statistics and Census, Argentina’s industrial output in March plunged 21.2% from the same month last year, the lowest since May 2020. At the same time, Argentina’s inflation rate is still high, in order to facilitate use, the central bank of Argentina issued 10,000 peso notes on the 7th, which is five times the previous highest denomination.
The Central bank of Ukraine’s package to ease foreign exchange controls
Recently, the Central Bank of Ukraine announced that the central bank of Ukraine continued to implement the largest package of foreign exchange deregulation since February 2022. Specific measures include lifting currency restrictions on the import of goods and services, payment of airport and port fees, easing restrictions on representative agencies transferring foreign currency to parent companies, and simplifying conditions for residents to buy foreign currency, most of which will take effect on May 4.
SHEIN became the third-largest online fashion retailer in the United States
Recently, the global data and business intelligence platform Statista quoted the latest data from the ECDB website shows that SHEIN ranks as the third largest online fashion retailer in the United States, ranking behind Amazon and Walmart. SHEIN also became the only Chinese company among the top five online fashion retailers in the United States.
Yandex’s first-quarter revenue rose 40% from a year earlier
Yandex, Russia’s largest Internet company, reported a 40% year-on-year increase in revenue to 228.3 billion rubles, mainly due to the contribution of portal, e-commerce, Ridtech and delivery businesses. Adjusted net profit amounted to 21.6 billion rubles and adjusted EBITDA totaled 37.6 billion rubles.
Revenues at the Suez Canal fell by more than 36% year-on-year
According to Egyptian media reports, the Suez Canal Authority’s revenue fell to $575.1 million in April this year, compared with $904.5 million in the same period last year, a drop of more than 36 percent. Due to the shipping crisis in the Red Sea and geopolitical tensions, a number of shipping companies such as Maersk chose to avoid the Suez Canal and bypass the Cape of Good Hope to avoid attacks on ships in the Red Sea by Yemen’s Houthi armed forces.
Fedex has announced it will close seven service centers
FedEx Freight, the less-load unit of FedEx Express, said it will continue to restructure its freight network and close seven service centers across the United States this year. The seven facilities that will close later this year represent about 1 percent of fedex’s total freight doors, and some team members will be offered jobs at nearby fedex locations, the company said.
Saudi Aramco’s Q1 net profit fell 15% from a year earlier
Recently, the Middle East oil giant Saudi Aramco released its first quarter financial results, the report showed that the first quarter of Saudi Aramco’s net profit of 102.27 billion riyals (27.27 billion US dollars), lower than the same period last year’s 119.54 billion riyals (31.88 billion US dollars), down 14.5%. Operating revenue was 402.04 billion riyals ($107.19 billion), compared to 417.46 billion riyals in the same period last year, down 3.7% year-on-year.
Smic’s first-quarter revenue rose 23.4 per cent from a year earlier r
Recently, SMIC released its quarterly report for 2024. Results show that the company achieved operating income of 12.594 billion RMB in the quarter, an increase of 23.4%; In the same period, the net profit attributable to shareholders of listed companies was 509 million RMB, down 68.9% year-on-year; The non-net profit attributable to shareholders of listed companies was 622 million RMB, down 33.3% year-on-year.
Hydroponic bananas are on fire
In March this year, a new type of green hydroponics – millet banana with rod or apple banana with rod began to emerge. Smart businesses will also be apple bananas and workers’ “anxiety” linked together – business distribution “ban banana green” listing, a string of “banana green” has become the most sought after workers “workstation.” Some buyers said that “raising from green to yellow means’ anxiety dispersed ‘”, which also makes raising millet banana the latest way for young people to decompress.
