Hot Spotlight //
1. The General Office of the State Council issued opinions on promoting the high-quality development of trade in services through high-level opening-up. The opinions put forward the full implementation of the negative list for cross-border trade in services. Enhance the management capacity of the negative list, strengthen the supervision of key industries, and optimize the supervision of cross-border flows of capital, technology, personnel, data, and other elements. Focus on residents' consumption upgrading needs, and promote the import of high-quality life services such as medical and health, culture and entertainment. Optimize export credit, use trade finance, equity investment and other diversified financial tools to increase support for enterprises to open up the international service trade market.
2. Apple and Huawei are about to face off at the peak! Huawei terminal announced that Huawei will hold the Huawei Extraordinary Brand Ceremony and Hongmeng Zhixing New Product Launch Conference at 14:30 on September 10. After Huawei's official announcement, Yu Chengdong responded on Weibo, "Huawei's most leading, innovative, and disruptive products are here! This is an epoch-making product that others think of but can't do, and after 5 years of persistence and investment, we have turned science fiction into reality. Huawei's pinnacle, stay tuned! ”。 It is worth noting that Apple has just announced the time of the autumn new product launch conference: 1 a.m. Beijing time on September 10, with the theme of "highlight moment".
3. JD.com has significantly increased the salary of school recruitment. JD.com said on its official Weibo that JD.com's 2025 campus recruitment has been launched globally, and 18,000 positions have been opened for this school recruitment, including 12,000 positions for 2025 graduates and more than 6,000 internship positions, and the school's enrollment salary will be raised sharply again. Among them, the salary of core positions such as procurement and sales, technology, and products will be increased by no less than 20%. All school recruits will be able to achieve a salary structure of 20 months throughout the year, and the year-end bonus will be as high as 8 times the monthly salary. Among the production and research positions, the average starting salary of algorithm posts has increased by more than 75%, and the starting salary of hardware and design positions has increased by more than 50%.
Global Markets //
1. The three major European stock indexes closed mixed, with Germany's DAX index up 0.13% at 18930.85 points, France's CAC 40 index up 0.2% at 7646.42 points, and United Kingdom's FTSE 100 index down 0.15% at 8363.84 points. U.S. stocks were closed for Monday for the United States Labor Day holiday.
2. Major Asia-Pacific stock indexes closed mostly higher, with Korea Kospi up 0.25% at 2681, Nikkei 225 up 0.14% at 38700.87, Australia's S&P 200 up 0.22% at 8109.9, New Zealand's S&P 50 up 0.87% at 12555.52, FTSE Malaysia Composite up 0.04% at 1678.19, and FTSE Singapore Straits Index up 0.59% At 3,463.08 points, the India SENSEX30 index rose 0.24% to 82,559.84 points.
3. International precious metals futures closed mixed, with COMEX gold futures up 0.16% at $2531.7 per ounce, and COMEX silver futures down 0.73% at $28.93 per ounce.
4. International oil prices rose across the board, with the U.S. oil October contract up 0.67% to $74.04 per barrel. Brent oil November contract rose 0.45% to $77.28 a barrel.
5. Most of the base metals in London closed down, LME copper fell 0.19% to $9217.5 / ton, LME zinc fell 2.19% to $2833.5 / ton, LME nickel fell 0.57% to $16670 / ton, LME aluminum fell 0.94% to $2424 / ton, LME tin fell 3.31% to $31275 / ton, LME lead rose 0.44% to $2062 / ton.
6. European bond yields collectively closed higher, with United Kingdom's 10-year yield up 3.8 basis points to 4.051%, France's 10-year yield up 1.5 basis points to 3.033%, Germany's 10-year yield up 3.7 basis points to 2.333%, Italy's 10-year yield up 7.2 basis points to 3.771%, and Spain's 10-year yield up 1.6 basis points to 3.144%.
7. At the end of New York, the dollar index fell 0.09% to 101.65, and non-US currencies performed differently, with the euro up 0.23% to 1.1073, the pound up 0.16% to 1.3147, the Australian dollar up 0.32% to 0.6787, the dollar to the yen up 0.47% to 146.90, the dollar to the Swiss franc up 0.18% to 0.8516, and the offshore yuan to 7.1166 against the dollar.
Macro//
1. President Xi Jinping held talks with President Ramaphosa of South Africa. The two heads of state announced that China-South Africa relations will be upgraded to an all-round strategic cooperative partnership in the new era. The two sides should grasp the direction of mutually beneficial and win-win cooperation, improve the top-level design of bilateral cooperation, build high-quality Belt and Road cooperation, and promote cooperation in the fields of digital economy, artificial intelligence and new energy.
2. In August, Caixin China's manufacturing PMI was 50.4, up 0.6 percentage points from July, returning to above the boom and bust line. After a brief contraction in July, China's manufacturing boom rebounded in August, with supply and demand expanding simultaneously but to a limited extent.
3. On September 2, the central bank carried out a 7-day reverse repurchase operation of 3.5 billion yuan in the form of fixed interest rate and quantity bidding, with an operating interest rate of 1.70%, and 471 billion yuan of reverse repurchase expired on the same day.
4. The National Committee of the Chinese People's Political Consultative Conference (CPPCC) held a special consultation meeting on "Promoting High-level Opening Up". Wang Huning, Chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), attended and said in his speech that it is necessary to focus on improving the important deployment of the high-level opening-up system and mechanism, focusing on the important reform tasks such as steadily expanding institutional opening-up, deepening the reform of the foreign trade system, deepening the reform of the foreign investment and foreign investment management system, optimizing the layout of regional opening-up, and improving and promoting the high-quality "Belt and Road" cooperation mechanism.
5. The central bank disclosed that in August, the three major policy banks repaid a net of 77.8 billion yuan of mortgage supplementary loans, and the balance of mortgage supplementary loans at the end of the period was 2,654.1 billion yuan. In August, a total of 1.001 billion yuan was carried out on the standing lending facility of financial institutions, including 1 million yuan for the overnight period and 1 billion yuan for the seven-day period.
6. The National Development and Reform Commission organized a mobilization and deployment meeting for the implementation of the five-year action plan for the new urbanization strategy, and the relevant departments should improve the support policies for promoting the construction of new urbanization as soon as possible, and strengthen the guidance and promotion of the work in this field in accordance with the division of responsibilities.
7. The National Development and Reform Commission issued the "Special Administrative Measures for the Investment in the Central Budget of the Infrastructure Construction Project of the Education Power (Public Training Base)", which mentioned that the investment in the central budget for the construction of the public training base shall in principle be supported in accordance with the proportion of no more than 40%, 60%, 80% and 80% of the total investment in the eastern, central, western and northeastern regions respectively. The upper limit of support for provincial-level public training base projects is 100 million yuan, the upper limit of support for municipal-level public training base projects is 70 million yuan, and the upper limit of support for county-level public training base projects is 30 million yuan.
8. The Ministry of Commerce issued a statement stating that the Ministry of Commerce and its subordinate agencies have never issued the "Notarization Notice on the Issuance of Subsidies for the Benefit of the People by Replacing the Old with the New", have not organized activities such as live lectures and lectures on "Trade-in - Building the Chinese Dream Together", and have not required the notarization fee for applying for the trade-in subsidy. In response to this situation, the Ministry of Commerce has reported the case to the public security organs, asking consumers to avoid being deceived.
9. The 2024 Forum on China-Africa Cooperation Summit will be held in Beijing from September 4 to 6. According to China Customs statistics, from 2000 to 2023, the scale of China-Africa trade increased from less than 100 billion yuan to 1.98 trillion yuan, with an average annual growth rate of 17.2%, which was 4.6 percentage points higher than the average annual growth rate of China's overall trade in goods in the same period. In the first seven months of 2024, China's imports and exports to Africa reached 1.19 trillion yuan, an increase of 5.5%, a record high for the same period in history.
10. China and South Africa issued the Joint Statement on Establishing an All-round Strategic Partnership in the New Era. The statement pointed out that the two sides agreed to strengthen the synergy between the Belt and Road Initiative and the Economic Reconstruction and Recovery Plan, continue to implement the China-South Africa Ten-Year Strategic Plan for Cooperation (2020-2029), and promote the two sides to achieve more substantive results on political, economic and social priorities
Domestic Stock Market //
1. The three major A-share indexes opened low and went low, and the Shanghai Composite Index hit a new low in this round of adjustment, with nearly 4,400 shares falling in the market. Semiconductor concept stocks fell, and Lixin fell slightly by 9%; China's top stocks fluctuated and fell, and China's shipbuilding fell by more than 9%; Pharmaceutical and commercial stocks fell, and the people fell more than 9%; Brokerage stocks pulled back significantly, and Jinlong shares fell more than 8%; Liquor stocks fell, with Wuliangye and Kweichow Moutai falling more than 3%. Consumer electronics have been repeatedly active, Kesen Technology has five boards, and Shenzhen Huaqiang has recorded 12 boards in 13 days; The concept of cellular immunotherapy is strong, and Guanhao Biotech has a 20% daily limit; AI glasses concept stocks picked up, and Zowee Technology rose to the limit; Coal stocks regained their upward momentum, with China Coal Energy rising more than 6% and its share price hitting a 15-year high. As of the close, the Shanghai Composite Index fell 1.1% to 2811.04 points, the Shenzhen Component Index fell 2.11%, the ChiNext Index fell 2.75%, the STAR 50 fell 3.48%, the Beijing Stock Exchange 50 fell 2.75%, Wind All A fell 1.78%, and the Wind A500 fell 1.87%. The market turnover was 708.47 billion yuan.
2. Hong Kong's Hang Seng Index closed down 1.65% at 17,691.97 points, the Hang Seng Technology Index fell 2.08%, and the Hang Seng China Enterprises Index fell 1.89%. The real estate, consumption and telecommunications sectors were among the top decliners, with New World Development falling 13% to lead the blue-chip decline. The new forces of car-making generally fell, and NIO and Li Auto fell nearly 5%. Nonferrous metals and gold stocks fell with the market, China Gold International fell nearly 8%, and Ganfeng Lithium fell nearly 6%. The market turnover was HK$112.889 billion, southbound funds bought HK$11.939 billion, TraHK Fund received a net purchase of HK$6.756 billion, and Tencent Holdings was the most net seller of HK$191 million. China's Taiwan Weighted Index closed down 0.29% at 22,204.58.
3. The China Securities Association revised the self-discipline rules for securities dispute mediation, including innovative measures such as entrusted mediation, model judgments, small-amount quick adjustments, and non-disputed fact records, and also clarified the circumstances of compulsory mediation and the punishment measures for violating the regulations.
4. The China Securities Association revised and issued the Code of Professional Ethics for Securities Practitioners. The China Securities Association requires that all securities companies and their subsidiaries should strengthen the management of personnel selection and employment, do a good job of "entry, promotion, and exit" of personnel, and strengthen the investigation of personnel's political quality, moral character, and honest employment. The company shall prudently hire and appoint personnel with negative reputation information. Resolutely clear out those who have violated laws and regulations, and committed immoral and unethical behaviors, and constantly purify the ranks of employees.
5. The SFC has published two new Easy Reference Guides to help professionals visiting and returning to Hong Kong understand the SFC's pragmatic licensing regime. Visiting and returning professionals may be exempted from qualifying examinations and training under certain circumstances.
6. UBS is generally optimistic about the A-share market, and expects the MSCI China Index to have about 10% upside in the next 3 to 6 months, of which 7% will come from earnings growth.
7. The data shows that at least 13 brokerages have announced their latest monthly "gold stock" portfolios, and BYD is the most favored. Looking forward to the outlook and investment direction of A-shares in September, industry insiders believe that the current A-share market has more characteristics of the bottom, and in the future, driven by multiple factors such as policy increases, the marginal repair of investor sentiment is expected to promote the phased stabilization of the market. In terms of specific allocation, the dividend sector has once again ushered in allocation opportunities after adjustment.
8. The heavy stocks and rebalancing and share swaps of insurance capital in the second quarter surfaced. Bank stocks are the most popular, while insurers' holdings in them are mostly unchanged. As of the end of the second quarter, insurance companies held 796 stocks. Among them, the position of 262 stocks increased from the first quarter, and the position of 161 stocks remained unchanged. Insurance institutions said that they are currently optimistic about the A-share market and will better play the role of institutional investors by combining their own liabilities and capital characteristics.
9. China Shipbuilding and China Heavy Industry Co., Ltd. both announced that China Shipbuilding plans to absorb and merge China Heavy Industry by issuing A shares to all shareholders of China Heavy Industry. The shares of the two companies have been suspended since the market opened on September 3, and the suspension is expected to last no more than 10 trading days. China Shipbuilding and China Heavy Industry are both large shipbuilding enterprises with a market value of more than 100 billion yuan. As of the close of trading on September 2, the total market value of China Shipbuilding was 156.1 billion yuan, and the total market value of China Heavy Industry was 113.6 billion yuan. The actual controllers of both companies are the State-owned Assets Supervision and Administration Commission of the State Council.
10. BAIC New Energy, a subsidiary of BAIC Blue Valley, intends to increase its capital and expand its shares by introducing strategic investors through public listing, and the capital increase price shall not be lower than the evaluation results of the record, and the amount of capital increase shall not exceed 10 billion yuan. BAIC New Energy has new energy brands such as Jihu and Xiangjie. Among them, Xiangjie is jointly built by BAIC New Energy and Huawei, and has attracted much attention from the market since its listing.
11. Wang Liang, President of China Merchants Bank, said that at present, China Merchants Bank has not received any relevant opinions from the regulatory authorities on the conversion of individual housing loans into mortgages, and the relevant regulatory authorities have not consulted commercial banks on this matter.
12. JD.com's global sales business was newly launched in four countries: United States, Japan, Singapore and Malaysia, and the performance requirements are not loss-making, and the business plan will continue to expand to Europe, North America, Oceania and other markets.
13. MINISO's flagship store in Central Park, Jakarta, Indonesia, the world's largest store opened, and the store sales exceeded 1.18 million yuan on the first day of opening.
Finance//
1. In the first eight months of this year, the issuance scale of newly established funds has exceeded 760 billion yuan, exceeding the same period last year. Specifically, fund issuance cooled in January and February this year, began to gradually pick up in March, and there was a pullback in July and August. In September, 40 new funds will be launched, and a number of new index funds and new equity funds are "on the way".
2. SPD Silicon Valley Bank's applications for changing its registered capital, adjusting its shareholding ratio, and changing its name were approved, and it will be renamed Shanghai Kechuang Bank. According to public information, SPD Silicon Valley Bank was established in August 2012 and is the first bank in China with independent legal person status to serve technological innovation enterprises.
3. The Jiangsu Provincial Local Financial Supervision and Administration Bureau stated that it found that one "fake gold exchange" was Jiangsu Zhongjideng Information Service Co., Ltd., and in accordance with relevant regulations, the "fake gold exchange" was announced and cleared in accordance with the law.
Housing//
1. According to data from the Beijing Housing and Urban-Rural Development Commission, the number of second-hand housing online signatures in Beijing in August was 14,363, down 7.8% month-on-month, but up 31% year-on-year.
2. The first home loan interest rate of many banks in Guangzhou, such as China Resources Bank, HSBC, Standard Chartered Bank and Bank of Guangzhou, has entered the prefix of "2", among which the first home loan interest rate of China Resources Bank can be as low as 2.89%. However, a number of banks revealed that they do not support "business to business" for the time being.
3. Hainan Province notified that the minimum down payment ratio for applying for housing provident fund loans for the purchase of affordable housing in the province is 15%, which will be implemented from September 2.
4. Hunan Changde issued a notice to allow the withdrawal of housing provident fund to pay the down payment for the purchase of a house, reduce the proportion of the down payment of the housing provident fund for the purchase of a house, and increase the maximum limit of the housing provident fund loan to 800,000 yuan.
Industry//
1. The Ministry of Industry and Information Technology (MIIT) solicited public opinions on the Implementation Plan for the Digital Transformation of Light Industry (Draft for Comments). Among them, it is proposed to implement large-scale digital transformation and renewal of equipment. Compile equipment renewal guidelines for the light industry industry, and promote the digital transformation and upgrading of key equipment and processes such as R&D, production, and testing in industries such as home appliances, leather, papermaking, hardware products, plastic products, bicycles/electric bicycles, etc. Promote the application of programmable logic controllers (PLC), distributed control systems (DCS) and other industrial control systems and industrial robots, intelligent testing equipment, manufacturing execution systems (MES) and other intelligent equipment and industrial software.
2. Shanghai issued the "Shanghai Three-Year Action Plan for Promoting the High-quality Development of the Live Broadcast Economy (2024-2026)", which proposes that by 2026, the retail sales of live broadcast e-commerce will strive to reach 600 billion yuan, and the scale of various entities of the live broadcast economy will continue to grow, forming 10 leading and internationally competitive head live broadcast platforms, cultivating a number of large-scale, strong driving and influential anchor service institutions in China, and creating a number of well-known IP brands for various live broadcast activities in China. Sort out and release 100 featured live broadcast scenes.
3. The State Tobacco Monopoly Administration issued the Notice on Revising and Printing the Administrative Rules for E-cigarette Transactions. The notice mentions that a unified national e-cigarette transaction management platform will be established and membership management will be implemented. Adhere to the market to determine the price, and establish and improve the price formation mechanism of e-cigarette products that is mainly regulated by the market. The ex-factory price and suggested retail price of domestic e-cigarette products shall be determined independently by e-cigarette product manufacturers and e-cigarette brand holding enterprises, and the wholesale price shall be reasonably determined by e-cigarette wholesale enterprises on the basis of ex-factory prices in combination with operating and management costs, national tax policies and other factors.
4. The Photovoltaic Industry Association organized and held the "Symposium on the Bidding and Bidding Mechanism for the Construction of Photovoltaic Power Stations". The meeting suggested that the China Photovoltaic Industry Association should take the lead in compiling and publishing the price index and cost index to better reflect the current price of photovoltaic products and serve as an important basis for the price adjustment mechanism.
5. According to the preliminary monthly data, the Federation of Passenger Cars comprehensively estimated that the wholesale sales of new energy passenger car manufacturers in China in August were 1.05 million units, a year-on-year increase of 32% and a month-on-month increase of 11%.
6. According to data from the China Federation of Logistics and Purchasing, the prosperity index of China's logistics industry in August was 51.5%, up 0.5 percentage points from the previous month.
7. According to data released by the Ministry of Industry and Information Technology, from January to July, the added value of the electronic information manufacturing industry above designated size increased by 13.4% year-on-year, and the growth rate was 7.5 and 4.5 percentage points higher than that of the industrial and high-tech manufacturing industries in the same period. In July, the added value of the electronic information manufacturing industry above designated size increased by 14.3% year-on-year.
8. General Administration of Customs: It has decided to resume the import of Wendan pomelo from Taiwan to the mainland from September 2, 2024.
9. ByteDance seeks to secure a $9.5 billion loan, which would be the largest corporate dollar loan in Asia (excluding Japan), according to people familiar with the matter.
Overseas//
1. The final value of the manufacturing PMI in the euro area in August was 45.8, the expected was 45.6, the preliminary value was 45.6, and the final value in July was 45.8. United Kingdom's manufacturing PMI final value in August was 52.5, with an expectation of 52.5 and a preliminary value of 52.5. Germany's final manufacturing PMI in August was 42.4, expected 42.1, preliminary 42.1, and final July 43.2. France's final manufacturing PMI in August was 43.9, expected 42.1, preliminary 42.1, and 44.0 in July.
2. Switzerland's actual retail sales rose 2.7% year-on-year in July, and the previous value was revised to 2.6% from a decline of 2.2%.
3. Statistics released by the Ministry of Health, Labor and Welfare of Japan showed that the number of births in Japan first half of the year was 350074, a year-on-year decrease of 5.7%. This is the third consecutive year that the number of people has been below 400,000, and it is the lowest since 1969 when comparable data are available for the first half of the year. The number of births in 2024 could also fall below 700,000 for the first time.
4. Omdia's latest research predicts that the global game subscription market will generate more than $27 billion in revenue by 2028. In 2024, gaming subscription spending will reach $19 billion, marking the second consecutive year of double-digit growth after declining revenue in 2022.
International Stock Market //
1. Apple China responded that "iPhone16 does not support WeChat", saying that it is actively communicating with Tencent to confirm whether Tencent will continue to provide software download commissions to the Apple App Store in the future. In addition, Apple is actively adjusting its global production strategy, planning to mass-produce high-end iPhone 16 Pro models in India for the first time.
2. Apple and OpenAI order A16 chips from TSMC in 2026.
3. According to the news, Blackstone Group is close to reaching a $20 billion deal to acquire Australia data center operator AirTrunk, and the relevant agreement may be signed this week. This is likely to be one of the biggest digital infrastructure deals this year.
4. Mitsubishi Electric will spend $140 million to reorganize its United States auto plant to produce AI cooling equipment.
5. Samsung Electronics' flagship smartphone Galaxy S25 series, which is expected to be launched in January 2025, will all use Qualcomm application processors in response to the launch of Apple's first AI iPhone.
Commodity//
1. Domestic commodity futures closed generally down in the night, with weak performance of energy and chemicals, glass fell 4.6%, soda ash fell 3.31%, PTA fell 1.94%, No. 20 rubber fell 1.43%, asphalt fell 1.31%, fuel oil fell 1.09%, and crude oil rose 0.66%. The black series fell across the board, with iron ore down 2.37%, coke down 1.15%, and coking coal down 1.11%. Most agricultural products fell, with corn down 1.77% and corn starch down 1.47%. Most of the base metals closed down, Shanghai tin fell 1.5%, Shanghai lead fell 0.69%, stainless steel fell 0.66%, Shanghai aluminum fell 0.46%, Shanghai zinc fell 0.46%, Shanghai nickel fell 0.29%, Shanghai copper rose 0.01%. Shanghai gold rose 0.11%, and Shanghai silver fell 1.28%.
2. The World Gold Council (WGC) revealed that consumer demand for gold bars, gold coins, jewelry and other items in India reached 288.7 tons in the first half of 2024, an increase of 1.5% year-on-year; Due to India's adjustment of the gold tax system, it is expected that India's gold consumption may increase by more than 50t further than expected in the second half of the year.
3. OPEC+ countries' oil production in September may increase by 16,000 b/d month-on-month to 35.49 million b/d. Iraq, Kazakhstan and Russia exceeded their quotas in the first half of this year and must be gradually compensated by September 2025.
4. Turkey signed a 10-year LNG supply agreement with Shell, the latest move in Ankara's efforts to become a regional hub for natural gas on Europe's doorstep. Starting in 2027, Shell will sell about 4 billion cubic meters of LNG annually to Turkey's state-owned company Bottas, which is equivalent to about 8% of Turkey's total gas demand in 2023.
5. The price of new rice produced in Japan in 2024 will increase by 2-4% compared with last year.
6. According to data from AmSpec, an independent inspection agency in Malaysia, palm oil exports in August Malaysia were 1376412 tons, a year-on-year decrease of 11.51%.
7. On Monday, the Luo Dry Bulk Index rose 5.79% to 1,919 points.
8. According to the latest quotation of Shanghai Nonferrous Metals Network, on September 2, the price of domestic battery-grade lithium carbonate rose 80 yuan to 74,700 yuan/ton, up 2 consecutive days, and a cumulative increase of 560 yuan in the past 5 days.
Bond//
1. [Bond Market Overview] Spot bond futures strengthened across the board, with the yield of 2-5 year treasury bond active bonds falling by about 4bp, and 7-10 year treasury bonds and CDB both falling by more than 2bp. Treasury bond futures collectively closed higher, and the main 30-year contract rose 0.58%. The interbank "two permanent bonds" were actively traded, and the yield fell. Analysts said that the operation of buying and selling central bank bonds is conducive to maintaining a steepened yield curve.
2. The CSI Convertible Bond Index closed down 0.58%, and the Wind Convertible Bond Equal Rights Index fell 0.84%. Jingda convertible bonds fell 6.9%, the largest decline, and Dongshi convertible bonds rose 15.09%, leading the increase.
3. [Major Bond Events] (1) H19 Bidi 3 and H1 Bidi 01 will be suspended from the opening of the market on September 3 (2) "19 Jizhong Energy MTN004B" and "21 Rongcheng 03" will be fully redeemed (3) "21 Luzhou Jiao MTN003" passed the relevant proposals for early redemption (4) The manager of Jinke Real Estate Group has received the formal registration materials submitted by 12 investors who intend to reorganize.
Foreign exchange//
1. On Monday, the onshore yuan closed at 7.1115 against the US dollar at 16:30, down 234 basis points from the previous trading day, and closed at 7.1170 in overnight trading. The central parity of the yuan against the US dollar was reported at 7.1027, up 97 basis points.
2. According to the data of the foreign exchange trading center, the RMB exchange rate index rose across the board last Wednesday, with the CFETS RMB exchange rate index at 97.95, up 0.06 from the previous month, the BIS currency basket RMB exchange rate index at 103.67, up 0.13 from the previous month, and the SDR currency basket RMB exchange rate index at 92.86, up 0.3 from the previous month.
3. Korea will cut the size of its foreign exchange stabilization fund by a record more than 30% next year. The won fell 3.7 percent against the dollar at the end of August, making it the second-worst performing currency in Asia, behind the Taiwan dollar.
Important Economic Agenda //
Review of historical articles
"The impact is significant! A-share merger of North and South Ships》
"The Central Bank's Big Move"
"Heavy, Apple and Huawei are about to face off at the peak! 》
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