April 9th Macroeconomic Index: China's Domestic Financial and Energy Regulatory Reforms Gain Momentum

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International Crude Price Trend and Exchange Rate of RMB to USD Trend

Domestic News

1. All regulatory branches of the State Administration of Financial Supervision and Administration are listed in a unified manner

2. National Energy Administration: Strengthen the construction of energy production, supply, storage and marketing system

3. A number of small and medium-sized banks announced a reduction in deposit interest rates, ranging from 15 to 80 basis points

4. Under the high base points, the export growth rate in March may fall but still be resilient

International News

1. The international gold price hit a new high because of many factors

2. Jordan and Palestine stressed to strengthen bilateral relations

3. The Houthis said they had attacked British and Israeli merchant ships and American warships many times

4. Israeli Defense Minister: The withdrawal is aimed at preparing for military operations in Rafah

Domestic News

1. All regulatory branches of the State Administration of Financial Supervision and Administration are listed in a unified manner

The reporter learned that at 10:00 a.m. on April 8, all regulatory branches of the State Administration of Financial Supervision and Administration held a unified listing ceremony. This means that the State Administration of Financial Supervision and Administration has formally formed a regulatory system of "General Administration - Provincial Level- Sub-Administration - Branch", which previously existed in the form of a supervision group. The listing of all regulatory branches of the State Administration of Financial Supervision and Administration means that China's county-level financial regulatory reform has taken an important step, which is expected to make up for the weak financial supervision at the county level, and the ability to prevent and resolve financial risks will be further enhanced.

2. National Energy Administration: Strengthen the construction of energy production, supply, storage and marketing system

Zhang Jianhua, Director of the National Energy Administration, pointed out in an article that it is necessary to strengthen the construction of the energy production, supply, storage and marketing system, accelerate the improvement of the safe and reliable substitution capacity of new energy, strengthen the role of fossil energy security supporting, build a multi-wheel driving energy supply system, and effectively build a solid foundation for energy security, so as to provide a strong energy guarantee for the construction of a strong country and national rejuvenation.

3. A number of small and medium-sized banks announced a reduction in deposit interest rates, ranging from 15 to 80 basis points

A new round of deposit interest rate "interest rate cuts" is coming, and local small and medium-sized banks collectively "make up for the reduction". On April 7, the reporter studied and found that recently, rural commercial banks and village banks in Shaanxi, Shanxi and Henan announced that they would reduce deposit interest rates, covering short-term, medium and long-term time deposits, and the interest rate reduction range was about 15-80 basis points. In the 2023 annual reports of listed banks, the data of many banks have reflected the trend of fixed-term deposits, and many senior executives also expressed control over the scale of high-cost deposits at the results conference. Under the battle to defend interest rate spreads, a new round of deposit rate cuts is still a high probability event.

4. Under high base points, the export growth rate in March may fall but still be resilient

According to the data released by the General Administration of Customs in March, the total value of China's imports and exports in the first two months of this year was 930.86 billion US dollars, an increase of 5.5%. Among them, exports were 528.01 billion US dollars, an increase of 7.1 percent, imports were 402.85 billion US dollars, an increase of 3.5 percent, and a trade surplus was 125.16 billion US dollars, an increase of 20.5 percent. Ming Ming, chief economist of CITIC Securities, said in an interview that in the first two months of this year, the scale of China's import and export of goods hit a record high in the same period in history. From the perspective of export structure, China's exports to the "Belt and Road" countries have achieved high growth. However, affected by the high base effect in the same period last year, exports in March this year may have a year-on-year phased decline, but they can still remain relatively resilient.

International News

1. The international gold price hit a new high because of many factors

According to the Securities Daily, since the beginning of this year, the international gold price has continued to strengthen, and it hit a record high during the domestic Qingming Festival holiday. On April 5, Beijing time, the highest intraday price of the main June contract of gold on the New York Mercantile Exchange (COMEX) reached $2,350 per ounce, a new high since its listing, with a turnover of 281,400 lots and an open interest of 424,300 lots. So far, the main June contract of COMEX gold has risen by more than 11% this year.

2. Jordan and Palestine stressed to strengthen bilateral relations

According to a report by the Jordanian News Agency on the 7th, Jordanian Prime Minister Bisher Khasawneh met with Palestinian Prime Minister and Minister of Foreign Affairs and Expatriate Affairs Mohamed Mustafa in the capital Amman on the same day, and the two sides stressed that efforts will be made to strengthen relations between the two countries in various fields. During the meeting, Al-Khasawneh said that Jordan firmly supports the legitimate rights of Palestine and called on Israel to immediately stop its "aggression" against the Gaza Strip. Jordan and Palestine are closely linked historically and geographically, and Jordan regards the question of Palestine as a Jordanian affair and has never hesitated to support the Palestinians and the Palestinian Authority. Al-Khasawneh said that Jordan and Palestine have good trade relations, and the two sides look forward to and strive to strengthen relations in various fields.

3. The Houthis said they had attacked British and Israeli merchant ships and American warships many times

Yemen's Houthi spokesman Yahya Sareya said in a statement on the 7th that the Houthis have launched multiple attacks on British and Israeli merchant ships and US warships in the past 72 hours. The Houthis attacked a British merchant ship named "Island of Hope" in the Red Sea, an Israeli cargo ship named "Mediterranean Gina" in the Arabian Sea, and an Israeli cargo ship named "Mediterranean Grace F" in the Indian Ocean, Sarea said. Two Israeli cargo ships were heading for Israeli ports at the time. According to Sareya, the Houthis used multiple ballistic and cruise missiles to attack the three merchant ships. But he did not disclose the exact timing of the attack.

4. Israeli Defense Minister: The withdrawal is aimed at preparing for military operations in Rafah

According to Xinhua News Agency, Israeli Defense Minister Gallant said on the 7th that the withdrawal of Israeli troops from the southern Gaza Strip is aimed at preparing for military operations in Rafah. The Israeli Ministry of Defense issued a statement on the 7th, saying that after completing the situation assessment at the command of the Israeli Southern Military Region on the same day, Gallant said that the withdrawal of Israeli troops from the Khan Younis area in the southern Gaza Strip was "preparing for future tasks," including military operations in Rafah, a city in the southern Gaza Strip.

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