June 17th Macroeconomic Index: Shanghai Aviation Demand Falls, Petrodollar Agreement Ends

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Domestic News

1. The Counsellors' Office of Shanghai Municipal Government signed a memorandum of cooperation with COMAC

2. Shanghai Aviation Exchange: This week's terminal demand was less than expected, and the coastal composite index fell slightly

3. LONGi Hydrogen Energy signed a strategic cooperation agreement with Power Construction International

4. The hospital ship "Peace Ark" of the Chinese Navy set sail

5. More than 70 cities across the country have successively launched the "old for new" housing policy

International News

1. The United States demanded that Hamas accept Biden's phase one draft of the Gaza ceasefire agreement

2. Press Secretary of the President of Russia: Putin does not refuse to negotiate with Ukraine

3. The Israeli army announced a "tactical pause" in the offensive in southern Gaza

4. The 50-year petrodollar agreement between Saudi Arabia and the United States expired, and Saudi Arabia chose not to renew it

5. The Pentagon announced that the Israeli Defense Minister will soon visit the United States and meet with Austin

Domestic News

1. The Counsellors' Office of Shanghai Municipal Government signed a memorandum of cooperation with COMAC

According to the official website of COMAC, on the morning of June 14, the signing of a memorandum of cooperation between the Counselor's Office of the Shanghai Municipal People's Government and COMAC and the opening ceremony of the Counselor's Studio were held in the company. Mo Fuchun, Secretary of the Party Leadership Group and Director of the Counsellor's Office of the Shanghai Municipal Government, said that he expects to use the Counsellor's Office as a platform to gather COMAC's scientific and technological and human resources, focus on decision-making research topics, actively make suggestions, contribute wisdom and strength to promote the vigorous development of the large aircraft industry, and work together to make greater contributions to the economic and social development of the country and Shanghai. He Dongfeng, Secretary of the Party Committee and Chairman of COMAC, pointed out that the strategic role of large aircraft in economic development will be further highlighted from the comprehensive development to the stage of industrialization development. It is hoped that the two sides will work together to deepen cooperation in talent team and subject research, jointly promote the safe and high-quality development of the large aircraft industry, launch the brand of Made in Shanghai, and make Made in Shanghai go global.

2. Shanghai Aviation Exchange: This week's terminal demand was less than expected, and the coastal composite index fell slightly

According to the Shanghai Shipping Exchange, the downstream terminal commodity inventory is abundant, the procurement demand continues to be weak, the trend of more ships and less cargo continues, and the coastal bulk cargo composite index fell slightly. On June 14, the China Coastal (Bulk) Composite Freight Index released by the Shanghai Shipping Exchange closed at 969.19 points, down 1.0% from the previous period.

3. LONGi Hydrogen Energy signed a strategic cooperation agreement with Power Construction International

Recently, LONGi Hydrogen Energy and Power Construction International signed a strategic cooperation agreement, which signifies that the two parties will carry out in-depth cooperation in the field of green hydrogen, jointly explore and practice the application of green hydrogen solutions on a global scale, and jointly promote the green transformation of the energy structure.

4. The hospital ship "Peace Ark" of the Chinese Navy set sail

At 10 a.m. on the 16th, the hospital ship "Peace Ark" of the Chinese Navy set sail from a military port wharf in Zhoushan, Zhejiang Province, to carry out the "Harmony Mission-2024" mission. During the mission, the ship visited 13 countries, including Seychelles, Tanzania, Madagascar, Mozambique, South Africa, Angola, Congo (Brazzaville), Gabon, Cameroon, Benin, Mauritania, Djibouti and Sri Lanka, and also visited France and Greece. This is the 10th time that the "Peace Ark" has carried out the "Harmony Mission" series of missions since it was listed, and it is also the first time that the ship has visited Madagascar, South Africa, Cameroon, Benin, Mauritania, France and Greece. During the period of providing medical services, the "Peace Ark" carried out free diagnosis and treatment of common and frequently occurring diseases for local people, personnel of Chinese institutions, and overseas Chinese in the form of on-board diagnosis and treatment and medical detachment patrols. (CCTV News)

5. More than 70 cities across the country have successively launched the "old for new" housing policy

More than 70 cities across the country have successively launched the "trade-in" housing policy, hoping to activate the real estate market. "Trade-in" refers to the government-designated institutions or real estate enterprises to encourage and help residents of existing houses to sell their old houses for new ones through acquisition, replacement, subsidies, etc. At present, the "trade-in" measures in some cities have already had some effect. (CCTV)

International News

1. The United States demanded that Hamas accept Biden's phase one draft of the Gaza ceasefire agreement

On June 16, local time, the U.S. government is pressuring the Palestinian Islamic Resistance Movement (Hamas) to accept the first phase of the ceasefire agreement proposed by U.S. President Joe Biden without any modifications. (CCTV News)

2. Press Secretary of the President of Russia: Putin does not refuse to negotiate with Ukraine

On June 16, local time, Russian Presidential Press Secretary Dmitry Peskov said that President Putin does not refuse to negotiate with Ukraine, but believes that the implementation of the results of the negotiations needs to be guaranteed. Peskov said that a complex system of safeguards is needed to ensure trust in Ukraine. On the 14th local time, Russian President Vladimir Putin delivered a speech at the Russian Foreign Ministry. Putin offered conditions for a ceasefire between Russia and Ukraine, but the conditions were rejected by the Ukrainian side.

3. The Israeli army announced a "tactical pause" in the offensive in southern Gaza

According to the Associated Press, the Israeli military announced on Sunday a "tactical pause" in its offensive in the southern Gaza Strip in order to deliver more humanitarian aid. The military said the ceasefire would begin at 8:00 a.m. (05:00 GMT, 13:00 GMT) in the Rafah area and last until 7:00 p.m. (16:00 GMT, 24:00 GMT). The Israeli army said that until further notice, the tactical pause will be carried out on a daily basis. The Israeli military said the purpose of the moratorium was to allow rescue trucks to reach the nearby Israeli-controlled Kerem Shalom crossing and safely travel to the Salah al-Din Highway, the main north-south thoroughfare, to deliver supplies to other parts of Gaza. The Israeli military said it coordinated the tactical moratorium with the United Nations and international aid agencies.

4. The 50-year petrodollar agreement between Saudi Arabia and the United States expired, and Saudi Arabia chose not to renew it

The 50-year-long petrodollar deal between Saudi Arabia and the United States expired, and Saudi Arabia chose not to renew it. Saudi Arabia now has the flexibility to sell oil in a variety of currencies, including the RMB, the euro and the yen, and will expand in the future. Some people in the industry believe that the global financial market may undergo a major transformation and push countries to abandon the US dollar as the main reserve currency. Some analysts also believe that the outside world may have exaggerated the impact of the agreement on the status of the US dollar. Currently, the United States is still negotiating a broader agreement with Saudi Arabia. Moreover, it is likely that the Saudis will exchange the non-dollar currencies they receive for oil payments into dollars.

5. The Pentagon announced that the Israeli Defense Minister will soon visit the United States and meet with Austin

According to Agence France-Presse, as the new round of Palestinian-Israeli conflict continues, the US Pentagon announced on Saturday (15th) that Israeli Defense Minister Gallant will soon visit Washington and meet with US Secretary of Defense Austin. "In a June 11 call with Israeli Defense Minister Yoaf Gallant, the [U.S.] Secretary of Defense invited him to visit the Pentagon to further discuss current security developments in the Middle East. Secretary Gallant accepted the invitation and will visit the United States soon (time to be confirmed). Pentagon press secretary Pat Ryder posted on the social platform X.

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