March 28 Macroeconomic Index:Domestic and international economic policy fluctuations; multilateral impacts from marine hydrogen and ammonia to global automotive tariffs

Latest Global Major Index

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

Domestic News

1. The construction of China's first marine hydroammonia integrated project was completed

2. TrendForce: Driven by the rush to install in China, it is estimated that the price of the PV industry chain will rise collectively in the second quarter

3. Trump imposes 25% tariffs on imported cars. Zheng Yongnian: Be calm. Chinese companies have long been resilient

4. Most of the offshore RMB interbank interest rates rebounded, with both one-week and two-cycle interbank rates falling off two-week lows

5. Li Xiang officially announced: Li Auto's self-developed automotive operating system "Ideal Transwarp OS" is open source

 International News

1. It is reported that India will relax restrictions on foreign investment to attract foreign capital back to the stock market

2. Institut National des Statisticales et des Étoes et de Economics, France

3. SMMT: The Anglo-American auto industry needs to reach a mutually beneficial agreement

4. Sino-French Joint Statement: The withdrawal of some countries from multilateral institutions will only strengthen our resolve

5. OCBC: Auto tariffs may push up car prices, and U.S. consumers are facing dual pressures from inflation and recession

Domestic News

1. The construction of China's first marine hydroammonia integrated project was completed

On March 27, China's first marine hydroammonia integration project was completed in Yantai, Shandong Province, and officially entered the commissioning stage, laying the foundation for the project to be put into operation and the empirical test of the whole process of offshore hydrogen production. China's first semi-submersible offshore hydrogen production platform is more than 50 meters high, equivalent to a 17-story building, and weighs more than 20,000 tons. Because it can produce hydrogen at sea, it is expected to become an offshore refueling station for ocean-going vessels in the future.

2. TrendForce: Driven by the rush to install in China, it is estimated that the price of the PV industry chain will rise collectively in the second quarter

According to TrendForce's latest survey, China's policies have stimulated the overall demand of the PV industry, and module supply is tight, and it is expected that demand will peak slightly in March and April 2025, which may lead to an increase in prices in the industrial chain in the second quarter. At the end of January and the beginning of February 2025, China successively announced the relevant regulations on photovoltaic power generation and new energy electricity prices, if photovoltaic power generation projects are connected to the grid after May 31, they will no longer enjoy a fixed purchase price, but return to the market supply and demand to determine the price, thus triggering a "rush to install", especially distributed photovoltaic projects will reach the peak of installed capacity in the second quarter. The rush to install distributed projects has driven the demand for modules, causing distributors to stock up on a large number of modules, and the top module suppliers have raised prices several times in a row, with the current high price reaching RMB 0.73/W and the average price being RMB 0.7/W, which continues to be supported.

3. Trump imposes 25% tariffs on imported cars. Zheng Yongnian: Be calm. Chinese companies have long been resilient

At the 2025 Boao Forum for Asia Annual Conference, Zheng Yongnian, Dean of the School of Public Policy of Hong Kong Chinese University (Shenzhen), responded on the spot in the face of Trump's latest policy of imposing 25% tariffs on imported cars. In an interview with reporters, he said that the resilience of Chinese enterprises has been tested by years of trade frictions, and they have long been able to resist shocks. In the end, it is the United States itself that may be hurt even more by this tariff policy. (CCTV News)

4. Most of the offshore RMB interbank interest rates rebounded, with both one-week and two-cycle interbank rates falling off two-week lows

CNH HIBOR showed on Thursday that most of the main term rates rebounded; The one-cycle HIBOR rose 14 basis points to 1.78636%, and the two-cycle HIBOR rose 9 basis points to 1.80000%, both off their two-week lows. The one-year HIBOR edged up to 2.29909%; Overnight, HIBOR retreated 7 basis points to 1.50000%.

5. Li Xiang officially announced: Li Auto's self-developed automotive operating system "Ideal Transwarp OS" is open source

According to Li Auto, on March 27, the 2025 Zhongguancun Forum Annual Conference, co-sponsored by the Ministry of Science and Technology, the National Development and Reform Commission, the State-owned Assets Supervision and Administration Commission of the State Council, the Chinese Academy of Sciences, the Chinese Academy of Engineering, the China Association for Science and Technology and the Beijing Municipal Government, opened in Beijing. Li Xiang, Chairman and CEO of Li Auto, attended the forum and delivered a speech, sharing the self-development process and technical advantages of Li Transwarp OS, and announcing that Li Auto has become the first automotive company in the world to open source the automotive operating system, and the overall performance comprehensively surpasses the industry's leading closed-source AUTOSAR operating system.

International News

1. It is reported that India will relax restrictions on foreign investment to attract foreign capital back to the stock market

The RBI will double the investment cap for foreign individual investors in listed companies to 10 percent in a bid to boost capital inflows, according to two senior Indian government officials and relevant documents. Overseas Portfolio Investments (FPIs) have pulled more than $28 billion from Indian equities since the Nifty 50 hit a record high in September last year, weighed down by poor results, high valuations and the prospect of U.S. tariffs. In order to attract more foreign investment, India is opening up preferential policies that were previously restricted to overseas Indians to all foreign investors, while increasing investment limits, officials said. In a letter to the government last week, the RBI said: "These proposals should be implemented as soon as possible, given the recent disruption of capital inflows into the external sector."

2. Institut National des Statisticales et des Étoes et de Economics, France

Institut National des Statisticales et des Étoes et de Economics, France: France's public deficit widened to 5.8% in 2024 from 5.4% of GDP in 2023, an improvement from the government's target of 6.0% set in 2024.

3. SMMT: The Anglo-American auto industry needs to reach a mutually beneficial agreement

The Association of Motor Manufacturers and Traders (SMMT) said the UK and US auto industries need to explore opportunities for collaboration as part of a mutually beneficial relationship, rather than imposing additional tariffs. President Trump has said he will formally impose a 25 percent tariff on U.S. imports of global cars starting April 3. Mike Hawes, CEO of SMMT, said: "The industry urges both sides to come together immediately and reach an agreement that benefits all. ”

4. Sino-French Joint Statement: The withdrawal of some countries from multilateral institutions will only strengthen our resolve

On the occasion of the 10th anniversary of the Paris Agreement, China and France issued a joint statement on climate change. The statement mentioned that China and France are committed to providing appropriate solutions to the major challenges of our time within a multilateral framework. The backsliding of some countries from scientific consensus and from multilateral institutions will only strengthen our resolve and strengthen our action. The two sides reaffirmed the need to take and accelerate collective action on the basis of the best available science, taking into account the different national circumstances of each country. (CCTV News)

5. OCBC: Auto tariffs may push up car prices, and U.S. consumers are facing dual pressures from inflation and recession

Vasu Menon, Managing Director of investment strategy at Singapore's OCBC Bank, said the latest move could make cars more expensive and could exacerbate recession fears for U.S. consumers who are already worried about inflation. "Retaliation by countries affected by the latest auto tariffs could worsen the position of U.S. consumers and automakers and further raise concerns about inflation and the outlook for the U.S. economy," he said. ”

Domestic Macro Economy Index