October 30th Macroeconomic Index: RMB Hits Two-Month Low Amid Rising US Treasury Yields and Depreciating Yen

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

Domestic News

1. Ministry of Finance: Further strengthen matters related to the management of general financial accounting

2. What is the situation of power supply during the peak winter this year? China Electricity Council: It is expected that the overall balance will be tight

3. Eliminate trade barriers, promote economic and trade exchanges, and accelerate standardization in BRICS countries

4. In the first three quarters, the total amount of social logistics in the country increased by 5.6% year-on-year

5. The RMB hit a more than two-month low, with rising U.S. Treasury yields and a depreciating yen putting pressure

 International News

1. The Israeli Prime Minister said that he is willing to advance the peace process with Arab countries

2. Guterres: UN rescue agencies are "indispensable", Israel bill is "unacceptable"

3. Goldman Sachs CEO Solomon: Worried about global inflation

4. The survey shows that United States consumers are not confident in the Fed's ability to manage the economy

5. In the midst of controversy, the first lithium mine in United States 60 years was approved

Domestic News

1. Ministry of Finance: Further strengthen matters related to the management of general financial accounting

The Ministry of Finance issued a circular on matters related to further strengthening the management of general financial accounting. Among them, it is proposed to unify the setting of the set of accounts. The general accounting of finance at all levels across the country has set up nine types of accounts, including the general accounting account, the special account for education fees, the special account for the collection of non-tax revenues, the special account for financial escrow funds, the special account for social security funds, the payment center account, the special fund account, the special account for special expenditures, and the special account for foreign currency. All kinds of account sets shall implement a unified national account set name and account set code. If there is a real need to add additional sets of accounts, it is necessary to file with the Ministry of Finance (Treasury Department), and the accounting content of the new sets of accounts cannot be overlapped with the above nine sets of accounts.

2. What is the situation of power supply during the peak winter this year? China Electricity Council: It is expected that the overall balance will be tight

According to the latest report released by the China Electricity Council, it is expected that the national power supply and demand situation will be tightly balanced during the peak winter in 2024. According to the China Electricity Council, the current national thermal coal inventory is at a good level as a whole, providing a good foundation for ensuring supply for this year's peak winter. Taking into account the growth of demand, the commissioning of power supplies, and the supply of thermal coal and natural gas, it is expected that the overall balance of power supply and demand in the country during the peak winter this year is mainly due to the tight power supply and demand situation of some provincial power grids in East China, Central China, Southwest China and South China during peak hours.

3. Eliminate trade barriers, promote economic and trade exchanges, and accelerate standardization in BRICS countries

The reporter learned today at the BRICS Economic and Trade Activities Forum held by the China Council for the Promotion of International Trade that the BRICS countries will speed up the standardization construction and further promote the economic and trade exchanges between the BRICS countries. Economic and trade cooperation is an important pillar of BRICS cooperation. With the gradual deepening of economic and trade exchanges among BRICS member countries, standard cooperation has become an important part of promoting economic and trade exchanges among different countries. Zhang Shaogang, Vice President of the China Council for the Promotion of International Trade, said that international standards, as the world's "common language" and common rules, can effectively eliminate trade barriers, promote trade facilitation and standardization, and are the basis for foreign trade and economic cooperation.

4. In the first three quarters, the total amount of social logistics in the country increased by 5.6% year-on-year

In the first three quarters of this year, the total amount of social logistics in the country was 258.2 trillion yuan, a year-on-year increase of 5.6%. From the perspective of each quarter, the growth rate is above 5%. Judging from September, under the comprehensive effect of accelerating the introduction of a package of incremental policies, there have been obvious positive changes in logistics demand.

5. The RMB hit a more than two-month low, with rising U.S. Treasury yields and a depreciating yen putting pressure

The yen fell 1% at one point to a three-month low, and Japan's Liberal Democratic Party ruling coalition lost its majority in the House of Representatives for the first time since 2009. The yuan hit a more than two-month low on Monday, as rising US Treasury yields and a sharp fall in the yen weighed on the yuan. The central parity of the renminbi also weakened to its lowest level since August. USD/CNH rose 0.2% to 7.1449, rising for the second day in a row and hitting its highest closing level since Aug. 22. USD/CNY rose for the second day in a row, closing at 7.1266 on Monday.

International News

1. The Israeli Prime Minister said that he is willing to advance the peace process with Arab countries

Israel Prime Minister Benjamin Netanyahu said in a speech to the Jerusalem parliament on October 28 that "Israel is willing to continue to normalize relations with Arab countries and advance the peace process after the war." Netanyahu said Israel was willing to "trade peace for peace and promote peace with strength." Israel maintains dialogue with the United States, but Israel makes decisions based on its own interests. He stressed that Israel's strategy is to prevent Iran from acquiring nuclear weapons.

2. Guterres: UN rescue agencies are "indispensable", Israel bill is "unacceptable"

UN Secretary-General Guterres issued a statement on the 28th expressing deep concern over the passage by the Israel Parliament of two bills on the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), stressing that UN relief agencies are "indispensable" and Israel's bills are "unacceptable".

3. Goldman Sachs CEO Solomon: Worried about global inflation

Goldman Sachs CEO Solomon: Concerned about global inflation. There are concerns about geopolitics in the Middle East, but geopolitics has not had a significant impact on business. Concerns about United States spending and deficits. The direction of the Fed's interest rates in 2025 will depend on the data. The United States economy has proven to be very resilient. It's best to focus on long-term interest rates in the United States. The trading outlook is improving.

4. The survey shows that United States consumers are not confident in the Fed's ability to manage the economy

A survey of more than 5,000 consumers shows that their confidence in the Fed's ability to manage inflation and unemployment effectively is not too high. According to the latest paper released by the United States National Bureau of Economic Research, on a scale of 1-7 (7 points represent the highest level of trust), the average level of confidence in the Fed's ability is 3.2. "Trust in the Fed's concern for the economic well-being of all United States is slightly higher, averaging 3.5," economists Pei Kuang, Michael Weber and Shihan Xie said in the paper.

5. In the midst of controversy, the first lithium mine in United States 60 years was approved

According to a report by Nikkei Asian Review on the 26th, Ioneer, a mining company headquartered in Australia, recently said that it has received approval from the United States Biden administration to plan to mine lithium and boron at the same time in Rhyolite Ridge, Nevada, United States. According to the report, this is the first approved lithium mine in United States since the 60s of the last century. According to British media, the newly approved lithium project is part of the Biden administration's efforts to manufacture the supply chain for electric vehicle batteries. The interviewed experts said that the lack of supporting systems and cost problems have made the construction of the lithium resource industry chain in United States less than expected.

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