◎ On August 29, offshore RMB fell below 6.90, 6.91, and 6.92 against the U.S. dollar, falling more than 300 points within the day.
◎ According to the forecast of the meteorological department, West China area will continue to have heavy rainfall in the next ten days, with more rainy days. The cumulative rainfall will turn from significantly less in the early stage to 40% to 1 times more than the same period in normal years. Locally If it exceeds 2 times, a sudden change in drought or flood may occur. The National Defense Administration decided to launch a level four flood control emergency response for Sichuan and Chongqing.
◎ As the cross-month period approaches, funds have been slightly tight recently, and short-term interest rates rose slightly last week. Industry insiders analyzed that this is related to factors such as government debt payment, required payment and large demand for cross-month funds. Looking forward to the follow-up funding situation, many experts said that under the current background of limited incremental policies and economic recovery, liquidity is expected to remain abundant in September.
◎ Recently, with the temperature dropping and rainfall in many places in the province, the power shortage in Sichuan Province has been alleviated. We learned from the State Grid Chengdu Power Supply Company that as of now, Chengdu’s industrial and commercial power has been restored, the city’s power supply is reliable, and the power grid is operating smoothly.
◎ On August 29, the transaction volume of iron ore at the country’s main ports was 1.05 million tons, an increase of 6.6% month-on-month; the transaction volume of building materials by 237 mainstream traders was 138,700 tons, a month-on-month decrease of 14.4%.
◎ According to Mysteel research, the month-on-month growth rate of new orders in the steel structure industry in September was 1.1%, the month-on-month growth rate of new orders in the machinery industry was 9.84%, and the month-on-month decrease in new orders in the home appliance industry narrowed by 5%. The automotive industry's new orders fell by 5.13% month-on-month in September.
◎ As the power supply has been restored, Sichuan steel plants have gradually resumed production. Among them, the electric arc furnace plant is subject to the shortage of scrap steel resources. In addition, the power supply has not yet returned to normal, so production is not saturated.
◎ According to Mysteel's incomplete statistics on steel mills' export orders in recent weeks, steel exports in October may have a certain month-on-month decline. The current import price of hot roll in Southeast Asia is around US$590/ton CFR, and the export quotation of hot roll from Japan and South Korea is US$590-610/ton FOB. The export price is basically the same as that of Chinese resources.
◎ According to Mysteel’s research, 3 pig iron companies and 2 foundry companies in Benxi City have mostly maintained normal production. The start of work has not been affected by the epidemic yet. Only the shipment of goods is limited. The transportation of goods must be reported to the local area to ensure supply to the company. Point-to-point transfer.
◎ On August 25, Shougang Jingtang Company held a meeting of secretaries and ministers. Li Ming, deputy secretary of the party committee and general manager, emphasized that it is necessary to maintain stable and high output of blast furnaces, continue to reduce iron costs, and make greater contributions to improving overall efficiency.
◎ Australian mining giant Fortescue Metals Group underlying net profit fell 40% in the year to the end of June, falling to US$6.2 billion from a record US$10.35 billion the previous year, due to weaker iron ore prices, rising costs and labor shortages .
◎ After the LPR was lowered on August 22, as of August 24, at least 37 of 42 cities had banks lowering their mortgage interest rates by 15 BP. Cities where the mainstream interest rates have implemented the national lower limit before adjustment have generally started to implement the latest lower limit of mortgage interest rates (4.1% for the first mortgage and 4.9% for the second mortgage).
◎ Inner Mongolia Department of Housing and Urban-Rural Development: It is recommended to report the cancellation of "shared area" as a legislative item. It will play a positive role in preventing the disorderly increase in shared area, reducing conflicts and disputes in the house purchase process, and safeguarding the vital interests of the people.
◎ In order to revitalize problem real estate, Shaoxing City, Zhejiang Province is planning to establish a real estate stabilization fund, and plans to promote the overall project through "state-owned enterprise investment + financial institution merger and acquisition loans". A relevant person from the Shaoxing Municipal Housing and Urban-Rural Development Bureau told reporters on August 29 that this matter is mainly promoted by a special team for handling risk projects. It is still in the early research and planning stage and there is no implementation action yet.(Financial Associated Press)
◎ China Automobile Association: From January to July, automobile manufacturing profits were 273.94 billion yuan, a year-on-year decrease of 14.4%. The decline was 11.1 percentage points smaller than that from January to June, accounting for 1% of the total profits of industrial enterprises above designated size. The proportion is 5.6%.
◎ Inner Mongolia: Steadyly promote the construction of coal, rare earth and other energy resource bases and the construction of nationally planned mining areas. The annual coal output in the region is about 1 billion tons. Increase the minimum mining scale of new mines, and strictly enforce the access standards for newly built, renovated and expanded coal mines. In principle, the production capacity of new underground coal mines should not be less than 3 million tons/year, and the production capacity of renovated and expanded coal mines should not be less than 1.2 million tons/year. Year.
◎ Hunan: In 2025, the province’s energy consumption per unit of GDP will drop by 14% compared with 2020; new energy vehicle sales will account for about 20% of the total new automobile sales.
◎ As of August 29, 29 listed building materials companies have announced performance announcements for the first half of 2022, 90% of which have seen a decline in net profits.
◎ In order to ensure the supply of pork market during the holidays, National Development and Reform Commission will work with relevant departments to release government pork reserves in batches starting from September, and guide local governments to jointly release reserves. At the same time, we pay close attention to market dynamics and maintain normal market order.
07:30 Japan’s unemployment rate in July
17:00 Eurozone’s economic sentiment index in August
20:00 Germany’s initial annual CPI value in August
23:00 FOMC Permanent Voting Committee and New York Fed Chairman Williams delivered a speech on the U.S. economic outlook
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