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On August 21, the Shanghai Municipal Government held a press conference to interpret the "15th Five-Year Plan for the Development of the Lingang New Area of the China (Shanghai) Pilot Free Trade Zone." Tang Hao, Deputy Director of the Lingang New Area Management Committee, stated that the plan aims to achieve 100 billion yuan in bonded maintenance import and export volume and 50 billion US dollars in offshore entrepot trade volume by the end of the 15th Five-Year Plan period. It will also pioneer offshore financial pilot programs, iterate and expand the negative list and operational guidelines for cross-border data, build a global shipping hub, and create an international shipping green energy bunkering center.Traders: The Reserve Bank of India may be selling dollars to protect the rupee.August 21 – As US-Iran peace talks remain stalled and the security situation in the Middle East deteriorates, shipping traffic in the Strait of Hormuz decreased on Thursday compared to the previous day. Preliminary data from ship tracking company Kpler showed that seven cargo ships passed through the Strait of Hormuz on Thursday, down from 14 on Wednesday; four entered the strait, and three left. Data showed that no Very Large Crude Carriers (VLCCs) or liquefied natural gas (LNG) carriers passed through this narrow sea passage on Thursday. However, a VLCC carrying propane and butane exited the strait via the Iranian route.On August 21, Liao Min, Vice Minister of Finance, stated at a press conference held by the State Council Information Office that more than 2 trillion yuan of local government special bonds and ultra-long-term special treasury bonds will be issued and used in the second half of the year. The scale of issuance is also relatively large compared to previous years, which can maintain the policy strength.On August 21, Liao Min, Vice Minister of Finance, stated at a press conference held by the State Council Information Office that as of the end of July, 2.4 trillion yuan of new special bonds for 2026 had been issued nationwide, supporting 18,000 construction projects.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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