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Real-time News
July 17th - According to the Ministry of Finance, the battery consumption tax policy will be adjusted in stages starting September 1, 2026. According to a recent announcement by the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration, consumption tax preferences for lithium primary batteries, lithium-ion batteries, and photovoltaic cells will be gradually phased out; meanwhile, some new technology battery products will enjoy consumption tax exemption for a certain period. Industry insiders say that overall, this policy adjustment is in line with the changing development of my countrys battery industry, will better leverage the regulatory role of consumption tax, promote resource conservation and environmental protection, and will promote the healthy and high-quality development of the battery industry, driving technological progress and industrial upgrading.On July 17th, Francesco Pesole of ING Group stated in a report that investors expectations for a Bank of England interest rate hike appear overly aggressive. The market has already priced in a total of 36 basis points of rate hikes by the Bank of England in 2026. However, ING expects the Bank of England to maintain its interest rate at 3.75% throughout 2026. Pesole stated, "We still believe there are significant downside risks to short-term sterling interest rates."The VIX fear index hit a more than one-week high, ultimately rising 1.7 points to 18.44.The onshore yuan closed at 6.7773 against the US dollar at 16:30 on July 17, down 95 points from the previous trading day.Hong Kongs three-month unemployment rate in June was 3.7%, compared to an expected 3.70% and the previous reading of 3.70%.