Daily Macro Economy News on July 28

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

Domestic News

1. PBC Shanghai HQ: Shanghai's Cross-Border RMB Settlement Volume of 10.79 Trillion Yuan in H1 Continues to Remain No. 1 in the Country

2. Energy Conservation and Comprehensive Utilization Department of MIIT Accelerates Clean and Efficient Utilization of Coal in Industrial Sector

3. CCA: Auto manufacturing profit year-on-year growth rate fell in the first half of 2023

4. Coastal coal tariffs continue to fall as more ships and less cargoes highlight the situation

International News

1. Russia's natural gas production in the first half of the year fell 14.9% year-on-year

2. IEA indicates that Global coal consumption reaches record high in 2022 and will remain close to that record level this year

3. European gas prices remain subdued despite heatwave

4. EVE: Signs Memorandum of Understanding with EA to Invest in Battery Production Base

More detials:

Domestic News

1. PBC Shanghai HQ: Shanghai's Cross-Border RMB Settlement Volume of 10.79 Trillion Yuan in H1 Continues to Remain No. 1 in the Country

Shi Liya, director of the cross-border RMB business department of the People's Bank of China (PBOC) Shanghai headquarters, said at the Q3 2023 regular press conference held by the PBOC Shanghai headquarters on July 27 that in the first half of the year, Shanghai's cross-border RMB settlement volume amounted to RMB 10.79 trillion yuan, a year-on-year increase of 10%, accounting for 44.1% of the country's total amount of cross-border RMB settlements, and continued to be No. 1 in the country. Among them, Shanghai's cross-border RMB settlement volume in the second quarter was 5.76 trillion yuan, up 17.9 percent year-on-year, higher than the national average increase of 15.2 percent, showing a clear recovery.

2. Energy Conservation and Comprehensive Utilization Department of MIIT Accelerates Clean and Efficient Utilization of Coal in Industrial Sector

According to the news of the Ministry of Industry and Information Technology, the Department of Energy Conservation and Comprehensive Utilization held a seminar on the path of clean and efficient utilization of coal in the industrial field on July 20~21, 2023 in Wuxi, Jiangsu Province. At the meeting, the Ministry of Industry and Information Technology Industrial Development Promotion Center reported on the "promotion of clean and efficient use of coal in the industrial sector path research" subject progress, from the key coal industry experts around the clean and efficient use of coal technology innovation, equipment upgrading and upgrading, the industry coupled with the development of policies and standards put forward comments and suggestions. Wuxi Huaguang, Shenyang Shijie and other enterprises introduced the clean and efficient utilization of coal in the industrial field, coal reduction and substitution of the progress of the implementation of key projects. Participating experts and representatives conducted in-depth exchanges and discussions and field research on the relevant enterprises.

3. CCA: Auto manufacturing profit year-on-year growth rate fell in the first half of 2023

In the first half of 2023, China's economic operation, the accumulation of positive factors increased, industrial production steady recovery, green low-carbon industry development momentum, automobile manufacturing industry profits continue to restore the trend, profit year-on-year growth rate fell back. According to China Association of Automobile Manufacturers organized by the National Bureau of Statistics data show that in the first half of 2023, the automobile manufacturing industry profit of 217.63 billion yuan, an increase of 10.1% year-on-year, accounting for the proportion of total profit of industrial enterprises above designated size of 6.4%. in the first half of 2023, the automobile manufacturing industry profit margin of 4.8%, flat year-on-year, a slight decline year-on-year.

4. Coastal coal tariffs continue to fall as more ships and less cargoes highlight the situation

China Coastal Coal Freight Index CBCFI reported 496.91 points, down 2.0%. Typhoon Doksuri is approaching gradually, downstream temperature has dropped, daily consumption of power plants has decreased, replenishment enthusiasm is weak, the situation of many ships and few cargoes highlights the market transaction is flat, and coastal coal tariffs continue to fall.

International News

1. Russia's natural gas production in the first half of the year fell 14.9% year-on-year

Federal State Statistics Service of the Russian Federation on the 26th released data show that in the first half of this year, Russia's natural gas production of 267 billion cubic meters, down 14.9% year-on-year. The data show that in June Russia's natural gas production of 34.6 billion cubic meters, down 11.9% over the same period last year, 12.5% lower than in May this year. In the first half of this year, Russian LNG production was 16 million tons, down 4.5% year-on-year.

2. IEA indicates that Global coal consumption reaches record high in 2022 and will remain close to that record level this year

The International Energy Agency (IEA) said that global coal consumption reached a record high in 2022 and will remain close to that record level this year.

3. European gas prices remain subdued despite heatwave

European gas prices are currently barely reacting to the hot heatwave sweeping southern Europe, with benchmark gas futures up only a modest 2.8 percent so far this week and down 1.1 percent to 28.95 euros per megawatt-hour on Thursday.The heatwave that triggered the wildfires in Greece and Italy has boosted demand for natural gas used for cooling, and with it, prices, Rystad Energy said in a report. but not by much. Strong gas imports mean that the continent's already well-stocked gas inventories will continue to add to supply. The company said, "High inventories, low demand and weak global economic growth weighed heavily on prices." Nonetheless, above-average temperatures are expected to continue through August, suggesting that the gas market is likely to remain volatile.

4. EVE: Signs Memorandum of Understanding with EA to Invest in Battery Production Base

Energy Very Endure (EVE) announced that the Company has signed a Memorandum of Understanding (MOU) with Energy Absolute Public Company Limited (EA), under which the Company and EA Group (EA and its subsidiaries) intend to jointly form a joint venture company in Thailand, and construct a battery production base of at least 6GWh with the joint venture company as the main body of implementation. EA Group is currently engaged in a full range of renewable energy businesses, including biodiesel manufacturers, renewable power developers, electric vehicle and electric vehicle charger developers and operators, and lithium primary battery manufacturers.

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