Everything You Need to Know About China's Economy on Thursday (April 25)
Your Daily & Trustworthy Updates on the Chinese Economy
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Good Thursday! This is TIAN in Beijing.
Welcome to monitor the pulse of China’s economy together with me.
DRIVING THE DAY, BYD-Backed Horizon Robotics Unveils Next Generation Auto Chips
Chinese artificial intelligence (AI) chip developer Horizon Robotics has unveiled its next generation automotive processors, said to be cheaper and more powerful than their predecessors, for use in advanced autonomous driving systems of passenger cars, China’s Caixin media reported.
The latest Journey 6 series features six processors that are designed for low-, mid- and high-end smart driving solutions, with mass production slated for this year, the company said on Wednesday at a launch event on the eve of the Beijing Auto Show.
MEANWHILE, deals worth over 61 billion yuan (about 8.58 billion U.S. dollars) covering 23 major projects were signed at the Invest Beijing Conference Thursday.
A total of 231 investment projects covering industries including information technology, intelligent manufacturing, green energy and artificial intelligence were announced at the conference, with a total value of nearly 90.22 billion yuan.
At present, Beijing boasts a total of 244 regional headquarters of multinational companies, including BMW, Volvo and others.
ALSO ON THURSDAY, China’s Caixin Media reported that Shanghai Prime Office Vacancies Hit Near 20-Year High
Prime office buildings in China’s financial hub Shanghai continue to lose their luster, with the vacancy rate hitting a new high amid a supply glut in the first quarter.
The vacancy rate of grade-A office buildings reached 20.9%, up 1.1 percentage points from the previous quarter and up 2.8 percentage points from a year ago, marking the highest in nearly 20 years, according to data from real estate adviser CBRE Group Inc.
IN TODAY'S FINANCIAL MARKET,
Shanghai Composite Index Rose 0.27% on Thursday
China’s benchmark Shanghai Composite Index (000001.SH) gained 0.27% on Thursday, while the Shenzhen Component Index (399001.SZ) rose 0.14%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.72% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) ended nearly flat.
China's central bank adds liquidity via reverse repos
China's central bank conducted 2 billion yuan (about 281.5 million U.S. dollars) of seven-day reverse repos at an interest rate of 1.8 percent Thursday.
The move aims to keep liquidity reasonable and ample in the banking system, the People's Bank of China said in a statement.
China's benchmark interbank gold prices mixed Thursday
According to the China Foreign Exchange Trade System, the benchmark price for gold that is 99.95 percent pure or above stood at 548.12 yuan (about 77.1 U.S. dollars) per gram, down 1.89 yuan from the previous trading day.
The price for gold that is 99.99 percent pure or above went up 4.32 yuan from the previous trading day to 548.33 yuan.
Chinese yuan weakens to 7.1058 against USD Thursday
The central parity rate of the Chinese currency renminbi, or the yuan, weakened 10 pips to 7.1058 against the U.S. dollar Thursday, according to the China Foreign Exchange Trade System.
In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
Hong Kong's Hang Seng Index closes 0.48 pct higher
Hong Kong's stock market ended mixed on Thursday with the benchmark Hang Seng Index up 0.48 percent to close at 17,284.54 points.
The Hang Seng China Enterprises Index rose 0.33 percent to end at 6,120.37 points, and the Hang Seng Tech Index dropped by 0.54 percent to close at 3,554.30 points.
BEFORE ENDING TODAY'S SHARING, LET'S TAKE A LOOK AT YOUR DAILY FUTURES,
No.1 soybean futures closed higher on Thursday in daytime trading at the Dalian Commodity Exchange.
The most active No.1 soybean contract for July 2024 delivery gained 53 yuan (about 7.46 U.S. dollars) to close at 4,671 yuan per tonne.
On Thursday, the total trading volume of six listed No.1 soybean futures contracts on the exchange was 141,842 lots, with a turnover of about 6.6 billion yuan.
Iron ore futures closed higher on Thursday in daytime trading at the Dalian Commodity Exchange.
The most active iron ore contract for September 2024 delivery gained 9 yuan (about 1.27 U.S. dollars) to close at 879.5 yuan per tonne.
On Thursday, the total trading volume of 12 listed iron ore futures contracts on the exchange was 581,670 lots, with a turnover of about 51.36 billion yuan.
Cotton futures closed lower Thursday in daytime trading on the Zhengzhou Commodity Exchange (ZCE).
The most active cotton contract for September 2024 delivery lost 100 yuan (about 14.07 U.S. dollars) to close at 15,700 yuan per tonne.
On Thursday, the total trading volume for six listed cotton futures contracts on the ZCE was 402,870.0 lots with a turnover of 31.64 billion yuan.
Sugar futures closed lower Thursday in daytime trading on the Zhengzhou Commodity Exchange.
The most active sugar contract for September 2024 delivery lost 37 yuan (5.21 U.S. dollars) to close at 6,158 yuan per tonne.
On Thursday, the total trading volume for six listed sugar futures contracts on the ZCE was 650,710.0 lots with a turnover of 40.08 billion yuan.
About the Newsletter:
Ran by TIAN Dongdong, this newsletter features daily, trustworthy content on China's economy and regularly updates the insights of Chinese youth on Sino-US relations. Having worked in Brussels, London, Cairo, and Tripoli for Chinese media as correspondent for several years, TIAN is now based in Beijing.