Everything You Need to Know About China's Economy on Tuesday (April 9)
Your Daily & Trustworthy Updates on the Chinese Economy
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Good Tuesday! This is TIAN in Beijing.
Welcome to monitor the pulse of China’s economy together with me.
DRIVING THE DAY, China Returns to Top 3 Favored Foreign Investment Destinations, according to a report released recently by management consulting firm Kearney’s Global Business Policy Council.
China jumped to third from seventh place last year on the 2024 Kearney FDI Confidence Index, just below the United States and Canada, said the report.
MEANWHILE, more than 600 enterprises, including over 200 Fortune 500 companies and industry leaders, have signed up for the 7th China International Import Expo (CIIE), the CIIE Bureau said on Tuesday.
An exhibition area of over 240,000 square meters has been booked for the expo, according to the bureau.
The 7th CIIE is scheduled to be held in Shanghai in November.
IN TODAY'S FINIANCIAL MARKET,
Shanghai Composite Index up 0.05% on Tuesday
China’s benchmark Shanghai Composite Index (000001.SH) up 0.05% on Tuesday, while the Shenzhen Component Index (399001.SZ) up 0.58%.
Chinese yuan weakens to 7.0956 against USD Tuesday
The central parity rate of the Chinese currency renminbi, or the yuan, weakened 9 pips to 7.0956 against the U.S. dollar Tuesday, 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 0.57 pct higher
Hong Kong's stock market ended higher on Tuesday with the benchmark Hang Seng Index up 0.57 percent to close at 16,828.07 points.
The Hang Seng China Enterprises Index rose 0.45 percent to end at 5,895.32 points, and the Hang Seng Tech Index gained 0.98 percent to close at 3,478.24 points.
China's central bank adds liquidity via reverse repos
China's central bank conducted 2 billion yuan (about 282 million U.S. dollars) of seven-day reverse repos at an interest rate of 1.8 percent Tuesday.
The move aims to keep liquidity in the banking system reasonable and ample, the People's Bank of China said in a statement.
China's benchmark interbank gold prices higher Tuesday
According to the China Foreign Exchange Trade System, the benchmark price for gold that is 99.95 percent pure or above stood at 553.7 yuan (about 78 U.S. dollars) per gram, up 14.3 yuan from the previous trading day, while the price for gold that is 99.99 percent pure or above gained 16.61 yuan from the previous trading day to 554.11 yuan.
AT THE END OF TODAY'S SHARING, LET'S TAKE A LOOK AT YOUR DAILY FUTURES,
No.1 soybean futures closed lower on Tuesday in daytime trading at the Dalian Commodity Exchange (DCE).
The most active No.1 soybean contract for May 2024 delivery dipped 4 yuan (about 0.56 U.S. dollars) to close at 4,791 yuan per tonne.
On Tuesday, the total trading volume of six listed No.1 soybean futures contracts on the exchange was 100,081 lots, with a turnover of about 4.81 billion yuan.
Iron ore futures closed higher on Tuesday in daytime trading at the Dalian Commodity Exchange.
The most active iron ore contract for September 2024 delivery gained 43.5 yuan (about 6.13 U.S. dollars) to close at 815.5 yuan per tonne.
On Tuesday, the total trading volume of 11 listed iron ore futures contracts on the exchange was 806,668 lots, with a turnover of about 65.1 billion yuan.
Cotton futures closed higher Tuesday in daytime trading on the Zhengzhou Commodity Exchange.
The most active cotton contract for May 2024 delivery gained 115 yuan (about 16.21 U.S. dollars) to close at 16,265 yuan per tonne.
On Tuesday, the total trading volume for six listed cotton futures contracts on the ZCE was 340,074.0 lots with a turnover of 27.7 billion yuan.
Sugar futures closed lower Tuesday in daytime trading on the Zhengzhou Commodity Exchange.
The most active sugar contract for September 2024 delivery lost 28 yuan (3.95 U.S. dollars) to close at 6,502 yuan per tonne.
On Tuesday, the total trading volume for six listed sugar futures contracts on the ZCE was 491,308 lots with a turnover of 32.08 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.