CBN丨China's foreign exchange reserves reach two-year high

购车团购
购车团购 V管理员 / 阅读
0113

Hieveryone.I’mStephanieLI.

Comingupontoday’sprogram

  • China’sDecemberforexreservesreturntoabove$3.2trillion;
  • Guangdongseesenergystorageprojectfilingsquadruplein2024'sfirstweek.

Here’swhatyouneedtoknowaboutChinainthepast24hours 

China'sforeignexchangereservesreachedatwo-yearhighof$3.238trillionasoftheendoflastyearwhilegoldreservesincreasedforthe14thconsecutivemonth,theStateAdministrationofForeignExchangesaid. 

Thecountry'sforexreserveswereupby$66.2billion,or2.1percent,comparedwiththeendofNovember,SAFEsaidonSunday,markingthesecondconsecutivemonthofincreaseandhittingthehighestlevelsinceDecember2021.

ExpertssaidthelatestfiguresreflectthedynamicsofChina'sindigenousgrowthdriversandthevibrancyofthecountry'sforeigntrade.Theampleforexreserveswillalsoenablethecountrytobetterrespondtoexternaluncertaintiesthisyear,furtherconsolidatingthemomentumofrecovery.

Forthefullyearof2023,thecountry'sforexreservesroseby$110.29billionwhilegoldreserveswereupby7.23millionounces.

TheSAFEattributedtheincreasetothecomprehensiveimpactofexchangerateconversionsandchangesinassetprices.ThepricesofglobalfinancialassetsincreasedversusadeclineintheUSDollarIndexinDecember.

In2023,China'sinternationalbalanceofpaymentsremainedbasicallystableamidcomplexcircumstances.Foreignexchangereservesstayedabove$3.1trillionthroughouttheyear,accordingtotheSAFE.Theefficiencyofforexmanagementservicesfortherealeconomyhascontinuedtoimprove,andforexsupervisionhasbecomemorepreciseandeffective,itadded.

CBN丨China's foreign exchange reserves reach two-year high

TheadministrationsaidthatChina'scontinuedeconomicrecoveryandhigh-qualitydevelopmentwillprovidesolidsupportforthestabilityofthecountry'sforexreserves.

Meanwhile,China'sofficialgoldreservesreached71.87millionouncesattheendofDecember,upfrom71.58millionouncesamonthearlier,markingthe14thconsecutivemonthofincrease,accordingtoSAFE.

  • TheCivilAviationAdministrationofChina(CAAC)saidonSaturdaythatitaimstosignificantlyincreasethenumberofdirectflightsbetweenChinaandtheUSin2024.CAACdatashowedthatregulardirectpassengerflightsbetweenChinaandtheUShaverisento63perweek.Accordingtoapreviousannouncement,theyareexpectedtoriseto70aweekduringthewinter/springseason.

Movingontoregionalhighlights

  • TheXihoumenHighwayandRailwayBridgeinEastChina'sZhejiangProvincemarkedphasedprogresswhen18drillpilesbelongingtopierNo5ofthebridge,eachwithadiameterof6.3meters-theworld'slargest-wereinjectedwithcementonSunday.TheXihoumenHighwayandRailwayBridge,dubbedtheworld'slongestsupersea-crossingbridgewithatotallengthof3,118meters,andconnectingZhoushan'sJintangandCeziislands,isamongatotalof10landmarkprojectsZhejiangProvinceisundertakingtoboostregionalconnectivity.  
  • AirportsinXinjiangandXizangwelcomedrecordvolumesofpassengerthroughputin2023.Asoftheendoflastyear,XinjiangAirportGroupreportedrecordhighofpassengerthroughputof40.61millionandfacilitated490,000takeoffsandlandings,returningto108.2percentand113.2percentof2019levels,respectively. Xizang’scivilaviationregulatoralsoreportedarecord6.9millionpassengertripsin2023,representinggrowthof106.1percentover2022. 
  • BlossomsShanghai,aTVseriessetin1960sand1990sShanghai,hassucceededinspurringconsumptionatthehistoriclocationsthatfeatureinthedrama.Tourism-relatedsearchesfortheFairmontPeaceHotelsurgedmorethanfive-foldfromDec.27toJan.5comparedwiththeprevious10days,accordingtoChineseonlinetravelagencyTongcheng.AndsearchesforNanjingRoadPedestrianStreet,whichisroundthecornerfromtheFairmontPeaceHotel,soared73percent.WhilesearchesforParkHotelandOkuraGardenHotelShanghai,whichalsoappearintheTVdrama,jumpedby61and55percent,respectively.

GreaterBayArea,Greaterfuture

  • Some16energystorageprojects,mainlyforlithiumbatteries,wereregisteredinChina’ssouthernGuangdongprovinceinthefirstfivedaysoftheyear,fourtimesthatofthesameperiodlastyear,asthecountry’sbiggestprovincialeconomyaimstocementitspositionintheburgeoningsector.Andtheamountofinvestmenthasincreasedsubstantially.Themaximuminvestmentforeachprojectis800millionyuan,morethanfivetimeslastyear’s150millionyuan. 
  • DongguaninGuangdongProvincehasannouncedtogiveoutsubsidiestostabilizeemploymentandmanufacturingaroundthe2024ChineseLunarNewYearholidays.Dongguanwilloffersubsidiesworth300yuantoeveryworkeroutsideGuangdongthatwillreturntotheirpositionsatkeyenterprisesinthecityfromFebruary12-17,while200yuaninsubsidieswillbeprovidedforthosewillingtoreturntotheirpostsfromFebruary18-20,accordingtoacircularonlocalgovernmentwebsite.Inaddition,enterprisesinthecitywillgetsubsidiesofupto300,000yuanfornewhiringfromFebruary10toMarch9.Meanwhile,QuanzhouinEastChina'sFujianProvinceandYongkanginEastChina'sZhejiangProvincehaverecentlyannouncedsimilarmeasures.

Nextonindustryandcompanynews

  • China'sfirstdomestically-builtlargecruiseshipfinisheditscommercialmaidenvoyageonSundayaftertraveling1,119nauticalmilesonthetripofsevendaysandsixnights.Carryingmorethan3,000passengers,the AdoraMagicCity setofffromtheShanghaiWusongkouInternationalCruiseTerminalonJan1andstoppedattheportsinthecityofSeogwipoonJejuisland,Korea,aswellastheJapanesecitiesofNagasakiandFukuokabeforereturningtotheWusongkouterminal.
  • Chineseshipbuilderswonthemostnewordersworldwideforatotalof24.46millioncompensatedgrosstons(CGT)in2023,59percentofthetotal,datafromUK-basedClarksonsResearchshowed. Meanwhile,thedeliverydatesforGuangzhouShipyardInternationalCoruninto2027and2028,asfleetoperatorsworldwideareattractedbythecompany'sstrengthsingreenproductionandenvironmentalprotection,mediareported.
  • China'sindigenousthird-generationsuperconductingquantumcomputer,OriginWukong,beganoperationonSaturdayatOriginQuantumComputingTechnology(Hefei)Co,EastChina'sAnhuiProvince. ThequantumcomputerispoweredbyWukong,a72-qubitindigenoussuperconductingquantumchip.ItisChina'slatestandmostadvancedprogrammableanddeliverablesuperconductingquantumcomputer,accordingtothecompany.
  • ChinahasnoBoeing737Max9inoperation,mediareportedtodayaftertheaircraftwasgroundedintheUnitedStatesfollowingthefailureofitsemergencyhatchduringaflightinthecountry.TheUSaviationregulatorhassaid171Boeing737Max9planeswillremaingroundeduntilitissatisfiedtheplanesaresafe.

Switchinggearstofinancialnews

  • TheShanghaiStockExchangehaspunishedChineseportoperatorFujianProvincialPortGroupforillegalspeculationwiththestockofIndustrialBankafterthecommercialbank'ssharessuddenlysurgedbytheirdailytradinglimitbeforethemarketclosed.TheSSEhasbannedFujianProvincialPort'ssecuritiesaccountsfromtradingforsixmonthsafteritbought13.3millionsharesofIndustrialBankatamaximumpriceofaround216millionyuaninthecallauctiononDec.29,drivingthelender'sstockpriceup9.7percentthatday,theboursesaidonSaturday.
  • UBSGroupAGaimstogrowitswealthandassetmanagementbusinessinChina,asthenationisakeystrategicglobalmarket,accordingtoEugeneQian,theChinaheadforUBSsaidinaninterviewonthesidelinesofthebank’sGreaterChinaConferenceinShanghaiMonday.

Wrappingupwithaquicklookatthestockmarket

  • ChinesesharesstartedtheweekwithaheftylossasthebenchmarkShanghaiCompositedropped1.4percentandtheShenzhenComponentlost1.9percent.HongKong’sHangSengindexalsotumbled1.9percentandtheTECHindexplunged3percent.

BizWordoftheDay

  • Superconductingquantumcomputingisa branchofsolidstatequantumcomputingthatusessuperconductingelectroniccircuitstoimplementaquantumprocessor.

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Editor:LIYanxia

Host:StephanieLI

Writer:StephanieLI 

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