Daily Macro Economy News on June 20

June 20, 2023

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Domestic News

1. In a meeting with Antony Blinken, the US Secretary of State, the national leader said the world needs a generally stable China-US relationship, and whether China and the United States can get along correctly is a matter of the future fate of mankind

2. To promote the high-quality development of new energy vehicle industry policy initiatives that are imminent. The Information Office of the State Council will hold a briefing meeting at 10:00 am on June 21th

3. Policy interest rate cut is expected to drive down the LPR in June

4. Shanghai Municipal Government Executive Meeting deploys to promote high-quality development of the exhibition economy and build an international exhibition capital

International News

1. ECB executive member Isabel Schnabel says rate hikes need to continue until convincing evidence is seen

2. Bank of Korea Governor Chang Yong Rhee said that in the face of rising oil prices, the possible depreciation of the won and the upward pressure brought about by rising core inflation

3. Russian refining facilities processed 5.49 million barrels of crude oil per day in the week ended June 14, insiders said

4. Federation of German Industry: German economy is expected to stagnate this year, with GDP growth of 0% year-on-year in 2023

More detials:

Domestic News

The two countries should handle the China-US relationship in a responsible manner toward history, their people and the world, contribute to global peace and development, and inject stability, certainty and constructiveness into the chaotic world. Great power competition is not in line with the trend of the times, and it will not solve America's own problems or the challenges facing the world. China respects the interests of the United States and will not challenge or replace it. Likewise, the United States must respect China and not undermine its legitimate rights and interests. Neither party can shape the other according to its own wishes, let alone deprive the other of its legitimate development rights.

Promote the high-quality development of new energy vehicle industry policy initiatives are about to be introduced. The Information Office of the State Council policy briefing will be held at 10 am on June 21th to invite the relevant persons in charge of the National Development and Reform Commission, the Ministry of Industry and Information Technology and the Ministry of Finance to introduce the policy of promoting the high-quality development of new energy vehicle industry and answer questions from reporters. In addition, the General Office of the State Council issued "on the further construction of high-quality charging infrastructure system guidance" proposed that by 2030, the basic completion of extensive coverage, moderate scale, reasonable structure, a perfect function of high-quality charging infrastructure system, powerful support for the development of new energy vehicle industry.

3. Policy interest rate cut is expected to drive down the LPR in June

After the 7-day reverse repo agreements rate and standing lending facility rate were lowered by 10 basis points on June 13, the MLF rate was also lowered by 10 basis points on June 15. As the MLF operation rate plays a key guiding role for LPR, industry insiders believe that with the cutting MLF rate, the LPR announced today is expected to be followed by a cut.

4. Shanghai Municipal Government Executive Meeting deploys to promote high-quality development of the exhibition economy and build an international exhibition capital

The executive meeting of the Shanghai Municipal Government will deploy to promote the high-quality development of the exhibition economy and build an international exhibition capital, actively support the development of supporting industries, and build industrial clusters. Implement the global partnership program for the promotion of foreign investment, and launch high-quality foreign investment projects in line with the city's key industrial development orientation.

International News

1. ECB executive member Isabel Schnabel says rate hikes need to continue until convincing evidence is seen

ECB chief economist Philip Lane said another rate hike in July seems appropriate and then will see what happens in September. ECB Governing Council member Gediminas Simkus said there is no doubt that interest rates will be raised in July and there is no need to rush to assess September. ECB Governing Council member Peter Kazimir said he supports a July rate hike and a September rate hike is still a possible option.

2. Bank of Korea Governor Chang Yong Rhee said that in the face of rising oil prices, the possible depreciation of the won and the upward pressure brought about by rising core inflation

Bank of Korea Governor Chang Yong Rhee said that in the face of rising oil prices, the possible depreciation of the won and upward pressure from rising core inflation, South Korea's inflation may rebound to more than 3% at the end of the year after a period of slowdown.

3. Russian refining facilities processed 5.49 million barrels of crude oil per day in the week ended June 14, insiders said

Russian refining facilities processed 5.49 million barrels of crude oil per day in the week ended June 14, up nearly 194,000 barrels per day from the previous week and the highest processing rate since the second half of April, insiders said.

4. Federation of German Industry: German economy is expected to stagnate this year, with GDP growth of 0% year-on-year in 2023

Federation of German Industry: The German economy is expected to stagnate this year, with GDP growth of 0% year-on-year in 2023, and in the best case a significant economic recovery is expected during 2024.

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