Russian media: RMB surpassed the US dollar for the first time, becoming the largest foreign currency in Russia

According to data from the Moscow Exchange, the Russian media "Kommersant" estimated that in February this year, the renminbi surpassed the U.S. dollar, which has long occupied the first place, to become Russia's largest foreign currency for monthly delivery on the next day.

Dongan Import and Export Company's YonSuite Project Successfully Launched

In order to speed up the development process of enterprise digital intelligence, Dong 'an Import and Export Company and Longjiang UFIDA have reached in-depth cooperation. UFIDA has established financial, supply chain, coordination and other modules for the enterprise according to its needs. On February 16, the leaders of both parties and members of the project team jointly held a kick-off meeting. The delivery of this project was completed remotely by Nanchang team of UFIDA YonSuite Global Delivery Center, and Nanchang consultant team also participated in the kick-off meeting remotely.

CPI up 3.8 percent in October

Data released by the National Bureau of Statistics on the 9th showed that CPI rose 3.8 per cent year-on-year in October, while PPI fell 1.6 per cent year-on-year. Experts said that the future macro policy needs to increase counter-cyclical adjustment to expand demand and stabilize growth.

Announcement of the General Administration of Customs No. 141 of 2019 [Announcement on Inspection and Quarantine Requirements for Imported Russian Beet Meal, Soybean Meal (Cake), Rapeseed Meal (Cake), Sunflower Seed Meal (Cake)]

Allow to meet the relevant requirements of Russian beet meal, soybean meal (cake), rapeseed meal (cake), sunflower seed meal (cake) import. Specific inspection and quarantine requirements are hereby announced

China's GDP Per Capita Breaks 10000 US Dollars, Total Close to 100 trillion Yuan

On January 17, the State Information Office held a press conference to release data on the main indicators of the national economy in 2019. Among the main indicators, it is worth mentioning that GDP per capita exceeded $10000 for the first time in 2019,

China Aviation Development East An Held 2020 Work Conference

On January 18, China Aviation Development Dong 'an held the 2020 work conference, which was attended by the company's leadership, some leading cadres and staff representatives. Jia Dafeng, chairman and Secretary of the Party committee of the company, conveyed the work report of Cao Jianguo, chairman and Secretary of the Party group of CAAC, at the 2020 work conference of CAAC, focusing on "eight focuses, three major tasks and five measures";

At the end of June, the size of China's foreign exchange reserves was 3112.3 billion US dollars.

As of the end of June 2020, the size of our foreign exchange reserves was $3112.3 billion billion, up $10.6 billion, or 0.3 percent, from the end of May.

A picture to understand the first 11 months of China's import and export

In the first 11 months of this year, the total value of my country's import and export of goods trade was 29.04 trillion yuan, an increase of 1.8 percent over the same period last year (the same below). Among them, exports were 16.13 trillion yuan, up 3.7 percent; imports were 12.91 trillion yuan, down 0.5 percent; and the trade surplus was 3.22 trillion yuan, up 24.6 percent. In US dollar terms, in the first 11 months, the total value of China's imports and exports was 4.17 trillion US dollars, an increase of 0.6 per cent. Of this total, exports were $2.31 trillion, up 2.5 per cent; imports were $1.86 trillion, down 1.6 per cent; and the trade surplus was $459.92 billion, up 23 per cent.

Digital RMB Pilot Speeds Up

As the pace of the central bank's legal digital RMB (DCEP) pilot accelerates, more and more local governments are actively striving for the digital RMB pilot.

Foreign reserves return to the $3.2 trillion mark, a new high since May 2016

In 2020, China's foreign exchange reserves achieved a "good result" of $108.6 billion billion ". On January 7, the latest data released by the State Administration of Foreign Exchange showed that as of the end of December 2020, the size of China's foreign exchange reserves was $3216.5 billion billion, up $38 billion or 1.2 percent from the end of November. Foreign exchange reserves are back at the $3.2 trillion mark, the highest since May 2016. The reason for the increase in foreign exchange reserves in December last year is still the exchange rate conversion and asset price changes and other comprehensive factors, the State Administration of Foreign Exchange Deputy Director, spokesman Wang Chunying interpreted that in December 2020, China's foreign exchange market operation is generally stable, market transactions rational and orderly. In international financial markets, the dollar index fell and non-dollar currencies and asset prices in major countries rose, influenced by the progress of the new coronary pneumonia vaccine and the monetary and fiscal policies of major countries. Foreign exchange reserves are denominated in U.S. dollars, non-U.S. dollar currencies converted into U.S. dollars after the increase in the amount, coupled with the rise in asset prices and other factors, the size of foreign exchange reserves increased in the month. Minsheng Bank chief researcher Wen Bin told reporters that from the main exchange rate changes, the dollar exchange rate index fell 2.1 percent in December to close at 89.9, non-dollar currencies rose relative to the dollar as a whole; from the asset price changes, the major national asset prices rose as a whole. Taking into account the effects of exchange rate translation and asset price changes, foreign exchange reserves form an increase in valuation. At the same time, real trade and cross-border capital flows also contributed to the growth of foreign exchange reserves in December. Wen Bin said that major overseas economies as a whole are showing a recovery trend, and the rebound in overseas economic prosperity will help drive the increase in external demand and form a positive impact on my country's exports. The capital market as a whole is improving, and cross-border funds are flowing in. Trade and cross-border capital inflows contribute to the size of foreign exchange reserves. Looking forward to the future situation of foreign exchange reserves, the mainstream view is that China's foreign exchange reserves will continue to remain stable. Wang Chunying said that looking ahead, the world economic situation is complex and severe, the derivative risks caused by the impact of the epidemic cannot be ignored, and there are still many uncertainties in the international financial market. However, China's foreign exchange market has the conditions to continue to maintain a stable and balanced operation, and the scale of foreign exchange reserves will be generally stable. Wen Bin also said that the size of China's foreign exchange reserves will continue to remain stable. On the one hand, China's economic recovery continues to improve, and the economy will be able to achieve positive growth in 2020 and maintain a global lead, laying a solid foundation for maintaining a stable scale of foreign exchange reserves. On the other hand, my country's macro-control, foreign exchange management and other policies have reviewed the situation. Since 2020, the use of "counter-cyclical adjustment factors" has been used to adjust the foreign exchange risk reserve ratio of forward foreign exchange sales, cross-border financing macro-prudential adjustment parameters, and domestic enterprises. The macro-prudential adjustment coefficient of overseas lending guides market expectations, promotes the two-way fluctuation of the RMB exchange rate at a balanced and reasonable level, and maintains the basic balance of cross-border capital flow and the smooth operation, to provide a guarantee for the stability of the size of foreign exchange reserves. On January 7, the central bank and the State Administration of Foreign Exchange announced that they had decided to lower the macro-prudential adjustment parameter for cross-border financing from 1.25 to 1. This follows the reduction of the macro-prudential adjustment parameter for cross-border financing of financial institutions from 1.25 to 1 in December last year. Guan Tao, global chief economist at BOCI Securities, previously told the Securities Times that lowering the macro-prudential adjustment parameters for cross-border financing is a counter-cyclical adjustment, as well as a temporary policy exit in response to the epidemic. The RMB exchange rate has continued to appreciate for several months, through the macro-prudential coefficient counter-cyclical adjustment, release signals, promote market expectations differentiation, promote foreign exchange balance.

Trade and Investment: New Opportunities for the RMB

In the last six months, the continuous appreciation of the RMB has brought exchange rate cost pressure to foreign trade enterprises. With the trend, RMB settlement as a fundamental strategy to reduce corporate exchange rate risk is accelerating. Since February 4, the notice on further optimizing cross-border RMB policy to support stable foreign trade and stable foreign investment, jointly issued by the people's Bank of China, the Ministry of Commerce and other six departments, will be formally implemented to promote the facilitation of RMB settlement of trade and investment at a higher level, and further simplify the cross-border RMB settlement process. RMB Settlement Accelerated In 2020, the RMB exchange rate has been rising. Sun Guofeng, Director of the Monetary Policy Department of the People's Bank of China, introduced on January 15 that the RMB exchange rate against the US dollar at the end of 2020 will appreciate 6.9 percent from the end of the previous year, and the RMB will appreciate about 4 percent against a basket of currencies. "The continued appreciation of the renminbi, coupled with rising raw material prices and soaring shipping costs, continues to erode the profits of foreign trade companies." Shi Minxue, deputy general manager of the export department of Ningbo Ruyi Co., Ltd., said in an interview with a reporter from the International Business Daily. In the face of this situation, the pace of guiding RMB settlement at the national and local levels is accelerating. By the end of 2020, the amount of cross-border RMB settlement was 4.12 trillion billion yuan, up 26.2 percent year-on-year, accounting for 40.1 percent of local and foreign currencies ...... This is the economic and financial data of Guangdong 2020 released by the Guangzhou Branch of the People's Bank of China on January 14. Guangzhou Branch has expanded the pilot project of higher-level facilitation of cross-border RMB from the Pilot Free Trade Zone to the Greater Bay Area, and 563 Guangdong enterprises excluding Shenzhen have been included in the list by the end of 2020. In 2020, the RMB will become the second largest cross-border settlement currency in Guangdong and surpass the US dollar to become the largest cross-border settlement currency in the Guangdong-Hong Kong-Macao Greater Bay Area. As a major foreign trade province, it is of great significance for RMB to become the largest cross-border settlement currency in Guangdong. From a national perspective, since the domestic geographical scope of RMB settlement for cross-border trade was expanded to the whole country in 2011, RMB cross-border settlement has been on the fast lane, which has brought benefits to enterprises to avoid exchange rate risks. Especially this year, RMB cross-border settlement has once again "accelerated" on the fast lane. On January 4, the "Notice on Further Optimizing Cross-border RMB Policies to Support Stabilizing Foreign Trade and Stabilizing Foreign Investment" was released; on January 5, the People's Bank of China and the State Administration of Foreign Exchange The bureau decided to raise the macro-prudential adjustment coefficient for overseas lending by domestic enterprises from 0.3 to 0.5, and the upper limit for overseas lending by domestic enterprises was raised accordingly. Industry insiders believe that at a time when China is vigorously promoting the internationalization of the RMB, the convenient cross-border RMB settlement policy can effectively promote the use of cross-border RMB in more scenarios. Foreign trade enterprises have ushered in a favorable opportunity to promote the use of RMB settlement, which will further enhance the willingness of foreign customers to use RMB settlement. According to the "2020 RMB Internationalization Report" released by the People's Bank of China, in 2019, the total amount of cross-border RMB receipts and payments by banks on behalf of customers was 19.67 trillion billion yuan, an increase of 24.1 percent year-on-year, which means that the cross-border use of RMB continued to grow rapidly against the trend, and the amount of receipts and payments reached a record high. The renminbi ranks fifth among the major international payment currencies, with a market share of 1.76 per cent. In addition to the favorable policy environment, there is another favorable factor for China to promote RMB settlement: the global willingness to hold RMB and RMB assets continues to rise. Bank of China's latest Offshore RMB Index (ORI) for the first quarter of 2020 shows that the intention to hold RMB assets abroad has further increased, thanks to relatively stable exchange rate performance, relatively attractive asset returns and relatively stable capital markets. At the end of the first quarter of 2020, the balance of RMB deposits in most offshore RMB markets grew, and the scale of RMB assets included in official reserve assets by foreign central banks was equivalent to $221.5 billion, a record high. The new format is concerned Looking at the "Notice" jointly issued by the six departments, there are many highlights, including supporting the cross-border RMB settlement of new trade formats. New businesses such as cross-border e-commerce are developing rapidly as a result of the new coronary pneumonia epidemic. The latest statistics released by the General Administration of Customs show that in 2020, new forms of foreign trade will flourish, with cross-border e-commerce imports and exports of 1.69 trillion billion yuan, an increase of 31.1 percent, becoming an important force in stabilizing foreign trade. The need for related companies to reduce exchange costs through RMB settlement is also more urgent. Lin Zhiyong, director of the Xinguang Digital Trade Research Institute, said in an interview with the International Business Daily that at present, cross-border retail platforms mainly collect money through credit cards on third-party payment platforms, and then carry out foreign exchange settlement and domestic collection services in China. The new policy is conducive to cross-border e-commerce platforms to carry out RMB settlement business. At the same time, Lin Zhiyong said bluntly that at present, cross-border RMB payment mainly meets the needs of bulk trade, and with the rapid development of new business type, RMB settlement of cross-border e-commerce should receive more attention. At present, the main difficulty in using RMB settlement on cross-border e-commerce platforms lies in the difficulty of pricing in RMB and the fact that foreign payment companies have not yet made extensive use of RMB for settlement. To solve these problems, relevant departments need to launch a package of cross-border RMB payment solutions, such as actively promoting Chinese payment tools abroad, and encouraging foreign payment platforms to open cross-border RMB payment functions.

2020 Statistical Bulletin: China's GDP per capita exceeds $10000 for two consecutive years

On February 28, the Statistical Bulletin on National Economic and Social Development 2020 was released. The communiqué pointed out that in 2020, China's economic performance will improve quarter by quarter and gradually return to normal, achieving positive economic growth among the world's major economies. On the day of the communiqué, Sheng Laiyun, deputy director of the National Bureau of Statistics, wrote an article that 2020 is the end of the "13th Five-Year Plan" and a key year for achieving the first centenary goal. After five years of hard work and continuous struggle, the main goals of economic and social development put forward in the 13th five-year Plan have been better achieved. The total economic volume broke through the 100 trillion yuan mark, and the per capita GDP exceeded 10000 US dollars for two consecutive years. GDP per capita is about $10504 In January 2020, Ning Jizhe, director of the National Bureau of Statistics, announced that China's GDP per capita reached $10276 in 2019 at the average exchange rate. This is the first time in the history of China's per capita GDP exceeded 10000 US dollars. In the past 2020, China's economy faced the challenges brought about by the new coronary pneumonia epidemic, and finally bucked the trend to achieve positive annual growth, with total GDP exceeding the 100 trillion yuan mark. The total economic volume continues to maintain a positive growth state, which provides basic conditions for the per capita GDP to continue to rise and remain above US $10000. According to the 2020 Statistical Bulletin, the annual per capita GDP is expected to be 72447 billion yuan, an increase of 2.0 percent over the previous year. In addition, the communique also said that the average exchange rate of RMB for the whole year was 6.8974 yuan to the US dollar, an appreciation of 0.02 percent over the previous year. A simple calculation shows that China's GDP per capita will be about $10504 in 2020, a slight increase from $10276 in 2019. Sheng Laiyun concluded that during the "13th Five-Year Plan" period, the average annual nominal increase of my country's GDP reached 6.5 trillion yuan, 1 trillion yuan more than during the "Twelfth Five-Year Plan" period. Residents' income and economic growth are basically synchronized, and the rural poor are all out of poverty under the current standards. During the "Thirteenth Five-Year Plan" period, the average annual per capita disposable income of residents across the country increased by 2045 yuan in nominal terms, an increase of 156 yuan over the "Twelfth Five-Year Plan" period; the 55.75 million rural poor were lifted out of poverty, with an average annual poverty reduction of 11.15 million people. Major development strategies have been implemented steadily, major reform and opening-up measures have been accelerated, major engineering projects have been solidly constructed, significant progress has been made in the construction of ecological civilization, and great historic achievements have been made in building a moderately prosperous society in an all-round way. Increasing industrial capacity utilization The communique shows that the added value of the three major industries increased by 3.0, 2.6 and 2.1 respectively last year. In terms of industry, the total industrial added value for the whole year was 31307.1 billion billion yuan, an increase of 2.4 percent over the previous year. In the whole year, the added value of high-tech manufacturing industry increased by 7.1 percent over the previous year, accounting for 15.1 percent of the added value of industries above scale; the added value of equipment manufacturing industry increased by 6.6 percent, accounting for 33.7 percent of the added value of industries above scale. In addition, the data also show that industrial capacity utilization is improving in 2020, with 1. 2. 3. 67.3 percent, 74.4 percent, 76.7 percent and 78.0 percent in the fourth quarter, respectively. Pig inventory increased by 31% over the end of last year In terms of residents' income and consumption, Sheng Laiyun pointed out that in 2020, residents' income will grow in tandem with the economy. For the whole year, the per capita disposable income of residents nationwide was 32189 yuan, an increase of 4.7 percent over the previous year. After deducting the price factor, the actual growth rate was 2.1 percent, which was faster than the growth rate of per capita GDP. For the whole year, the per capita consumption expenditure of residents nationwide was 21210 yuan, down 1.6 percent from the previous year. After deducting the price factor, the actual decline was 4.0 percent. However, the share of online retail sales of physical goods continues to increase. The online retail sales of physical goods in the whole year was 9759 billion billion yuan, an increase of 14.8 percent over the previous year, and accounted for 24.9 percent of the total retail sales of consumer goods, a sharp increase of 4.0 percentage points over the previous year. At the same time, the data also show that in 2020, China's pork production was 41.13 million tons, down 3.3 percent; beef production was 6.72 million tons, up 0.8 percent; mutton production was 4.92 million tons, up 1.0 percent; and poultry production was 23.61 million tons, up 5.5 percent. In the whole year, 527.04 million pigs were put on the market, down 3.2 percent from the previous year. Consumer prices rose by an average of 2.5 per cent for the year, below the expected target of around 3.5 per cent. The protection of the bottom line increased, and the per capita net transfer income of the national residents increased by 8.7 per cent in nominal terms over the previous year. Grain production reached a new high. The annual grain output was 669.49 million tons, an increase of 0.9 percent over the previous year, and remained above 1.3 trillion jin for six consecutive years. Energy supply remains stable. The output of raw coal, crude oil and natural gas increased by 1.4, 1.6 and 9.8 respectively over the previous year.