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Daily Archives: June 22, 2022

Chart: Hong Kong Interbank Rate Rises to Highest Since 2020

Source : Bloomberg

Chart: China Fiscal Revenue YoY Plunged in April and May 2022

Source : Caixin

Humour: News in Cartoons

中國2021年中央财政收入超9万亿元

记者: 申铖 . . . . . . . . .

  财政部部长刘昆21日表示,2021年,中央一般公共预算收入91470.41亿元,为预算的102.3%,比2020年增长10.5%。加上从中央预算稳定调节基金以及中央政府性基金预算、中央国有资本经营预算调入1935亿元,收入总量为93405.41亿元。

  受国务院委托,刘昆21日向十三届全国人大常委会第三十五次会议作2021年中央决算的报告。

  刘昆表示,2021年,中央一般公共预算收入增长,主要是受经济保持恢复发展、工业生产者出厂价格指数 (PPI)涨幅较高等因素拉动。

  决算报告显示,2021年,中央一般公共预算支出117202.3亿元,完成预算的98.6%,下降0.9%。加上补充中央预算稳定调节基金3613.11亿元、向中央政府性基金预算调出90亿元,支出总量为120905.41亿元。收支总量相抵,中央财政赤字27500亿元,与预算持平。

  决算报告指出,2021年,宏观政策保持连续性、稳定性、可持续性,积极的财政政策提质增效、更可持续,优化和落实减税降费政策,保持适度支出强度,增强国家重大战略任务财力保障,在促进科技创新、加快经济结构调整、调节收入分配上主动作为,促进经济运行在合理区间。

  决算报告中包括了今年财政运行分析。数据显示,今年前5个月,全国一般公共预算收入86739亿元,扣除留抵退税因素后增长2.9%,按自然口径计算下降10.1%;全国一般公共预算支出99059亿元,比上年同期增长5.9%,民生等重点领域支出得到有力保障。

  刘昆表示,当前,我国经济发展环境的复杂性、严峻性、不确定性上升。从全年来看,财政收支平衡压力较大,完成预算需要付出艰苦努力。下一步,将加快落实已经确定的政策,加大宏观政策调节力度,谋划增量政策工具,靠前安排、加快节奏、适时加力,继续做好 “六稳”“六保”工作,有效管控重点风险,保持经济运行在合理区间。


Source : 新华网


In Pictures: Asia’s Largest Rail Hub Beijing’s Fengtai Railway Station Reopens

The station resumed services on June 20, 2022 after four years of reconstruction. First built in 1895, it is Asia’s largest rail transport hub. The remodeled station spans 400,000 square meters and includes 32 platforms and rail lines. It is China’s first railway station featuring a double-deck structure that serves both high-speed and regular train services.

Source : Caixin

China Tests Technology that Could Beam Solar Power from Space to Earth

Chinese researchers have successfully tested a full-system model of technology that could one day wirelessly transmit solar power from outer space to Earth.

A model power station at Xidian University in Shaanxi province captures sunlight high above the ground and converts it into microwave beams. It then transmits through the air to a receiver station on the ground, where it can be converted back to electricity. While the model only sends the energy 55 meters through the air, the researchers hope the technology could one day be expanded to send power from orbiting solar panels to Earth.

The research team behind it recently conducted tests in front of a panel of outside experts, who verified its success on June 5, the university said in a press release.

The promise of solar power from space is that it would eliminate the clean energy technology’s biggest drawback — not being able to operate in darkness — by putting the panels in orbit where they can evade Earth’s shadow.

China isn’t the only country looking into the technology. Researchers at the California Institute of Technology launched a space solar program after a $100 million grant in 2013. Researchers in India, Russia, the UK and France are also exploring possibilities, and Japan is particularly advanced in the field, according to Xidian. While individual components of solar-from-space technology have been tested before, the Chinese researchers are the first to successfully test a full-system model, Xidian said.


Source : Business Standard

HKMA Buys Hong Kong Dollar at Record Pace as Peg Gets Tested

Hong Kong’s de facto central bank bought the local dollar at the fastest pace on record to defend its currency from crossing the weak end of its trading band.

The Hong Kong Monetary Authority bought HK$78.1 billion ($10 billion) so far this month, including its HK$25.6 billion purchase last week, which was the largest for a single day as per Bloomberg data going back to 2003. The currency still continues to linger near the weak end of its 7.75-to-7.85 per greenback trading band.

Despite the heavy intervention, the Hong Kong dollar continues to remain weak as the city’s aggregate balance — a gauge of interbank liquidity — remains high. This means its still relatively cheap for traders to short the currency against the higher yielding greenback.

This is likely to keep the downward pressure on the Hong Kong dollar and interventions are likely to continue, said Frances Cheung, rates strategist at Oversea-Chinese Banking Corp. in Hong Kong.

HKMA Chief Executive Eddie Yue had said earlier this week that the HKMA may accelerate purchases of the local currency until the city’s interest rates approach the US level, Sing Tao Daily reported.


Source : BNN Bloomberg


Traders are borrowing against the low Hibor, selling the Hong Kong dollar to buy the US currency for investments in high-yielding US assets.