US Treasury Secretary Yellen visited China from the 6th to the 9th

 Recently, according to the official website of the Ministry of Finance, after mutual agreement between China and the United States, US Treasury Secretary Yellen will visit China from July 6th to 9th. This will be the second senior official of the Biden administration to visit China this year since tensions between China and the United States have intensified, and also Yellen’s first visit to China as finance minister. Yellen has been actively seeking a visit to China since February this year, and has planned multiple trips to “let it go”, finally achieving his wish. |Foreign Minister’s Comment: The attitude towards China is relatively pragmatic. China implements export controls on gallium and germanium related items Recently, the Ministry of Commerce and the General Administration of Customs issued a notice on implementing export controls on gallium and germanium related items. Items that meet relevant characteristics shall not be exported without permission. It will be officially implemented from August 1, 2023. And both of these elements are important semiconductor raw materials.

Yesterday, the offshore RMB depreciated against the US dollar, euro, and Japanese yen
Yesterday, the offshore RMB depreciated significantly against the US dollar. As of press release, the offshore RMB depreciated 268 basis points against the US dollar at 7.2536, compared to the closing price of 7.2268 on the previous trading day.
Yesterday, the offshore RMB depreciated significantly against the euro. As of press release, the offshore RMB depreciated 380 basis points against the euro at 7.8994, compared to the closing price of 7.8614 on the previous trading day.
Yesterday, the offshore renminbi depreciated slightly against 100 yen. As of press release, the offshore renminbi was trading at 5.0100 yen, a 100 basis point depreciation from the previous trading day’s closing price of 5.0000 yen.
Yesterday, the onshore RMB depreciated against the US dollar, euro, and Japanese yen
Yesterday, the onshore RMB depreciated significantly against the US dollar. As of press release, the onshore RMB exchange rate against the US dollar was 7.2411, a decrease of 241 basis points compared to the closing price of 7.2170 on the previous trading day.
Yesterday, the onshore RMB depreciated significantly against the euro. As of press release, the onshore RMB exchange rate against the euro was at 7.8867, which is 352 basis points lower than the closing price of 7.8515 on the previous trading day.
Yesterday, the onshore RMB depreciated significantly against 100 yen. As of press release, the onshore RMB exchange rate against 100 yen was at 5.0100, a 200 basis point decrease from the previous trading day’s closing price of 4.9900.
Yesterday’s appreciation of the central parity rate of the Chinese yuan against the US dollar, euro, and Japanese yen
Yesterday, the RMB appreciated slightly against the US dollar, with the central parity rate of the RMB against the US dollar at 7.1968, an increase of 78 basis points compared to the previous trading day of 7.2046.
Yesterday, the renminbi appreciated significantly against the euro, with the central parity rate of the renminbi against the euro at 7.8501, an increase of 433 basis points compared to the previous trading day at 7.8934.
Yesterday, the RMB appreciated slightly against 100 yen, with the central parity rate of 4.9944, an 82 basis point increase from the previous trading day of 5.0026.

The initial comprehensive PMI of the Eurozone in June dropped to 50.3

A few days ago, according to the initial survey data released by S&P Global, the initial comprehensive PMI of the euro zone in June was 50.3, down from 52.8 last month to close to the boom and bust line. The service industry PMI was 52.4, lower than the previous month’s 55.1. The manufacturing PMI was 43.6, lower than last month’s 44.8 and the lowest level in 37 months. The final value of the manufacturing PMI in the eurozone in June reached 43.4, a new low since May 2020,

Argentina’s RMB usage reached a historic high
Recently, according to data from Mercado Abierto Electr ó nico, one of Argentina’s largest exchanges, the proportion of RMB trading in the Argentine foreign exchange market has recently reached a new record high of 28%, with the highest proportion reaching 5% in May. In April and May of this year, Argentina’s imports settled in RMB were worth 2.721 billion US dollars, accounting for 19% of the country’s total imports in these two months.
Sri Lanka and Iran avoid US dollar settlement in trade
Recently, a Sri Lankan official stated that Sri Lanka began bartering tea with Iran this month to offset its $250 million oil debt. The head of the Sri Lankan Tea Bureau stated that through this approach, both Iran and Sri Lanka can trade without relying on the US dollar. It is reported that Iran has always been one of the main buyers of Sri Lankan tea.

E-commerce revenue in Brazil decreased by 4.3% year-on-year in the first half of the year

Recently, according to data released by the Brazilian E-commerce Association (ABComm), the revenue of the Brazilian e-commerce market in the first half of 2023 was R $40 billion, a decrease of 4.3% compared to the same period last year. Experts believe that with the return of physical stores, it is normal for e-commerce growth to temporarily stagnate. Now, the scale of the e-commerce market in the country has stabilized.

SHEIN Launches “Attractive” Million Seller Program

Recently, cross-border Fast fashion e-commerce SHEIN launched a platform model and officially launched the “Attractive” Million Seller Plan. SHEIN aims to help 10000 sellers worldwide break through $1 million in annual sales over the next three years, and will also help 100000 small and medium-sized sellers reach $100000 in annual sales.

MSC Launches New Railway Services in China

Recently, the Mediterranean Shipping Chongqing Guoyuan Port – Guangzhou Nansha Port International Train was opened. In recent years, Chongqing has continuously attracted increasingly rich logistics products, empowering the rapid development of import and export trade in the Chongqing region. It is reported that MSC’s advantageous routes for exporting from Nansha include the JADE route, CONDOR route, and AFRICA EXPRESS route.

Dafei Shipping will integrate its container shipping subsidiary
Recently, DaFei Group announced that it will integrate its container shipping subsidiary from July 1st, aiming to obtain its extensive maritime, road, railway, and inland waterway solutions. The company pointed out that container ships have played a crucial role in expanding the company’s multimodal transportation solutions. And better digital tools, a wider range of DaFei DaFei services, and a wider presence within Europe will help them improve their services.
Baltic Dry Bulk Index: fell 4.79% to 994 points

Tesco’s revenue increased by 8.2% year-on-year in the first quarter

Recently, UK food retailer Tesco released its first quarter results for the 2024 fiscal year, achieving revenue of 14.383 billion euros, a year-on-year increase of 8.2%; Market share remains strong, accounting for 27.1%; Online sales increased by 8.2%, and online market share increased by 75 basis points to 37.5%. The company reiterates its guidance for the full year of fiscal year 2024, with a retail free cash flow target of 1.4-18 billion euros; Adjusted operating profit of 130 to 160 million euros.
Panasonic will produce household air conditioners for Xiaomi in China
A few days ago, according to the Daily Industry News, Panasonic plans to cooperate with Xiaomi to produce household air conditioners for the Chinese market by OEM in China. Panasonic’s Guangzhou subsidiary has signed a strategic agreement with Xiaomi to transfer production of air conditioning equipment in the Japanese market to domestic factories, freeing up production capacity in the Chinese market.

Here comes the dangling Virtual keyboard

Recently, Apple has developed a suspended Virtual keyboard to control its first MR device Vision Pro. For Vision Pro, Apple did not design a handheld remote control, but instead opted for hand eye control and Siri voice command control. Previously, Apple also proposed the idea of using fingers to wear devices and conducted relevant tests. But in the end, Apple decided not to use accessories.