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Today's Outside News... Burst! Fed suspends interest rate hikes; RMB devaluation; Trump arrested; German inflation cools
Jun 16,2023
Fed suspends rate hikes, holds rates for first time since 2022
On June 14, local time, the U.S. Federal Reserve concluded its two-day monetary policy meeting and announced that it would maintain the current target range of the federal funds rate of 5 to 5.25 percent, which was in line with market expectations. This is also the first time the Fed has pressed the "pause button" since March last year ". Since the start of the rate hike cycle last year, the Fed has raised interest rates 10 times in a row, with a cumulative rate hike of 500 basis points, and the federal benchmark interest rate has risen from 0-0.25 per cent to 5-5.25 per cent.
Trump arrested during court appearance, pleads not guilty
A few days ago, former US President Trump appeared in a federal court in Miami, Florida, and responded to 37 federal criminal charges involved in the "secret incident. The maximum sentence for these offences totals up to 100 years. He was arrested during his court appearance. During the hearing, Trump was silent and pleaded not guilty to all charges.
Yesterday.Offshore RMBagainst the dollar, againstThe Euro,YenDepreciation
Yesterday.The offshore RMB exchange rate depreciated against the US dollar. As of press time, the offshore RMB exchange rate against the US dollar was reported at 7.1718, which was 7.1689 than the closing price of the previous trading day and depreciated by 29 basis points.
Yesterday.The offshore RMB exchange rate against the euro depreciated sharply. As of press time, the offshore RMB exchange rate against the euro was reported at 7.7511, which was 7.7343 than the closing price of the previous trading day and depreciated by 168 basis points.
Yesterday.The offshore RMB exchange rate against the 100 yen depreciated slightly. As of press time, the offshore RMB exchange rate against the 100 yen was reported at 5.1200, which was 5.1100 from the closing price of the previous trading day and depreciated by 100 basis points.
Yesterday.Onshore RMBappreciation against the dollar, yesThe Euro,YenDepreciation
Yesterday.The onshore RMB exchange rate appreciated slightly against the US dollar. As of press time, the onshore RMB exchange rate against the US dollar was reported at 7.1510, which was 7.1556 from the closing price of the previous trading day and appreciated by 46 basis points.
Yesterday.The onshore RMB exchange rate against the euro depreciated slightly. As of press time, the onshore RMB exchange rate against the euro was reported at 7.7471, which was 7.7328 than the closing price of the previous trading day and depreciated by 143 basis points.
Yesterday.The onshore RMB exchange rate against the 100 yen depreciated slightly. As of press time, the onshore RMB exchange rate against the 100 yen was reported at 5.1200, which was 5.1100 from the closing price of the previous trading day and depreciated by 100 basis points.
Yesterday.RMB median priceto beautyYuan, Euroderogatoryvalue, rightappreciation of yen
Yesterday.The exchange rate of RMB against the US dollar depreciated slightly, and the central parity rate of RMB against the US dollar was 7.1566, 7.1498 68 basis points lower than that of the previous trading day.
Yesterday.The exchange rate of RMB against the 100 yen appreciated sharply, and the central parity rate of RMB against the 100 yen was 5.1050, 5.1264 214 basis points higher than the previous trading day.
German inflation cools in May, up 6.1 percent year-on-year
Recently, according to data released by the German Federal Bureau of Statistics, after energy prices fell further, Germany's inflation rate cooled in May, and CPI rose 6.1 per cent in May from a year earlier. Inflation rose 7.2 percent in April from a year earlier. Energy prices rose 2.6 percent in May from a year earlier, compared with 6.8 percent in April.
South Korea exports up 1.2 percent year-on-year in first 10 days of June
Recently, according to preliminary statistics released by the South Korea Customs and Excise Department (Customs), South Korea's exports in the first 10 days of June increased by 1.2 percent year-on-year to $15.271 billion. The number of construction days was 7 days, 0.5 days more than the same period last year, and the average daily export volume decreased by 6% year-on-year. The Customs Office explained that the import and export data for the first 10 days of each month are short-term statistics and are vulnerable to changes in the number of construction days.
Kazakhstan Net Gold Foreign Exchange Reserves at $33.53 billion
A few days ago, the Central Bank of Kazakhstan announced that Kazakhstan's net gold and foreign exchange reserves in May were $33.53 billion billion, down 4.6 percent from the previous month. According to IMF data, Kazakhstan reduced its gold holdings by 2.35 tons to 316.69 tons in May.
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