Daily Macro Economy News on July 11

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International Crude Price Trend and Exchange Rate of RMB to USD Trend

Domestic News

1. Tongguan Copper: 3.5um Copper Foil is still in the stage of successful research and sending samples to downstream customers for trailing

2. The 2023 China Digital Economy Innovation and Development Conference will be held in Shantou in August

3. PBC and CBIRC: other policies that do not involve the period of application are effective in the long term

4. Cui Dongshu of the CPCA: price stability is not a price cut, but to provide consumers with stable price expectations

International News

1. Indian oil company Petronet CEO: If the European winter weather is not harsh, LNG prices will remain stable

2. EU adopts new regulation on batteries and waste batteries

3. Russia's implementation of output cut deal is in doubt: refining rate jumps to the highest level in three months in early July

4. EU business leaders push for an extension of the digital tax freeze

More detials:

Domestic News

1. Tongguan Copper: 3.5um Copper Foil is still in the stage of successful research and sending samples to downstream customers for trailing

Tongguan Copper recently accepted investor research and said the 3.5um copper foil is still in the stage of successfully researching and sending samples to the downstream customers to send samples trailing, the processing fee is expected to be higher than the processing fee of 4.5um copper foil. The company's current production and sales of lithium battery copper foil products in 6um and below 6um specifications accounted for more than 80% of the copper foil, of which 6um copper foil is the main production.

2. The 2023 China Digital Economy Innovation and Development Conference will be held in Shantou in August

Co-sponsored by the Ministry of Industry and Information Technology and the People's Government of Guangdong Province, the 2023 China Digital Economy Innovation and Development Conference will be held in Shantou, Guangdong Province, from August 16^th to 18^th.

3. PBC and CBIRC: other policies that do not involve the period of application are effective in the long term

The People's Bank of China (PBC) and the China Banking and Insurance Regulatory Commission (CBIRC): other policies that do not involve the applicable period are effective in the long term. All financial institutions should be in accordance with the requirements of the document to effectively implement, and support rigid and improved housing demand according to city-specific policies, to maintain real estate financing reasonable and moderate. Increase the financial support of the secured delivered building, to promote the industry's risk of market clearing, and to promote the stable and healthy development of the real estate market.

4. Cui Dongshu of the CPCA: price stability is not a price cut, but to provide consumers with stable price expectations

Cui Dongshu of the China Passenger Car Association commented on the Commitment to Maintaining a Fair Market Order in Automotive Industry. He said, signed the commitment is not to engage in price monopoly, not allow enterprises to reduce prices, enterprises should not be over-interpreted. “To establish a unified national market, we can not engage in vicious price competition, can not engage in 'government-enterprise cooperation' price competition in particular, and not to allow other forces to participate in the competition of enterprises and interfere with the national market.” He explained that price stability is not just maintaining prices but providing consumers with stable price expectations. The dramatic price cuts in March represent the regional price cuts on the national market caused by interference, so consumers have unrealistic price expectations, overdrawn the trust of consumers in the car companies, but instead of bringing a large area of wait-and-see mood. (Resource: The Paper)

International News

1. Indian oil company Petronet CEO: If the European winter weather is not harsh, LNG prices will remain stable

Indian oil company Petronet CEO: If the European winter weather is not harsh, LNG prices will remain stable.

2. EU adopts new regulation on batteries and waste batteries

On July 10^th local time, the Council of the European Union adopted a new regulation that strengthens sustainability rules for batteries and waste batteries. The regulation will regulate the entire life cycle of batteries, from production to reuse and recycling, and ensure that they are safe, sustainable, and competitive. The new regulation aims to promote a circular economy by regulating the entire life cycle of batteries to enhance the competitiveness of European industry and further contribute to the realization of the green transition.

3. Russia's implementation of output cut is in doubt: refining rate jumps to the highest level in three months in early July

Russian refineries raised crude processing rates to the highest level in three months in early July on strong foreign demand for their fuel and impending cuts in domestic downstream subsidies. Refineries processed an average of 5.65 million bpd of crude from July 1^st-5^th, the highest level since early April, and 190,000 bpd higher than the average during June 1^st-28^th, a person familiar with the matter said. Russian refineries have been boosting processing volumes in recent weeks after the usual spring maintenance work. Crude supplies to Russia's domestic refineries and seaborne exports are two of the most closely watched indicators of the country's domestic oil levels to see if Russia is complying with its production cut commitments. While Russian energy officials have repeatedly said that they are keeping that promise, rising refining rates and strong overseas crude exports provide little evidence that the promise is being fully implemented.

4. EU business leaders push for an extension of the digital tax freeze

A number of EU tech companies sent a letter to European finance ministers on Monday, asking for an extension of the international agreement to stop the tax on digital services beyond Dec 31^st. In the letter, the chief executives of Spotify Technology, Zalando, and 13 other companies said an extension of the agreement would block the implementation of the new digital services tax, giving governments time to complete the first pillar negotiations, domestic discussions, ratification, and implementation process. The first pillar is a set of rules that redistributes countries' taxing power over large companies, and the execs want to avoid provisions with different scopes, varying tax rates, and varying compliance and systems requirements. The executives wrote: "We want all governments that are taxing digital services to stop doing so immediately if an agreement is reached in July."

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