The central bank responds to reserve requirement ratio cuts and interest rate cuts, leading to an increase in supply and a decrease in demand for the five major steel varieties

Zou Lan, Director of the Monetary Policy Department of the People's Bank of China, stated that the average statutory reserve requirement ratio of financial institutions is currently about 7%, and there is still some room for decline. Due to factors such as the speed at which bank deposits are diverted to asset management products and the extent to which bank net interest margins are narrowing, there are still certain constraints on the further decline of deposit and loan interest rates.

This week, the supply of five major steel varieties reached 8.0117 million tons, an increase of 225100 tons or 2.9% compared to the previous week; The total inventory was 15.0921 million tons, a decrease of 537400 tons or 3.4% compared to the previous week; The weekly consumption was 8.5492 million tons, a decrease of 2.66% compared to the previous period.

Typhoon Capricorn, the 11th typhoon, is expected to make landfall along the coast from Qionghai in Hainan to Dianbai in Guangdong from the afternoon to the night of the 6th. On the 5th, the National Flood Control and Drought Relief Headquarters raised the emergency response for flood and typhoon prevention in Guangdong and Hainan to level two, and multiple departments including the Ministry of Emergency Management urgently allocated 70000 central disaster relief supplies to the two provinces.

Domestic refined oil products face the seventh decline of the year. Starting from 24:00 on September 5th, the domestic prices of gasoline and diesel will be reduced by 100 yuan per ton, and filling a 50 liter fuel tank with 92 octane gasoline will save 4 yuan.

  China is willing to take the initiative to unilaterally expand market opening and has decided to grant 100% tariff free treatment to all least developed countries that have diplomatic relations with China, including 33 African countries. China is willing to implement 30 infrastructure connectivity projects in Africa, and work together to promote high-quality joint construction of the "the Belt and Road".

The Ministry of Commerce stated that China has repeatedly made solemn representations to the United States regarding the 301 tariff issue. The World Trade organization has already ruled that the 301 tariffs violate WTO rules, and the US's decision to increase tariffs on China is a mistake that adds to the mistake; Urge the US to correct its erroneous practices, actively respond to calls from all sectors, and immediately lift all tariffs imposed on China.

On September 5th local time, Russian President Putin stated that he is ready to negotiate with Ukraine, but the negotiations must be based on an agreement reached by Russian and Ukrainian negotiators in 2022 that has not been implemented.

Last week, the number of first-time jobless claims in the United States was 227000, with an estimated 230000, and the previous value was revised from 231000 to 232000.

In August, ADP employment in the United States increased by 99000 people, with an estimated increase of 144000 people. The previous value was revised from an increase of 122000 people to 111000 people. The number of jobs added by American companies in August hit the lowest level since the beginning of 2021.