Foreign Trade News Express丨Super typhoon warning, some ports affected, RMB appreciates again, the outlook is stable

Super strong double typhoon warning, logistics affected

 

 

Typhoon Dusurui, the fifth typhoon this year, was upgraded from a strong typhoon to a super typhoon on the evening of July 24. At 10 a.m. on July 26, the Central Meteorological Observatory issued the first typhoon red warning this year.

 

According to @中国天气, "Dusurui" will be the strongest and most extensive typhoon to hit my country this year. The strong winds brought by "Dusurui" will not only start early, but also have a wide impact range, high intensity and long duration. As the typhoon approaches, the southeastern and eastern coastal areas will experience strong winds that will last for several days.

 

 

 

 

On the evening of July 24, the Ningbo Beilun District Flood Control, Typhoon Prevention and Drought Relief Command issued an emergency notice. Xiamen Container Terminal Group also issued an announcement on July 26 that all member companies of Xiamen Container Terminal Group (Haitian, Hairun, Songyu, International Container, Haitong, New Haida, and Haixiang) would stop accepting gate delivery and pick-up services, and the resumption of operations would be notified separately.

 

In the early morning of July 28, this year's sixth typhoon "Kano" was formed. According to the current predicted typhoon path, Typhoon Kano is heading straight for Zhejiang.

 

The Central Meteorological Observatory continues to issue a red typhoon warning. The center of "Dusurui" (super typhoon level) was located on the sea surface of the Taiwan Strait about 160 kilometers south-east of Jinzhou, Fujian at 5 a.m. on July 28, and will make landfall on the coast from Xiamen to Hui'an, Fujian that morning.

 

Due to the impact of the typhoon, some ship schedules are expected to be delayed. Many logistics companies and shipping companies have issued notices to customers. If customers have flight problems, they can consult us. We will tailor a plan for you to avoid losses caused by the typhoon.

 

 

 

RMB continues to appreciate

 

After the Federal Reserve raised interest rates as expected in July, the US dollar index fell and the RMB exchange rate against the US dollar rose accordingly.

 

 

 

 

The spot RMB exchange rate against the US dollar opened higher on July 27, breaking through the 7.13 and 7.12 levels during the session, reaching a high of 7.1192, once appreciating by more than 300 points from the previous trading day. The offshore RMB exchange rate against the US dollar, which more reflects the expectations of international investors, rose even more, breaking through the 7.15, 7.14, 7.13 and 7.12 levels on July 27, reaching a high of 7.1164 during the session, appreciating by more than 300 points during the day.

 

In the past year, the amount of RMB used for cross-border settlement increased by 32.4% year-on-year, and the proportion of RMB settlement in my country's foreign trade in goods and services increased by 4 percentage points to 22.7%.

 

This fully reflects that the recognition and acceptance of RMB settlement in international trade is increasing.

 

The improvement of China's economic strength has laid the foundation for the RMB to go global. China has become the world's largest commodity trading country and the second largest economy, which has led to an increasing international demand for the RMB.

 

 

Russia takes special economic measures against unfriendly countries

 

According to the Russian Satellite News Agency on July 26, the press office of the Russian Ministry of Economic Development stated on the 25th that Russia will implement protective import tariffs on plywood, polyurethane building parts, and pure glycerin originating from unfriendly countries, setting an import tariff rate of 50% for plywood and a tariff rate of 35% for polyurethane building parts originating from unfriendly countries.

 

In addition, Russia will ban the import of fish and seafood products from unfriendly countries. In addition, Russia has also increased the tariff on red wine from unfriendly countries from 12.5% to 20%.

 

The Russian Ministry of Economic Development said that the Russian government is continuing to implement measures to respond to unfriendly countries' actions against Russia, taking special economic measures on a series of products. According to the announcement of the Russian Ministry of Economic Development, Russian Prime Minister Mishustin has signed relevant documents and the relevant measures will be implemented until the end of 2023.

 

Unfriendly countries and regions include Australia, Albania, Andorra, Bahamas, the United Kingdom, EU member states, Iceland, Canada, Liechtenstein, Micronesia, Monaco, New Zealand, Norway, South Korea, San Marino, North Macedonia, Singapore, the United States, Ukraine, Montenegro, Switzerland and Japan.

 

at presentRussia's imports from China and Türkiye surged during the same period。

 

 

Argentina makes preliminary anti-dumping ruling on this product from China

 

On July 25, 2023, the Argentine Ministry of Economy issued Announcement No. 1131 of 2023, making a preliminary anti-dumping ruling on synthetic fiber warp knitted fabrics originating in China (punch fabrics for urdimbre (raschel), sintéticos, with a thickness of hilados superior or 5% in caucho silk, ancho inferior or igual a 30 cm; and cinnamon with no rectilíneas, sintéticos, with a thickness of hilados superior or igual 5% in caucho silk) and preliminarily ruling that no provisional anti-dumping duties would be imposed and that the anti-dumping investigation would continue.

 

The products involved include synthetic warp knitted fabrics (raschel) with a width not exceeding 30 cm and an elastic yarn content of 5% or more (excluding rubber threads) by weight, and synthetic ribbons with one or two non-straight edges with an elastic yarn content of 5% or more (excluding rubber threads) by weight, involving products under Mercosur tariff numbers 6002.40.20 and 6307.90.90. The announcement will take effect from the date of publication.

 

 

Turkish lira continues to depreciate, hitting a new historical low

 

Recently, the Turkish lira has been hovering at a record low against the US dollar. The Turkish government has previously used billions of dollars to maintain the lira exchange rate, and the country's net foreign exchange reserves have fallen to negative values for the first time since 2022.

On July 24, the Turkish lira exchange rate against the US dollar fell below the 27 mark, once again setting a new historical low.

Over the past decade, Türkiye's economy has been in a cycle of prosperity and depression, and has also faced difficulties such as high inflation and currency crisis, with the lira depreciating by more than 90%.

On May 28, Turkey's incumbent President Recep Tayyip Erdogan won the second round of presidential elections and won another five-year term. For years, critics have accused Erdogan of economic policies that have caused economic turmoil in the country.

 

Source: Focus Vision and the Internet, etc.

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