Key investment points:
The first round of negotiations between Russia and Ukraine ended
According to Belarusian national television, the talks between Russia and Ukraine officially began on the 28th local time. It was nearly two hours later than the original planned negotiation time (12 noon local time on the 28th). Belarusian foreign minister maki attended the Russian Ukrainian negotiations. The Ukrainian delegation sent a total of six people to participate in the talks, including defense minister reznikov, deputy foreign minister tositsky, adviser to the president’s office podoliyak, chairman of the people’s public servant party arahamia, congressman umelov, and koskin, the first deputy leader of the tripartite contact group on Ukraine. Belarusian foreign minister maki attended the Russian Ukrainian negotiations.
The office of Ukrainian President Zelensky said that the core issue of the talks was the immediate ceasefire and withdrawal of troops. During the negotiations, the office of the president of Ukraine said that the Ukrainian delegation asked the Russian army to withdraw from all Ukrainian territory, including Crimea and Donbas. Previously, Putin has proposed two goals: the “demilitarization” and “non Nazism” of Ukraine.
On the whole, the goals of the two sides are too far apart. Both sides are tough and difficult to negotiate. After the Russian Ukrainian talks, Ukrainian President Zelensky said that the current talks did not achieve the expected results. On the same day, the leaders of the group of seven held a teleconference on the situation in Russia and Ukraine, with the participation of Japanese Prime Minister Fumio Kishida. The heads of state condemned Russia’s military action against Ukraine. Spanish Prime Minister Sanchez: Spain has provided Ukraine with humanitarian assistance and defense materials such as bulletproof vests, but weapons and other combat materials will not be delivered to Ukraine through bilateral channels for the time being. The US Treasury Department announced on February 28 that it would freeze the assets of the Russian Central Bank in the United States. Sanctions against Russia were further expanded. On February 28, a spokesman for the German Ministry of economy said that Germany still has a channel to pay natural gas bills, and it is still feasible to buy natural gas through swift system. Previously, Germany expressed support for western countries to use swift international payment system as one of the means to sanction Russia, but hoped that it would be subject to “targeted and functional” restrictions. On February 28, the Swiss Federal Council decided to adopt sanctions consistent with the EU, including freezing Russian assets in Switzerland and sanctioning Russian President Vladimir Putin. The next round of talks between Russia and Ukraine will be held at the white Poland border.
Central deep reform commission: strengthen financial supervision and resolutely punish corruption in the financial field
State leaders presided over the meeting of the central deep reform commission and stressed the need to unswervingly encourage, support and guide the development of non-public economy and accelerate the construction of a number of world-class enterprises. We should promote the high-quality development of Inclusive Finance, improve a highly adaptive, competitive and inclusive modern financial system, better meet the diversified financial needs of the people and the real economy, and effectively solve the problem of difficult and expensive loans. We should plan the training of talents in basic disciplines in an all-round way. We will promote state-owned enterprises to improve their innovation system, enhance their innovation ability, stimulate innovation vitality, and promote the deep integration of industrial chains and innovation chains.
On the whole, the meeting stressed the need to attach great importance to preventing financial risks, strengthen financial supervision, resolutely punish corruption in the financial field, and investigate and deal with those who violate discipline and law.
Monetary Department of the central bank: maintain the stable operation of the economy and the overall stability of inflation
The monetary Department of the people’s Bank of China issued a document on the official wechat of the central bank, saying that at present, the internal and external situation facing China is complex and changeable, with both opportunities and challenges. Internationally, global inflation remains high, the pace of tightening monetary policy in major developed economies has accelerated, and geopolitical risks have heated up, increasing the uncertainty of the external environment. The downward pressure on China’s economy still exists in the short term, but the fundamentals of China’s strong economic resilience and long-term improvement will not change. In the next step, we should adhere to a prudent monetary policy, be flexible and appropriate, adhere to the principle of stability and seek progress while maintaining stability, flexibly and appropriately adjust the strength, rhythm and focus of monetary policy in accordance with changes in the situation and the requirements of high-quality economic development, guide financial institutions to effectively expand credit supply, enhance the stability of total credit growth, and guide the steady optimization of credit structure, Promote the reduction of comprehensive financing costs of enterprises. In the future, China has the ability and conditions to effectively respond to external shocks and China’s downward pressure, maintain the stable operation of the economy and the overall stability of inflation, stabilize the macro-economic market, and continue to become the highlight of the global economy.
Combined with the meeting of the Political Bureau of the CPC Central Committee on Friday, we should strengthen financial risk prevention and control and resolutely maintain the overall situation of financial stability. The Politburo meeting was mainly held in April and July in previous years. It was held at the end of February this year as an exception. Combined with the document issued by the monetary Department of the central bank, we can see China’s determination to stabilize the macro-economic market to deal with peripheral geopolitical conflicts and policy changes, maintain the stable operation of the economy and the overall stability of inflation, and effectively deal with external shocks and China’s downward pressure.
Financing funds
On February 25, the balance of A-share financing was 1629524 billion yuan, a month on month decrease of 1.944 billion yuan; The balance of margin trading was 1725235 billion yuan, a decrease of 1.876 billion yuan month on month. The balance of financing minus securities lending was 1533813 billion yuan, a month on month decrease of 2.012 billion yuan.
Land stock connect and Hong Kong stock connect
On February 28, the net purchase transaction of land stock connect on that day was 2.047 billion yuan, including 52.880 billion yuan of purchase transaction and 50.833 billion yuan of sales transaction, with a cumulative net purchase transaction of 1655332 billion yuan. Hong Kong stock connect had a net purchase transaction of HK $883 million on the same day, including a purchase transaction of HK $14.959 billion and a sale transaction of HK $14.076 billion, with a cumulative net purchase transaction of HK $2233218 billion.
Money market
On February 28, Bank Of Shanghai Co.Ltd(601229) inter-bank offered rate Shibor overnight interest rate was 2.2340%, up 0.30bp, Shibor week was 2.2490%, down 7.30bp. The weighted interest rate of pledged repo of deposit institutions was 2.2418% overnight, up 5.87bp and 2.2952% a week, down 4.77bp. The 10-year maturity yield of China national debt was 2.7750%, down 1.25bp.
Overseas stock market
On February 28, the Dow Jones Industrial Average closed at 3389260 points, down 0.49%; The S & P 500 index closed at 437394 points, down 0.24%; The NASDAQ index closed at 1375140, up 0.41%. European stock markets, French CAC index closed at 665883 points, down 1.39%; Germany DAX index closed at 1446102 points, down 0.73%; The FTSE 100 index closed at 745825, down 0.42%. In the Asia Pacific market, the Nikkei index closed at 2652682 points, up 0.19%; The Hang Seng Index closed at 2271302, down 0.24%.
Foreign exchange rate
On February 28, the dollar index rose 0.17% to 967063. The euro fell 0.48% against the dollar to 1.1219. The dollar fell 0.50% against the yen to 1149465. The pound rose 0.07% against the dollar to 1.3422. The spot exchange rate of RMB against the US dollar closed at 6.3111, up 0.05%. The spot exchange rate of offshore RMB against the US dollar closed at 6.3134, depreciating by 0.04%. The central parity rate of RMB against the US dollar closed at 6.3222, up 0.20%.
Gold, crude oil
On February 28, Comex gold futures rose 1.08% to close at US $191060/oz. WTI crude oil futures rose 4.22% to close at US $95.82/barrel. Brent crude oil futures rose 3.76% to close at US $98.12/barrel. COMEX copper futures rose 0.42% to close at US $4.5060/lb. LME copper three-month futures fell 0.01% to close at US $9860 / ton.
