Macro dynamic comments
China: pay attention to the change of RMB. 1) Monetary policy: the central bank increased the amount of reverse repurchase, opened a net investment of 90 billion yuan of reverse repurchase, and continued to make an excess of 200 billion yuan of MLF. 2) Economy: the national economy recovered better than expected from January to February; Investment in fixed assets increased by 12.2% year-on-year, with an expected 5% and a previous value of 4.9%; The cumulative industrial added value increased by 7.5% year-on-year, and the expected value before 4% was 9.6%; Social retail consumption increased by 6.7% year-on-year, with an expected 3% and a previous value of 12.5%. 3) Epidemic situation: the Politburo meeting pointed out that we should always adhere to the people first and life first; The National Health Commission pointed out that adhering to the general policy of "dynamic clearing" and unswervingly adjusting the standard of the latest covid-19 pneumonia diagnosis and treatment plan. 4) China US Relations: Yang Jiechi had frank, in-depth and constructive communication with Sullivan Rome Xi Jinping video call with Biden to strive for the return of China US relations to the track of stable development.
Overseas: focus on the risk of high oil prices. 1) Monetary policy: the Federal Reserve raised interest rates by 25 basis points, implying that interest rates will be increased in the next six meetings this year, implying that the table will be reduced in May; The Bank of England raised interest rates by 25 basis points to 0.75%; The Bank of Japan kept the policy interest rate unchanged at - 0.1% and continued to purchase Japanese government bonds without restrictions; The Central Bank of Brazil raised interest rates by 100 basis points; The Hong Kong Monetary Authority of China raised interest rates by 25 basis points. 2) Economy: US retail sales rose 0.3% month on month in February. 3) Crude oil: private oil producers in the United States increase production, and 62% of oil and gas drilling platforms in the United States are operated by private companies; Pierre Andrew, a fund manager, believes that oil prices will reach $200 by the end of the year; The United States terminates normal trade relations with Russia and Belarus; Russia and Ukraine suspended fertilizer exports. 4) Epidemic situation: who believes that it is necessary to carry out anti-virus treatment for Omicron variant virus ba 2 remain vigilant.
