China's monetary and fiscal policy
Reverse repo: the central bank announced that in order to maintain stable liquidity at the end of the quarter, a 7-day reverse repo operation of 150 billion yuan was carried out by means of interest rate bidding on March 29, with a bid winning interest rate of 2.10%. Today, the 20 billion yuan reverse repurchase expired, so the net investment on that day was 130 billion yuan. (issued by the central bank)
Industrial policy: the National Energy Administration issued the guidance on energy work in 2022, which proposed to steadily promote the structural transformation, steadily reduce the proportion of coal consumption, increase the proportion of non fossil energy in the total energy consumption to about 17.3%, replace about 180 billion kwh of new electric energy, and the proportion of wind power and photovoltaic power generation in the power consumption of the whole society reached about 12.2%. (issued by the National Energy Administration)
Overseas monetary and fiscal policy
[Japan] yumiya Zhengjia, deputy governor of the Bank of Japan, said that the CPI increase may rise to about 2% from April; Japan's real GDP is still lower than the level before the epidemic, thus curbing inflation; There is a growing likelihood that inflation will continue to rise in the United States and European countries.
[ECB] Hernandez de Kos, the ECB's management committee, said that the ECB plans to end asset purchases in the third quarter and then raise interest rates. The sequential cycle of monetary policy may be short-term or long-term; The ECB will consider whether other tools are needed to avoid potential market fragmentation. Inflation data for March is expected to be particularly negative.
Risk tip: the epidemic spreads beyond expectations, overseas tightens beyond expectations, and global inflation intensifies
