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 30, 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)
Fiscal policy: according to the data released by the PPP center of the Ministry of finance, there were 29 new warehousing projects in February, with an investment of 100.3 billion yuan, an increase of 68.1 billion yuan month on month, an increase of 212.1%, a year-on-year increase of 75.1 billion yuan, an increase of 297.6%; There were 24 contracted projects with an investment of 43.1 billion yuan, an increase of 6.2 billion yuan or 16.7% month on month. (issued by the Ministry of Finance)
Overseas monetary and fiscal policy
[Thailand] the Bank of Thailand kept the benchmark interest rate unchanged at 0.5%, in line with expectations.
[Philippines] Bank of the Philippines governor diocano said that it is reasonable for the central bank to maintain its key interest rate at 2.5% to 2.75%; The interest rate will be raised in the second half of the year according to the data, and the benchmark interest rate may reach 2.75% in 2023.
[Federal Reserve] Bostick of the Federal Reserve said that the Federal Reserve is canceling policy support and making the economy independent. If the Federal Reserve acts too actively, it may damage the economy; Reiterated its support for six interest rate hikes in 2022, and the Federal Reserve can raise interest rates without causing an economic recession.
[fed] fed Huck said that he would not rule out raising interest rates by 50 basis points at the next meeting, but he would not make a commitment; The Fed can "methodically" raise interest rates to about 2.5% and then assess whether more interest rate increases are needed.
[ECB] ECB Governing Committee Holzman said that if there is no new asset purchase plan in July, the ECB may take action on interest rates in September.
[ECB] ECB president Lagarde said that it will take time for the supply chain to recover; There is no sign of stagflation in the eurozone. The conflict between Russia and Ukraine has had a major economic impact on Europe; Energy, food and supply bottlenecks are bound to push up inflation.
Risk tip: the epidemic spreads beyond expectations, overseas tightens beyond expectations, and global inflation intensifies
