International macro news
London spot gold opened at US $192475/oz, the highest was US $194819/oz, the lowest was US $191020/oz, and closed at US $191470/oz, with a weekly increase of 1.15%;
The US dollar index opened at 985617, with a maximum of 1001929 and a minimum of 985216, closing at 998434, with a weekly increase of 1.29%;
There were more than 495.73 million confirmed cases of covid-19 pneumonia worldwide, with a cumulative death of more than 6.18 million, and the Omicron virus variant was rampant;
Minutes of the Fed meeting: it may be guaranteed that FOMC raises interest rates by 50 basis points once or repeatedly;
Most Fed officials made hawkish remarks on raising interest rates to deal with war, inflation and supply chain disorder;
Biden announced the release plan of the largest strategic petroleum reserve (SPR) in American history;
Biden signed a ban on importing Russian oil and suspending normal trade between the two countries;
The Russian central bank cut the benchmark interest rate by 300 basis points to 17%;
China's economic policy trends
From March 28 to April 8, the central bank conducted a total of 650 billion yuan of reverse repurchase in the open market. This week, 800 billion yuan of reverse repurchase expired, realizing a net return of 150 billion yuan.
On March 28, the State Council issued a notice setting up a special additional deduction of individual income tax for the care of infants and young children under the age of 3. Taxpayers' expenses related to the care of infants and children under the age of 3 shall be deducted according to the standard quota of 1000 yuan per month for each infant and child.
On March 30, the central bank released the questionnaire survey report of bankers, entrepreneurs and urban depositors in the first quarter. In the first quarter, the banker's macroeconomic heat index was 34.4%, down 0.9 percentage points month on month.
On March 30, the central bank issued the opinions on doing a good job in financial support and comprehensively promoting the key work of Rural Revitalization in 2022, requiring to strengthen the support of monetary policy tools, further optimize the policy framework of deposit reserve, and continue to strengthen the management of refinancing and rediscount of agricultural and small expenditure.
On March 31, the central bank, the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission jointly issued the measures for the implementation of local incentive measures with tangible results (2022), which will evaluate the situation of local financial services serving the real economy, preventing and resolving financial risks and maintaining good financial order.
On April 6, Premier Li Keqiang chaired an executive meeting of the State Council, which decided to implement a phased policy of delaying the payment of old-age insurance premiums for industries in extreme poverty, and strengthen unemployment insurance support for job stabilization and training; Deploy and timely use monetary policy tools to more effectively support the development of the real economy.
Next week, with the net withdrawal at the beginning of the month and the expiration of 150 billion yuan MLF, it is expected to cause a certain disturbance to the market liquidity, and focus on the volume and price of MLF continuation next week; The bond market is expected to remain volatile.
