President Xi Jinping delivered a keynote speech at the opening ceremony of the 2022 annual meeting of Boao Forum for Asia
The opening ceremony of the 2022 annual meeting of the Boao Forum for Asia was held in Boao, Hainan in the morning. President Xi Jinping delivered a keynote speech entitled "meeting challenges together and creating the future together" by video.
We should jointly protect human life and health. Mankind still needs to make arduous efforts to completely overcome the covid-19 pneumonia epidemic. China has provided more than 2.1 billion doses of vaccine to more than 120 countries and international organizations. China will continue to provide 600 million doses and 150 million doses of vaccines to Africa and ASEAN respectively. We should work together to promote economic recovery. Covid-19 pneumonia has had a major impact on the achievements of global poverty reduction in the past 10 years. The uneven recovery has exacerbated global inequality and widened the gap between the north and the south. We should adhere to the construction of an open world economy, grasp the general trend of economic globalization, and maintain the stability of the global industrial chain and supply chain. We should work together to maintain world peace and tranquility. "Governance is often rich, while chaos is often poor." Security is the premise of development, and mankind is an indivisible security community. We should work together to maintain world peace and security; Adhere to respect for the sovereignty and territorial integrity of all countries and do not interfere in the affairs of other countries; Adhere to the purposes and principles of the UN Charter, abandon the Cold War mentality and oppose unilateralism. We should jointly address the challenges of global governance. We should practice the global governance concept of consultation, joint construction and sharing, promote the common values of all mankind, and advocate exchanges and mutual learning among civilizations. We should uphold genuine multilateralism and firmly safeguard the international system with the United Nations as the core and the international order based on international law.
Overall, Xi Jinping mentioned that we should jointly address the challenges of global governance. China should adhere to the construction of an open world economy, strengthen macro policy coordination and maintain the stability of the global industrial chain and supply chain; We should focus on the people, give prominence to promoting development and ensuring people's livelihood, and promote practical cooperation in key areas such as poverty reduction, food security, development financing and industrialization. China's economic fundamentals of strong resilience, sufficient potential, wide room for maneuver and long-term improvement will not change, which will provide a strong driving force for the stabilization and recovery of the world economy and provide broader market opportunities for all countries.
Institutional investor Symposium
On April 21, Yi Huiman, chairman of the CSRC, held a symposium for the main principals of the national social security fund and some large banking and insurance institutions. The meeting analyzed the current economic and financial situation at home and abroad, and listened to opinions and suggestions on promoting the high-quality development of the capital market and guiding more medium and long-term funds into the market.
The meeting pointed out that at present, the momentum of world economic recovery has weakened, the impact of international geopolitics has intensified, China's economy is facing triple pressures of shrinking demand, supply shock and weakening expectations, risks in the economic and financial field have increased, and there are many uncertainties and difficulties. However, from the perspective of history, general trend and overall situation, the fundamentals of China's long-term good economy have not changed, the ecology of the capital market has been continuously optimized, the quality of listed companies and the structure of investors have shown a good trend, and the development of the capital market is still in an important period of strategic opportunities.
The meeting held that the key experience of the high-quality development of the capital market in recent years is to establish a good market ecology with stable expectations, sufficient competition, survival of the fittest and sound legal system.
The meeting proposed that pension, banking and insurance institutions and various asset management institutions are the representatives of professional institutions among investors and the most important long-term capital sources in the capital market. In the new environment of China's economic transformation and upgrading and the accelerated reform and development of the financial market, all institutions should accurately recognize changes, respond scientifically and actively seek changes, so as to contribute to the high-quality development of the capital market.
On the whole, the meeting mentioned that China's capital market has made great achievements in the reform and development of more than 30 years, achieved leapfrog development in scale, quality and governance level, and maintained a good trend in the reform and development of the capital market. Although China is facing the disturbance of the epidemic and the peripheral markets are facing the monetary policies and geopolitical frictions of developed countries, the fundamentals of China's long-term economic improvement have not changed. In terms of guiding the funds of financial institutions into the market, combined with the opinions on promoting the development of individual pensions issued by the general office of the State Council on April 21. The individual pension system is officially implemented. The individual pension adopts the individual account system, and the payment is fully borne by the participants. The individual is fully accumulated. The upper limit of individual payment is 12000 yuan per year and enjoys preferential tax policies. The funds in the personal pension fund account are used to purchase financial products such as bank financial management, savings deposits, commercial endowment insurance, public funds and so on. The approval of pension to enter the market is conducive to promoting the high-quality and stable development of the capital market, and has become an important long-term source of funds in the capital market.
Fed chairman Powell: it is appropriate for FOMC to speed up its action slightly
Fed chairman Powell said he would discuss raising interest rates by 50 basis points at the May meeting. It is appropriate for FOMC to accelerate the pace of action slightly. Many Fed officials believe that it is appropriate to raise interest rates by 50 basis points once or more. The Fed is committed to bringing inflation back to 2% and will do its best to achieve it. After Powell's speech, the yield of policy sensitive two-year US bonds once climbed 14 basis points to a cyclical high of nearly 2.74%, and the yield of five-year US bonds rose similarly, reaching 3%, the highest level since the end of 2018. Traders are betting that the Fed will raise interest rates by 50 basis points each time it meets in May, June and July. The market also began to bet on the possibility of raising interest rates by 75 basis points at the policy meeting in May or June.
The financing balance decreased. On April 20, the balance of A-share financing was 1539691 billion yuan, a month on month decrease of 369 million yuan; The balance of margin trading was 1625733 billion yuan, a decrease of 2.189 billion yuan month on month. The balance of financing minus securities lending was 1453649 billion yuan, an increase of 1.45 billion yuan month on month.
Net purchase of northbound funds. On April 21, land stock connect bought a net 911 million yuan that day, of which 49.397 billion yuan was bought and 48.486 billion yuan was sold, with a cumulative net purchase of 1604671 billion yuan. Hong Kong stock connect had a net purchase transaction of HK $2.226 billion on the same day, including a purchase transaction of HK $12.439 billion and a sale transaction of HK $14.665 billion, with a cumulative net purchase transaction of HK $2286721 billion.
Money market interest rates generally fell. On April 21, the weighted interest rate of pledged repo of deposit institutions was 1.2891% overnight, down 1.37bp and 1.7018% a week, down 8.39bp. The 10-year maturity yield of China national debt was 2.8259%, down 0.71bp.
U.S. stocks fell, while European stocks fluctuated. On April 21, the Dow Jones Industrial Average closed at 3479276 points, down 1.05%; The S & P 500 index closed at 439366 points, down 1.48%; The NASDAQ index closed at 1317465, down 2.07%. European stock markets, French CAC index closed at 671510 points, up 1.36%; Germany's DAX index closed at 1450241 points, up 0.98%; The FTSE 100 index closed at 762795, down 0.02%. In the Asia Pacific market, the Nikkei index closed at 2811039 points, up 0.25%; The Hang Seng Index closed at 2068222, down 1.25%.
The dollar index rose. On April 21, the dollar index rose 0.3335 to 1006372. The spot exchange rate of RMB against the US dollar closed at 6.4500, depreciating 347 BP. The spot exchange rate of offshore RMB against the US dollar closed at 6.4803, depreciating 353 BP. The central parity rate of RMB against the US dollar closed at 6.4098, down 102 BP. The euro fell 0.21% against the dollar to 1.0832. The dollar rose 0.40% against the yen to 1283945. The pound fell 0.31% against the dollar to 1.3028.
Gold fell and crude oil rose. On April 21, Comex gold futures fell 0.11% to close at 195340 US dollars / ounce. WTI crude oil futures rose 1.80% to close at US $104.03/barrel. Brent crude oil futures rose 1.90% to close at US $108.83/barrel. LME copper three-month futures rose 0.73% to close at US $10298 / ton.
