RBNZ: Rates On Hold As Expected

China has approved a number rare earth export applications and will enhance communication with relevant countries, a spokesperson from the Ministry of Commerce said on Saturday. The ministry emphasised that implementing controls on rare earths, which have both civilian and military applications, aligns with international practices. The ministry was willing to establish a green channel and accelerate approvals to European Union firms. (Source: Securities Times)

Shenzhen has launched 39 measures to expand consumption, ranging from boosting residents’ income to increasing the high-quality supply of goods and services, Yicai.com reported. Eligible university graduates who move to Shenzhen for employment can obtain subsidies of up to CNY30,000, CNY50,000 and CNY100,000, alongside increased maternity and childcare benefits. The city will also reduce restrictions on car purchases and usage, and reward AI enterprises for launching tech products, the newspaper said.

The Yicai Chief Economist Confidence Index reached 50.50 in June, returning above the 50 boom-bust line after May’s 49.84, the news agency has reported. Economists expected an increase in domestic prosperity after the Geneva talks paused the Sino-US tariff game. Lian Ping, chief economist at Guangkai, said the short-term external environment has improved and the downward pressure on exports may be less than expected. Participants expected China’s trade surplus to reach USD97.1 billion in May, with exports up 4.97% y/y and imports falling 0.61% y/y. Total retail sales were anticipated to rise 5.48% y/y, down from 5.1% y/y last month due to high base effects, according to Wen Bin, chief economist at Minsheng Bank.