Domestic News:
1. Xi Jinping issued important instructions on normalizing East-West cooperation.
2. Wang Yi spoke with Iranian Foreign Minister Araghchi by phone.
3. The People's Bank of China (PBOC) created a repurchase agreement tool for overseas central banks.
4. The State Council issued the "15th Five-Year Plan for Implementing the Employment-First Strategy."
5. The PBOC optimized the temporary overnight repurchase and reverse repurchase operation mechanism in the open market.
6. The Ministry of Foreign Affairs stated that the US should stop politicizing, instrumentalizing, and weaponizing trade, technology, and economic issues.
7. New regulations for food delivery platforms are open for public comment, prohibiting long-term, large-scale subsidies from disrupting market order.
8. The Shenzhen Stock Exchange and the Shanghai Stock Exchange issued guidelines for actively managed ETFs to promote the innovative development of equity fund products.
9. The State Financial Regulatory Commission (SFC) released measures to promote the implementation of the "Action Plan for Supporting the Construction of Shanghai International Financial Center."
10. The Shanghai Stock Exchange (SSE) publicly solicited opinions on the "Interim Provisions on the Application and Recommendation of Companies for Issuance and Listing on the Shanghai Stock Exchange Science and Technology Innovation Board (Draft for Comment)." 11. The Shanghai Stock Exchange issued Guidelines No. 10 on the Application of Rules for Issuance and Listing Review—the fifth set of listing standards for the Science and Technology Innovation Board applies to companies producing large-scale artificial intelligence models.
12. Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), stated that guidance on regulating the development of artificial intelligence in the capital market will be released in due course; and that the CSRC will work with the People's Bank of China to study and promote the pilot program for RMB foreign exchange futures.
13. Zhu Hexin, Director of the State Administration of Foreign Exchange (SAFE), stated that a package of incremental policies will be introduced soon, including comprehensive reforms to cross-border FDI policies, further simplification of exchange management for ODI and foreign debt, optimization of foreign exchange loans and cross-border equity incentive systems, and the issuance of a new batch of QDII quotas.
International News:
1. The Federal Reserve held its June interest rate meeting—keeping rates unchanged for the fourth consecutive time. The statement was halved in length, and wording hinting at further rate cuts was removed. Nine analysts in the dot plot predicted a rate hike this year. New Chairman Warsh did not submit a dot plot. 1. Warsh declined to provide forward guidance, stating that half of the Fed members believe interest rates should be higher, and the other half believe they should be lower. He announced the formation of five working groups to reform the Fed, including significant changes to communication methods, such as post-meeting press conferences and the dot plot. He also stated that there is no reason to reconsider the 2% inflation target until it is achieved.
2. The Fed's hawkish decision pushed market pricing for a year-end rate hike up 17 basis points to 38 basis points; risk assets such as US stocks fell under pressure, gold fell more than 2.5% at one point, and the 2-year US Treasury yield rose 13 basis points.
3. Cook: Memory prices are rising, and Apple products will increase in price.
4. Trump said he would consider using US missiles to help Ukraine.
5. US retail sales rose 0.9% month-on-month in May, higher than the market expectation of 0.5%.
6. IEA Monthly Report: The gradual recovery of the Strait of Hormuz will lead to a significant surplus of oil reserves next year.
7. Trump: The Fed is keeping interest rates unchanged, that's fine. (Regarding a possible rate hike) This could happen.
8. U.S. Strategic Petroleum Reserves (EIA) inventories for the week ending June 12 were at their lowest level since the week ending July 29, 1983. Inventories at the largest U.S. oil storage hub plummeted to critically low levels.
9. Middle East Situation— ① The U.S. and Iranian presidents signed an electronic memorandum of understanding. The official text of the 14-point memorandum of understanding between the U.S. and Iran was released, largely consistent with previous media reports. It is understood that the two sides will formally sign the agreement in Switzerland on Friday.
② Trump: If dissatisfied with the U.S.-Iran memorandum, bombing operations will resume. He has discussed with Syrian leaders how to strike Hezbollah in Lebanon. It's somewhat unfair if other countries possess ballistic missiles while Iran has none.
③ Southern Lebanon suffers multiple Israeli attacks. The Israeli Finance Minister: Troops will not withdraw on Friday, nor afterward.
