ECB President LAGARDE said the war has caused significant inflationary pressures.

State Grid said on June 30 the Northern Shaanxi–Anhui ±800 kV ultra-high-voltage direct-current transmission project entered service. The line, the first UHVDC to enter service in China’s 15th Five-Year Plan period and another step in west-to-east power transfer, starts at Baota Mountain converter station in Yan’an (Shaanxi), runs through Shaanxi, Henan and Anhui, and terminates at Hezhou converter station in Hefei. The DC route is just over 1,000 km, rated ±800 kV with 8 GW capacity. State Grid says the link can deliver more than 36 bln kWh/yr to Anhui, with new energy accounting for over 50%; it will displace about 5.5 mln t of coal and cut CO2 emissions by more than 14 mln t annually.

ECB Executive Board member Wunsch said policymakers may need one more rate hike.