/ domestic /
Exchange rate
RMB soared above 7.12 at one time.
After the Federal Reserve raised interest rates as scheduled in July, the US dollar index fell, and the exchange rate of RMB against the US dollar rose accordingly.
The spot exchange rate of RMB against the US dollar opened higher on July 27th, and successively broke through the 7.13 and 7.12 marks in intraday trading, reaching a maximum of 7.1192, once appreciating by more than 300 points compared with the previous trading day. The exchange rate of offshore RMB against the US dollar, which reflects the expectations of international investors, rose even more. On July 27th, it broke through 7.15, 7.14, 7.13 and 7.12 successively, reaching an intraday high of 7.1164, with an appreciation of over 300 points in the day.
Regarding whether this is the last rate hike that the market is most concerned about, Federal Reserve Chairman Powell’s answer at the press conference is “ambiguous”. China Merchants Securities pointed out that the Fed’s latest interest rate meeting means that the prospect of RMB appreciation against the US dollar in the second half of the year is basically established.
Intellectual property rights
Customs strengthens the protection of intellectual property rights in delivery channels.
Since the beginning of this year, the customs has taken effective measures to carry out a number of special actions for customs protection of intellectual property rights, such as “Longteng”, “Blue Net” and “Net Net”, and resolutely cracked down on import and export infringement and illegal acts. In the first half of the year, 23,000 batches and 50.7 million suspected infringing goods were seized.
According to preliminary statistics, in the first half of the year, the national customs seized 21,000 batches and 4,164,000 pieces of suspected import and export infringing goods in the delivery channel, including 12,420 batches and 20,700 pieces in the mail channel, 410 batches and 1,735,100 pieces in the express mail channel, and 8,305 batches and 2,408,000 pieces in the cross-border e-commerce channel.
The Customs further strengthened the publicity of intellectual property protection policies for delivery enterprises and cross-border e-commerce platform enterprises, raised the awareness of enterprises to consciously abide by the law, kept a close eye on infringement risks in the receiving and sending links, and encouraged enterprises to handle the customs protection filing of intellectual property rights.
/ overseas /
Australia
Officially implement import and export authorization management for two types of chemicals.
Decabromodiphenyl ether (decaBDE), perfluorooctanoic acid, its salts and related compounds were added to Annex III of Rotterdam Convention at the end of 2022. As a signatory to the Rotterdam Convention, this also means that enterprises engaged in the import and export of the above two types of chemicals in Australia will have to comply with the new authorization management regulations.
According to the latest announcement of AICIS, the new authorization management regulations will be implemented on July 21, 2023. That is, from July 21, 2023, Australian importers/exporters of the following chemicals must obtain the annual authorization from AICIS before they can legally carry out import/export activities within the registered year:
●Decabromodiphenyl ether (DEBADE)-decabromodiphenyl ether
●Perfluoro octanoic acid and its salts-perfluorooctanoic acid and its salts
●PFOA)-related compounds
If these chemicals are introduced only for scientific research or analysis within an AICIS registration year (August 30th to September 1st), and the introduced amount is 100kg or less, this new rule is not applicable.
Turkey
Lira continues to depreciate, hitting a record low.
Recently, the exchange rate of Turkish lira against the US dollar hovered at a record low. The Turkish government has previously used billions of dollars to maintain the lira exchange rate, and the country’s net foreign exchange reserves have fallen to negative for the first time since 2022.
On July 24th, the Turkish lira fell below the 27-mark against the US dollar, setting a new record low.
In the past decade, Turkey’s economy has been in a cycle of prosperity to depression, and it is also facing difficulties such as high inflation and currency crisis. The lira has depreciated by more than 90%.
On May 28th, the current Turkish President Erdogan won the second round of the presidential election and was re-elected for five years. For years, critics have accused Erdogan’s economic policies of causing the country’s economic turmoil.
Post time: Jul-28-2023
