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Global Manufacturing PMI Drops to 47.8%, Downward Pressure on Global Economy Increases

In June, the global manufacturing PMI dropped to 47.8%, and the downward pressure on the global economy increased
According to data released on July 6, in June, the global manufacturing purchasing managers index (PMI) was 47.8%, a decrease of 0.5 percentage points from the previous month.

According to the analysis, the index has continuously remained below 50%, and hit a new low in the stage again, which means that the downward trend of the global manufacturing industry has intensified, and the road to recovery still faces greater challenges. High inflation, ongoing geopolitical conflicts, financial market turmoil and increased trade barriers are all continuing to affect the growth momentum of the global economy.

In terms of regions, in June, the European manufacturing PMI was 45.4%, a decrease of 0.8 percentage points from the previous month, a month-on-month decline for five consecutive months, and below 50% for 11 consecutive months, hitting a new low since June 2020. The downward pressure on the euro zone’s manufacturing industry has increased, and its economy has fallen into a technical recession.

In June, the American manufacturing PMI was 46.5%, a decrease of 0.8 percentage points from the previous month, running below 50% for 8 consecutive months, a new low since June 2020, showing that the American manufacturing industry continued to maintain a downward trend and slowed down Has sped up. According to the data of major countries, the manufacturing PMIs of the United States, Brazil, Canada and other countries are all below 50%.

In June, the Asian manufacturing PMI was 50.4%, the same as the previous month, showing that the Asian manufacturing industry continued to maintain a steady growth trend. In the same period, the African manufacturing PMI was 49.8%, down 0.4 percentage points from the previous month. Although under the downward pressure of the global economy, the trend of Africa’s manufacturing industry has shown signs of slowing down, the index still remains at a critical point of around 50%, indicating that the current African economy remains relatively stable and has certain development potential.

Analysts pointed out that although the current overall downward pressure on the global economy continues, there are still some positive factors that provide support for the subsequent global economic recovery. First, regional economic and trade cooperation has become closer, and the implementation effect of the Regional Comprehensive Economic Partnership Agreement (RCEP) is expected to continue to emerge. Second, the expansion of the BRICS countries is in progress, providing new support for the stability of the global financial system.
RBA pauses rate hikes, keeps benchmark rate at 4.1%
On July 4, according to the latest news from the Australian Broadcasting Corporation, the Reserve Bank of Australia (Central Bank) announced on the 4th local time that it would suspend interest rate hikes, and the benchmark interest rate remained at 4.1%. This is the second time the RBA has paused rate hikes this year.

Philip Lowe, governor of the Reserve Bank of Australia, pointed out that the purpose of the central bank’s decision is to allow more time to assess the impact of previous interest rate hikes, economic conditions and prospects, and related risks.

According to the report, Australia’s inflation rate has passed its peak, but the inflation rate is still too high and will remain so for some time. At present, the RBA’s priority is to bring inflation back within the target range of 2% to 3%.

The Reserve Bank of Australia also stated that further tightening of monetary policy may be required to ensure that inflation returns to the target range within a reasonable time, but this will depend on the future trend of the economy and inflation.

NMB Bank launches WeChat Pay
Reported on June 22: China’s most popular digital wallet, WeChat Pay, officially entered the Nepalese market for the first time through cooperation with NMB Bank. The launching ceremony of WeChat payment service was held on the shore of Fewa Lake in Pokhara.

Chen Song, Chinese Ambassador to Nepal, Executive Director of Central Bank of Nepal and CEO of NMB Bank attended the ceremony. Chen Song, China’s ambassador to Nepal, discussed WeChat Pay, which local merchants can use to make transactions using WeChat Pay QR codes.
In addition, he said that Chinese tourists visiting Nepal can now use WeChat to pay, and the funds consumed by Chinese tourists will be officially collected by Internet service providers through the banking system, which will also increase digital financial transactions. The partnership opens up new business prospects for Chinese tourists and businesses using WeChat Pay.

Birgunj Customs to reduce use of customs declarations
June 24: Recently, the use of Birgunj customs declaration form is decreasing. During the 11 months of this fiscal year, the use of customs declarations has decreased by 24% compared to the same period of the previous fiscal year. A total of 181,461 customs declarations were used in the 11 months of the previous financial year, compared with 138,172 in the same period of the current financial year, a decrease of 43,279.

Ram Chandra Sharma Dhakal, customs information officer in Birgunj, said that in the past 11 months, the use of red channel customs declarations has decreased by 23%, yellow channel by 20% and green channel by 34%. As fewer goods are imported at the Birgunj checkpoint, so has the use of customs declarations, which has had a negative impact on revenue collection. Customs has set a target of 237 billion rupees (about 11.9 billion U.S. dollars) in revenue collection in the 11 months of this fiscal year.

The first China-Europe Railway Express domestic and overseas full-time schedule Imported trains run smoothly from Germany
On the morning of the 27th local time, the country’s first China-Europe freight train (Duisburg-Xi’an) departed from the DIT yard in Duisburg, Germany. Du Chunguo, Consul General of China in Dusseldorf, Zhang Wen, General Manager of China Railway Container Europe, Lars Nennhaus, Chief Operating Officer of Duisport, Tabea Klang, Chief Sales Officer of Deutsche Bahn Cargo, Gordon Matthes, Global Cargo, Xi’an International Land Port Xu Qi from the overseas office of Duolian attended the departure ceremony held at the DIT yard.

Du Chunguo said that in the face of the current complicated international environment, the series of China-Europe freight trains arriving and leaving the Port of Duisburg have firmly sent a positive signal of bright prospects for China-Germany and China-EU practical cooperation, helping to promote policy communication and facility connectivity among countries along the route. , unimpeded trade, financial integration and people-to-people bonds. This year marks the 10th anniversary of the “Belt and Road” initiative. Ten years ago, the international train from Duisburg arrived in China smoothly, realizing the “zero” breakthrough of China-Europe return international trains. Today, ten years later, the new train It will sail to a new future here again, and the China-Europe Railway Express “Chang’an” has written a new chapter for this story of China-Germany-China-EU practical cooperation.

Nennhaus, Chief Operating Officer of Duisburg Port Group, said that the China-Europe Express “Chang’an” has many routes, excellent service, and stable timeliness, which provides a strong guarantee for customers to receive goods in time, which is the reason for the successful departure of the return train on the full schedule of the route. Foundation. Duisport Group is willing to continue to strengthen cooperation with Xi’an International Land Port Group and contribute to the joint construction of the “Belt and Road”.

Zhang Wen, general manager of the European subsidiary of China Railway Containers, said that the opening of the full timetable train marks the first time that the running timetable of the China section, the broad gauge section, and the European section of the China Railway Express has been fully connected. Higher quality development.

Tabea Klang, Chief Sales Officer of Deutsche Bahn Cargo, said that Deutsche Bahn Cargo’s executives and all parties along the railway line attach great importance to and support the full schedule train. The average running time has been shortened to 11 days, which is undoubtedly a very successful project in the railway transportation market. This milestone opening will help promote the common development of the Eurasian corridor in the future. Deutsche Bahn Cargo firmly believes that the future of freight belongs to railways, and is willing to continue to support the research and development of new lines of China-Europe Express.

Xu Qi from the overseas office of Xi’an International Land Port Multi-United Company said that in order to ensure the smooth delivery of the full schedule train, Xi’an Land Port Group established a special team to be responsible for the schedule delivery management business, from the organization of goods sources, document review, vehicle entry, Special personnel will be responsible for all aspects of the entire process from customs declaration to full tracking, and will be committed to providing better and better services to our customers and ensuring long-term and stable operation of the full timetable trains.

This timetable return train carries 42 containers, the main goods are auto parts, high-precision electronic instruments, brand cosmetics and German beer, passing through Poland, Belarus, Russia, Kazakhstan, and entering China through the Alashankou port. Arrived at Xi’an International Port on September 9th, the whole time limit is about 11.5 days.

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