China’s Manufacturing Industry Is Hit / Two Central Banks Are Discussing Interest Rates This Week

China’s official manufacturing purchasing managers’ index fell sharply to 50.4 index points in July, a drop from 50.9 in June. I believe there are two reasons for this. The first is that the price of raw materials has risen sharply, pushing up production costs and making manufacturers unwilling to mass produce. Secondly, it is believed that the global economy has been plagued by the epidemic for a long time, and the economy has gradually weakened and its consumption power has declined, and therefore, the demand for China’s industrial products has fallen. As China is the world’s factory, its status as the world’s factory after the epidemic has become clearer. When Chinese producers are down on their prospects, this somewhat means that global economic growth is also slowing down. Last week, when the United States announced that its GDP growth rate for the second quarter was only 6.5%, which was far less than the market’s expectations of 8.5%, I believe it shows the same situation.

This week is the Bank of Australia on Tuesday and the Bank of England on Thursday to discuss interest rates. Due to the epidemic, many major Australian cities, including Sydney, are facing lockdowns, which have severely affected the local economy. The market is now focusing on the interest rate meeting on Tuesday, whether the Reserve Bank of Australia will suspend the bond purchase plan announced by its website at the interest rate meeting in early July. If the plan is stopped, it is conceivable that it will be very detrimental to the Australian dollar exchange rate. In the UK, the situation is completely different. Although the local area is facing the Delta variant virus attack at the same time, more than 70% of the British population has been vaccinated. His latest diagnosis, hospitalizations and deaths are declining. Therefore, I believe that the Bank of England is not in a hurry to further tighten its monetary policy. It is expected that it will be the fastest tightening after New Zealand and Canada. Pay attention to the Bank of England meeting on interest rates this Thursday to see if the Bank of England has given market enlightenment on future monetary policy.

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