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October 13, 2022 Today's Economic and Trade Consulting

2022-10-14
1.    Global foreign exchange reserves fell at the fastest rate on record

Global foreign exchange reserves are falling at the fastest rate on record, as central banks from India to the Czech Republic intervene to support their currencies, Bloomberg reported. World foreign exchange reserves fell by about $1 trillion (7.8%) this year to $12 trillion, the largest drop since the data began to be compiled.


2.    China and the European Central Bank renew the bilateral local currency swap agreement

Recently, the People's Bank of China and the European Central Bank renewed the bilateral local currency swap agreement. The scale of the swap remains unchanged at 350 billion yuan/45 billion euros. Renewing the visa again will help to further deepen bilateral financial cooperation, promote bilateral trade and investment facilitation, and maintain financial market stability.


3.    India: The World Bank cuts its GDP growth rate for the third time

Recently, the World Bank lowered India's economic growth rate for the 2022-2023 fiscal year from 7.5% to 6.5%. This is the third time the World Bank has revised India's economic growth forecast. The main reason for this is that the spillover effects of the Russian-Ukrainian conflict and global monetary policy tightening have weighed on India's economic outlook.


4.    Egypt's garment exports in the first seven months increased by 35% year-on-year

The Egyptian Garment Export Council stated that in the first seven months of 2022, Egypt's garment exports reached US$1.44 billion, a year-on-year increase of 35%. Among them, garment exports to the United States reached 820 million US dollars, a year-on-year increase of 38%, exports to Europe were 266 million US dollars, an increase of 26%, and exports to Arab countries were 195 million US dollars, an increase of 33%.


5.    Yang Ming Shipping announced its results, with revenue hitting a 15-month low

Yang Ming Shipping announced its financial report: revenue in September was NT$27.974 billion (approximately RMB 6.275 billion), a decrease of 20.28% month-on-month, a decrease of 15.79% year-on-year, and a 15-month low, ending the previous 25 consecutive months of business. Annual increase.

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