April 25 Macroeconomic index:From capital market stability to international defense cooperation

Latest Global Major Index

International Crude Price Trend & Exchange Rate of RMB to USD Trend

Domestic News

1. Shanghai Headquarters of the People's Bank of China: Support the establishment of a long-term mechanism to enhance the internal stability of the capital market

2. JOYNEXT, together with Dongfeng Motor and Black Sesame Technologies, achieved a breakthrough in mass production of the cockpit and driving integration solution, and many Dongfeng model vehicles are equipped with C1296 chips

3. China and Kenya Joint Statement: Support Chinese financial institutions to set up branches in Kenya and are willing to explore cooperation on panda bonds

4. Joint Statement of the People's Republic of China and the Republic of Kenya on Building a Model of an All-Weather China-Africa Community with a Shared Future in the New Era

5. Li Hongzhong met with Russian Chairman of the China-Russia Friendship, Peace and Development Committee Titov

 International News

1. The U.S. Secretary of Defense was exposed to installing non-encrypted software on office computers

2. Bank of Korea Governor: Trade Tensions are 'Not Good for Everyone'

3. Overseas funds poured into Japanese bonds, and global funds accelerated their flight from U.S. assets

4. The UK and the EU will finalize plans for a new defense deal

5. ING International: It is difficult to change the situation of Canadian dollar if the Liberal Party win the election, and if the Conservative Party counterattacks may trigger a rally

Domestic News

1. Shanghai Headquarters of the People's Bank of China: Support the establishment of a long-term mechanism to enhance the internal stability of the capital market

Zhou Peng, Deputy Director of the monetary and credit research department of the Shanghai headquarters of the central bank, said that as of April 21, financial institutions under the jurisdiction of Shanghai have approved 117 share repurchase and increase loan projects, including more than 60 high-tech enterprises and more than 50 specialized and special new enterprises. There are 45 listed companies that have disclosed share repurchase and shareholding plans, with an available loan amount of more than 13 billion yuan, and the scale of use of policy tools continues to expand.

2. JOYNEXT, together with Dongfeng Motor and Black Sesame Technologies, achieved a breakthrough in mass production of the cockpit and driving integration solution, and many Dongfeng model vehicles are equipped with C1296 chips

At the Shanghai International Auto Show, Ningbo Joynext Technology Co., Ltd., Dongfeng Motor Group Co., Ltd. and Black Sesame Technology Co., Ltd. jointly announced that the cabin-driver integration solution jointly developed by the three parties has officially entered the mass production stage. The solution, based on the Black Sesame Intelligent Wudang C1296 chip, will be the first to be installed in a number of new models of Dongfeng Motor, and is scheduled to achieve mass production and delivery in 2025. As the core hardware of this mass production solution, the Wudang C1296 chip is built with a 7nm automotive-grade process, which is the industry's first chip to support multi-domain fusion computing, breaking the traditional functional domain boundary with an innovative multi-domain fusion architecture. For the first time, the chip realizes the hardware-level resource integration of intelligent cockpit, assisted driving, body control and other systems, which significantly improves the efficiency of functional collaboration while reducing development complexity.

3. China and Kenya Joint Statement: Support Chinese financial institutions to set up branches in Kenya and are willing to explore cooperation on panda bonds

The People's Republic of China and the Republic of Kenya issued a Joint Statement on building a model of an All-Weather China-Africa Community with a Shared Future in the New Era. It mentioned that China attaches great importance to Kenya's status as a financial center in East Africa, and will support Chinese financial institutions to set up branches in Kenya and explore the implementation of innovative and diversified financial cooperation with Kenya. China is ready to explore panda bond cooperation with Kenya in accordance with the principles of marketization and rule of law, so as to serve the two countries' Belt and Road cooperation.

4. Joint Statement of the People's Republic of China and the Republic of Kenya on Building a Model of an All-Weather China-Africa Community with a Shared Future in the New Era

At the invitation of President Xi Jinping of the People's Republic of China, President William Ruto of the Republic of Kenya paid a state visit to the People's Republic of China from April 22 to 26, 2025. The two sides agreed to promote extensive consultation, joint contribution and shared benefits in global governance, shape a more just and reasonable international order, resolutely abandon the law of the jungle, and oppose hegemonism, power politics and all forms of unilateralism and protectionism. These are all important components of the solidarity and self-reliance of the Global South. The two sides are committed to injecting more stability into the world with the certainty of China-Africa solidarity and cooperation, being the backbone of safeguarding the common interests of developing countries and the mainstay of defending the multilateral system, advocating an equal and orderly multipolar world, inclusive economic globalization, and working together to build a community with a shared future for mankind.

5. Li Hongzhong met with Russian Chairman of the China-Russia Friendship, Peace and Development Committee Titov

Li Hongzhong, Vice Chairman of the Standing Committee of the National People's Congress (NPC) and Chairman of the Chinese side of the Sino-Russian Friendship, Peace and Development Committee, met with Russian Chairman of the Committee Titov in Beijing on 24 July. Li Hongzhong said that under the strategic guidance of President Xi Jinping and President Putin, the China-Russia comprehensive strategic partnership of coordination in the new era has continued to deepen. China is ready to work with Russia to implement the important consensus reached by the two heads of state, give full play to the unique role of the China-Russia Friendship, Peace and Development Committee, carry forward the concept of China-Russia friendship for generations, and continuously raise the level of people-to-people exchanges between China and Russia. Titov said that the Russian side is willing to make joint efforts with the Chinese side to make positive contributions to the development of Russian-Chinese relations.

International News

1. The U.S. Secretary of Defense was exposed to installing non-encrypted software on office computers

According to a report by the Washington Post on 23 April, citing sources familiar with the matter, US Secretary of Defense Hegseth installed the "Signal" communication software on a computer in his Pentagon office to communicate with other government officials. The software is a publicly available commercial platform and is not authorized by the U.S. military to transmit sensitive or classified defense information. Parnell, the spokesman for the U.S. Department of Defense, said that Hegseth had never used the "signal" software on his office computer. Recently, Hegseth was exposed by the media to share the US military's plan to combat the Houthis in Yemen in a group chat that a reporter "mistakenly entered", and also shared the same information almost simultaneously in a private group chat, using "signal" software. For now, Hegseth and other officials involved still insist that they did not "leak secrets".

2. Bank of Korea Governor: Trade Tensions are 'Not Good for Everyone'

According to CNBC, Bank of Korea Governor Rhee Chang-yong said that the tensions caused by US President Donald Trump's tariffs are not only bad for South Korea, but "bad for everyone." "I really hope that this trade tension will dissipate because it's not good for everyone," he said late on Wednesday. "Trade tensions have brought headwinds to the South Korean economy, and downside risks to economic growth have increased," Lee said. We will be directly affected by the U.S. tariffs and also indirectly by the tariffs they impose on other countries, for example, semiconductor production in Vietnam, automotive and electronics production in Mexico, and our battery production in Canada. ”

3. Overseas funds poured into Japanese bonds, and global funds accelerated their flight from U.S. assets

The data showed that Japanese bonds and equities are on track for the largest monthly combined inflow of foreign funds in history, further suggesting that global funds are looking for alternatives to US assets. Overseas investors had bought a net 9.64 trillion yen ($67.5 billion) of Japanese bonds and equities as of April, according to preliminary weekly data released by Japan's finance ministry on Thursday. Based on balance-of-payments data dating back to 1996, this level is already the highest in any month on record. The latest inflow data confirms speculation that global funds are pulling out of the U.S. market as rising tariffs raise fears of potential stagflation. Akio Omori, chief trading desk strategist at Mizuho Securities in Tokyo, said: "It is conceivable that overseas investors see Japanese financial assets as safe assets and therefore increase their holdings of them. The yen remains relatively weak, which may lead to the perception that Japanese financial assets are undervalued. ”

4. The UK and the EU will finalize plans for a new defense deal

British Prime Minister Starmer and European Commission President Ursula von der Leyen will finalize plans for a new defense deal, the Financial Times reported on Thursday, citing officials with knowledge of the discussions. According to the Financial Times, they are expected to announce the plan and extend the current fishing arrangements at the summit on May 19.

5. ING International: It is difficult to change the situation of Canadian dollar if the Liberal Party win the election, and if the Conservative Party counterattacks may trigger a rally

Canada will hold a federal election on April 28, and there is a fierce debate in the country about how to respond to Trump's tariff policy. Opinion polls and betting odds suggest that the Liberal Party, led by Prime Minister Carney, will win the election with an outright majority. ING analysts said the market is likely to have factored in the scenario, so the impact on the Canadian dollar is likely to be limited in the short term. Conversely, if the Conservatives win, it could trigger a rise in the Canadian dollar. Our current forecast for USDCAD is based on the assumption that the Liberals will win a majority of seats to form a government, according to the bank's analysts. USD/CAD is expected to trade at 1.39 by the end of Q2, with some upward pressure in Q3 before a more structural downtrend from Q4 onwards.

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