分类： erihgetrg

　　Notes on Exchange Rate of Panda Notes

　　There are eleven articles in this series, and the pen and ink focus on RMB exchange rate. Panda traders reveal the most real economic phenomenon in China financial market by analyzing the relationship between onshore and offshore RMB flows.

　　In order to satisfy readers who love learning, the administrator has compiled the exchange rate articles of panda trading notes into a comprehensive collection, including "How big is CNH’s short position?" Taiwan Province Teammates of CNH Bears, The Secret of CNH Short-term Interest Rate Surging, The Great Instrument to Deal with CNH Bears, and Looking at CNH’s forward price increase and discount as expected, you are laid off! Eleven trading notes: CNH Arbitrators Made a Lot of Money from Mother Yang; August Central Bank Report Tells the Most Wonderful Story of China in Recent Years; Mother Yang and His Xiong Haizi; Other People’s Mothers; Players and Chips; Mother Yang’s Wild Hope. Pay attention to WeChat official account’s "RMB Trading and Research" and reply to the keyword "Panda Trading Notes" to get a collection of articles.

　　"This article is a speech prepared for a seminar in May 2015. Four months later, the development of the situation is still completely evolving along with the analysis at that time, so let’s take a look back at the recent fluctuations in interest rates and exchange rates at home and abroad. In order to maintain the integrity of the analysis at that time, I deliberately didn’t even update the data. Interested readers should update the latest data on the website of the Hong Kong Monetary Authority and Bloomberg to see what changes have taken place in the trend. -Panda

　　Recently, many readers have left messages in the background with one key word: panda trader! Twelve years after the financial crisis, a new generation of traders began to review the classics in order to have a deeper understanding of the international market.

　　What a relief! This piece of gold was first discovered by me, so I was authorized to edit more than 20 earliest core articles of panda traders! Of course, gold itself will shine. Panda trader is now a big blind trader, and readers will occasionally listen to him on some high-end forums where elites gather.

　　There are more than 20 articles in this series, and I will find an opportunity to resend them one by one, so please keep them. There is also a collection version of PDF, leave an email in the background, and I will send it to you if I have one.

　　Thank you, panda trader! Five years later, there were a bunch of messages backstage looking for your articles. This is a legend!

　　The topic of this speech is the prospect of foreign-funded institutions entering the interbank market. The scope of foreign-funded institutions is very wide, and I intend to limit it to those institutions that have the greatest impact on China’s bond market, that is, large and medium-sized European and American global institutional investors who are going to allocate part of their assets in the RMB bond market. My view is that in the medium term, about one to three years, they may become a considerable force, but in the short term, or within one year, it may be difficult to see a decent asset allocation.

　　Before discussing this problem, it will be helpful to analyze several topics first.

　　I bond asset allocation and foreign exchange allocation mode of large international institutional investors

　　Investment varieties

　　The bond market is rich in varieties. It is generally believed that national debt, or generalized sovereign bond, generally refers to institutions guaranteed by the state or implicitly, such as Fannie and Freddie in the United States, KFW in Germany and EIB in Europe, and we have well-known policy banks in China), which are mainly influenced by macro-economic and monetary policies. However, credit bonds, because they involve the study of corporate issuers and credit environment, are traditionally considered as varieties that need strong local research strength to carry out investment. A special kind of product is ABS. Although it is still very new and mysterious to domestic investors, the bond PM of international institutions generally has rich ABS experience, which recognizes the characteristics of ABS risk dispersion, low leverage ratio and high recovery rate, and its acceptance of ABS is actually higher than that of credit bonds.

　　Foreign exchange model

　　Investing in non-local currency markets will naturally involve foreign exchange risks. Bond volatility is low and foreign exchange volatility is high. Without hedging, it is easy to lose all the hard-earned bond Carry on foreign exchange. Therefore, mainstream asset management institutions are used to managing foreign exchange positions separately, which is called FX Overlay. Rich derivatives in the foreign exchange market, such as FX Swap/FX Forward, provide convenience for adjusting foreign exchange positions without using cash. A bond portfolio may have 40% investment in US Treasury bonds and 60% investment in German Treasury bonds, but 70% position is USD and 30% position is EUR. It is even possible to invest in bonds yourself and outsource FX Overlay to other institutions specializing in foreign exchange.

　　If FX Overlay is stripped off, we only look at the bond position. Considering that the non-local currency position FX Overlay liabilities are at the short end, while the bond Asset assets are at the long end, this will return to the familiar Carry mode of our bond PM, so Carry is more important than Nominal Yield for non-local currency bonds.

　　Second, the wonderful Yield of CNH market

　　The interest rate of offshore RMB in Hong Kong has always deviated greatly from that of onshore RMB, and has greatly converged since 2014. However, due to some systematic factors, these strange deviations still persist. For example, offshore RMB deposits have been pitifully low from 2011 to the first half of 2014, but they began to soar in the second half of 2014, and there was a one-year interest rate of 4% in the fourth quarter. This year, after the People’s Bank of China cut interest rates and lowered the RRR several times, the downward trend of CNH deposit interest rate was quite limited, and the CNH interest rate of some banks was even higher than the CNY interest rate of the same domestic banks. This phenomenon, contrary to our familiar knowledge that raising interest rates creates a strong exchange rate and lowering interest rates suppresses the exchange rate, cannot be explained simply by speculating on the RMB exchange rate.

　　The reason for this phenomenon is the role of Hong Kong banks in RMB carry trade. Since 2012, cross-border arbitrage and RMB exchange rate speculation have become increasingly active, and overseas residents and enterprises have great demand for CNH. With these demands, Hong Kong banks not only provide trading channels as middlemen and counterparties, but also directly participate in carry trade, so CNH long positions are formed in exchange rate and huge CNH Spot long /Forward short positions are formed in derivatives (this is equivalent to CNH interest rate long positions). Note that when deriving CNH positions, the derivation of deposits and loans in monetary banking is also applicable to offshore markets. The following figure shows that the ratio of current and fixed deposits of CNH in Hong Kong fluctuates between 1: 7 and 1: 10, while that of the United States is reversed. Even in the domestic monetary banking system dominated by the banking industry, the ratio of current and fixed deposits is generally around 1: 2. It is conceivable that banks have played a cruel role in CNH market.

　　As for the specific CNH Spot long /Forward short exposure of banks, Goldman Sachs once estimated that the total CNH long-term short position of Hong Kong banking industry in October 2013 was US$ 45 billion according to the Bank Other FX in Banking Statistics published by Hong Kong Monetary Authority. According to Goldman Sachs’ method, I calculated that even after the People’s Bank of China took the initiative to guide the exchange rate in early 2014, Hong Kong banks still provided CNH carry positions on a large scale, reaching a peak of $85 billion in August 2014, and then rapidly reduced them, but as of February 2015, there were still about $50 billion CNH long-term short positions. The above-mentioned positions are Long Spot/Short Forward. In terms of net exchange rate exposure, I calculated by the same method that the Hong Kong banking industry has been a CNH exchange rate bull since 2013, with a position of about US$ 15 billion at the peak in August 2014 and about US$ 10 billion as of February 2015. In contrast, mainstream currencies such as the euro and the Japanese yen have flat net foreign exchange exposure most of the time. Because of the close integration with banking, the foreign exchange forward has a higher exposure, but it rarely exceeds 15 billion US dollars, far less than the amount of CNH.

　　It should be pointed out that this model is not the only one that affects CNH. Other factors, such as the promotion of capital account opening and the demand for RMB assets formed by Shanghai-Hong Kong Stock Connect, may also have a significant impact on CNH. However, considering that the cross-border RMB flow has not changed substantially, I think it is more likely that this model will still dominate the changes in CNH market.

　　CNH derived from the banking system and a huge amount of CNH formed through other channels, such as arbitrage, cannot be circulated through normal deposit and loan methods, and can only be accumulated in the banking system. On the one hand, according to this model, the bank itself is a long interest rate. On the other hand, the interest rate for customers is set by the bank itself, so it is natural to suppress the deposit interest rate for the purpose of controlling its own costs. For investors, on the one hand, in addition to limited investment channels such as dim sum bonds, RQFII or illegal return channels (false trade), only banks that love to save and not roll over deposit, on the other hand, because the main investment purpose is to appreciate the Bo exchange rate, they are not particularly sensitive to interest rates. Therefore, before 4Q2014, the benchmark interest rate of CNH market was quite low, the demand interest rate was close to 0, and the one-year deposit interest rate was rarely 2%. The slightly long-term CNH CCS is even as low as the level of no discipline. For example, the 3-year CNH CCS was only about 1.3% in mid-2013. If an issuer has both US dollar debt and a little debt, the bond PM will find that he Swap US dollars into CCS and then buys some debt, which can be 200Bps more Carry and 200Bps annual risk free yield than directly buying US dollar debt!

　　However, this model will not work since 4Q2014. The downward trend of China’s economy is no longer a "wolf", but a real threat. For the first time, USD/CNY 12M NDF has a Premium of more than 2400Bps, which means that Long CNY/Short USD will be a loss, not a gain (so if you say USD/CNY NDF Premium is expected to depreciate, please consciously think about it. Apart from the CNH exchange rate, there is a greater fear for the Hong Kong banking industry, that is, the accumulated huge amount of US dollar and Hong Kong dollar loans in China. Therefore, the banking industry in Hong Kong is uncharacteristically trying to reduce the position of Long CNH in the Spot market and the position of Long Spot/Short Forward in the Forward market. In this case, not only the exchange rate of CNH is under pressure, but also the interest rate is suddenly facing tremendous upward pressure. At the end of 2014, banks with a one-year fixed deposit of more than 4% were everywhere.

　　The agitation of the exchange rate market finally angered Yang Ma. In March, 15, Yang Ma made a small punishment and beat the speculators. Since then, CNY and CNH exchange rates have been operating with rare stability in history, which has somewhat appeased the Hong Kong banking industry. Everyone expressed that the interest rate was too high, so they all went back to 3% from 4%, but the pace of cutting CNH positions did not dare to slow down at all, and naturally short-term interest rates could not return to the past. An interesting phenomenon is that although there are news reports that high interest rates in Hong Kong’s banking industry attract CNH deposits, in fact, CNH deposits in Hong Kong’s banking industry are declining, not rising.

　　For PM with US dollar as its local currency, it is unprofitable whether it is an Unhedged position with exchange rate and interest rate, or a short-end Carry with Swap financing, or a Duration Matched Arbitrage with CCS, so the dim sum bond market has been weak since 2015. Issuers are very happy, because they can complete the financing at a very low price. If duration matched is used as CCS for the four-year Baodao bond issued by Goldman Sachs in March 2015, the financing cost can be as low as USD 3mL+55Bps, which is less than 1% at the time of issuance.

　　After discussing the above two lemmas, let’s get to the point: the prospect of foreign capital entering the inter-bank bond market.

　　Positive factors:

　　1, the regulatory authorities to encourage

　　Before 2014, out of disgust for interest rate and exchange rate speculators, the People’s Bank of China severely restricted foreign asset management institutions from entering the China bond market. Only overseas RMB clearing banks, sovereign wealth funds of foreign central banks and RQFII were allowed to enter. As for RQFII, only Hong Kong subsidiaries of domestic institutions can enter at first, and then it has gradually expanded to local asset management institutions in Hong Kong. In 2014, with the acceleration of RMB internationalization and the gradual withdrawal of arbitrage positions, the People’s Bank of China has been much more friendly to overseas institutions. RQFII has expanded from Hong Kong to Britain, Singapore, South Korea, etc. In addition to the subsidiaries of domestic institutions and local institutions in Hong Kong, there are also well-known international institutional investors such as Ashmore, UBS, Schroder, Nikko. QFII has also changed from encouraging stock investment to encouraging stock bonds.

　　After 2h, 2014, high-level officials repeatedly mentioned using overseas funds to reduce the financing interest rate, and the RMB exchange rate turned sharply, so the People’s Bank of China has been very friendly to foreign investment in the inter-bank bond market. At present, although there are still problems such as QFII/RQFII quota approval and limited operation (PIMCO’s QFII quota is only $100 million, will I talk nonsense? ), but considering the attitude of regulators, foreign capital will continue to enter the interbank market at the policy level.

　　The varieties that foreign investors are interested in are expected to be mainly treasury bonds/policy bank bonds/central bank bills for a long time, and some of the more active funds may be interested in credit bond issuers with international ratings, such as PetroChina, which have contacted the international market. If it runs well, some foreign investors will be interested in ABS/MBS. Credit bonds may take a long time until the credit culture in China can be understood by international investors.

　　2. Decentralized value provided by RMB bonds

　　On a global scale, considering the low interest rates in the United States, Europe and Japan and the fragility of emerging markets, China can provide a good rate of return, but the bond market with relatively acceptable risks is really rare. What’s more, the correlation between China market and other international markets is extremely low. The following figure is a comparison of the monthly returns and correlation (100% USD Hedged) of major government bond indexes of Merrill Lynch in the first 10 years from 2005 to 2014, so you can see where China’s national debt is. China bonds are ideal investment targets for international institutional investors who want to diversify their risks from the US dollar market.

　　Disadvantages:

　　1. The domestic RMB bond investment and trading mode is far from a mode that makes foreign-funded institutions feel comfortable in global allocation.

　　As mentioned above, foreign-funded institutions have the following options for making non-local currency bonds:

　　(1) manage foreign exchange exposure in the traditional FX Overlay way, and mainly earn bond Carry. This model is difficult to operate in China. Why? Just look at the monthly trading data of foreign exchange derivatives published by the foreign exchange trading center.

　　(2) Allocate RMB directly without foreign exchange hedging. If it is 2013, this method is certainly very good, but now it is necessary to have true love for the RMB exchange rate to do this mode of foreign exchange bond exposure together.

　　Other possible disturbing factors, including trading mode and operational risk, will not be described one by one. In short, from my experience in contact with international institutional investors, to convince these institutional investors, we need to convince them to accept possible risks first, which is more important than income in many cases.

　　2. The CNH market is ahead of CNY, and it is difficult to see the pursuit of CNY before the burden of CNH is digested.

　　The CNH/ dim sum debt market, which is "inadvertently inserted into the willows", has developed to the present, and its scale is not small, nearly 400 billion yuan. The issuers are not only the Ministry of Finance, CDB, Chinese-funded and Hong Kong-funded institutions, but also many big-name European and American companies. The trading mode is a familiar market maker mode for foreign investors. Market makers are old business partners such as Goldman Sachs and Merrill Lynch and other foreign investment banks. The legal system is Anglo-American legal system. What is even more rare is that FX Swap/Forward and other foreign exchange instruments are complete and abundant. PM accustomed to European and American markets can be very comfortable in CNH market, as long as it can tolerate relatively poor liquidity. Therefore, although foreign capital entered the inter-bank market very late, it has a long history to invest in RMB bonds. Since 2010, European institutional investors have appeared in the dim sum debt market in Hong Kong, and they have made some money in recent years. However, the problem is that it is difficult for the dim sum debt market to turn over before the CNH burden of the Hong Kong banking industry has been digested. The following figure shows that the yield of 5-year dim sum bonds has actually been higher than that of 5-year domestic bonds since 2015. Then, for a PM who can do dim sum debt, even if he loves RMB again, it is difficult to persuade him to give up the opportunity to pick up bargains comfortably in the dim sum debt market and join the domestic interbank market.

　　Therefore, it is unlikely that the foreign Salvation Army will reinforce the interbank market in a big way in the short term, and the Advent faction can wash and sleep first. In the initial stage, considering the potential of the RMB bond market, many foreign-funded institutions may actively deploy and even begin to actively trade in the inter-bank bond market. However, it will take another 1-3 years for the inter-bank market to really attract asset allocation funds from global institutional investors, and it will also take another 1-3 years under the premise that the economic fundamental risks can be effectively resolved, the exchange rate is basically stable, and the Carry and Correlation of the bond market against the US dollar have not changed much. However, funds from East Asia, such as Hongkong, Taiwan Province, Singapore and South Korea, may be more active. They are often not so detailed and can accept the direct allocation of RMB.

　　References:

　　1. EM Macro Daily – A look at CNH flows via Hong Kong bank’s positions data, Goldman Sachs Research, Feb 5th, 2014.

　　2. Reading the Signs on RRR: Topline Pressure for Offshore Banks; What will BOCHK/HSB Do With Capital? Jp Morgan equity research, feb 05th 2015 (end)

This article first appeared on WeChat WeChat official account: RMB Trading and Research. The content of the article belongs to the author’s personal opinion and does not represent Hexun.com’s position. Investors should operate accordingly, at their own risk.

We have all heard that in the cold winter, the old migratory birds in the north go to Sanya, Hainan to avoid the cold for the winter. Nowadays, the "barbecue mode" in the midsummer in the south has spawned new migratory birds and moved to cool areas to escape the heat in summer. In August this year, I went to Liupanshui, the "cool capital of China", and tried a summer vacation. This makes me deeply realize that in the era of great health, the development of migratory bird-type health tourism in summer and winter is just the right time and promising.

1. Liupanshui City has achieved "cool industry" with "cool climate" and built the brand of "China Liangdu".

Liupanshui City, located in wumeng mountain, is a young and energetic city born due to the "third line" construction. It is rich in mineral resources, the largest main coking coal base south of the Yangtze River, and is known as the "Southern Coal Capital". The average temperature of Liupanshui City is 18-24℃ (the average temperature this summer is 19.7℃), which is the first city named after the characteristics of climate resources in China and enjoys the reputation of "the cool capital of China". Among the commercial houses sold in Liupanshui every year, the purchase of houses outside the city accounts for more than 30%, and it is the first "living city" in China for the aged with migratory birds in summer. Liupanshui City can run marathons in dog days, and the "Six Horses" event is one of the well-known marathon events at home and abroad, which starts in the midsummer every year. Liupanshui’s "cool climate" has become one of the important factors to attract marathon runners and tourists. On August 4th this year, the Liupanshui Marathon started with guns fired, and 32,000 runners gathered in Liangdu, including 15,000 runners from outside the province.

People in the tourism industry in Liupanshui have an attractive slogan: "Avoid the cold to Sanya, and come to the cool capital in summer." I think this slogan captures the essence of the problem, because the main factor that attracts everyone to Liupanshui Kangyang tourism is climate resources. Liupanshui City insists on sports traction, cultural empowerment and tourism-driven, and implements "traveling with the competition" to promote the integration of high-quality sports travel, recreation and business, and promote the development of "cool industry" led by pension and tourism, such as "migrant bird pension+agricultural travel", "nursing pension+medical care" and "holiday pension+cultural travel", which has attracted a large number of tourists. Since May this year, the passenger flow of Shuicheng Ancient Town in Liupanshui has reached 4.11 million, including 330,000 on August 1-4 (during the Six Horses). Whether enjoying beautiful scenery, tasting delicious food, experiencing folk customs and learning history and culture, Liupanshui can make people feel the butterfly change from "the coal capital of the south of the Yangtze River" to "the cool capital of China".

Second, climate resources have become an important resource for the development of holiday tourism, and relying on climate to heal the body and mind has become a new fashion of migratory birds’ health tourism.

China has rich and unique climate resources. Relying on the climate to heal the body and mind, there was chengde mountain resort in ancient times, and now there are a large number of tourist destinations to escape the cold and recuperate. Mainly middle-aged and elderly people who are laid-back or have the right to take a vacation, they choose to spend the summer or avoid the cold in different places, just like migratory birds coming from south to north, so it is called migratory bird-style health tourism. Migratory bird-type recreational tourism is a kind of travel and sightseeing activity that people go to a place more suitable for their own survival in order to avoid the bad climate environment of their permanent residence for the sake of natural health.

Twenty years ago, Chinese people began to realize that they should avoid the cold. In winter, everyone wants to run to Hainan and enjoy the warm sunshine in winter. In particular, friends in the Northeast are more active. When you go to Sanya, almost all Northeast aunts are dancing square dance. Sanya people joked that Sanya will become the capital of the Northeast in winter. Since 2010, in order to solve the problem of overcrowding and overcrowding of tourists who avoid the cold in Sanya, Hainan Province has proposed to build an international tourist island and scientifically plan the problem of migratory birds who avoid the cold to live in Qionglai, which has promoted the rapid development of Hainan’s real estate. Although Hainan later set up a free trade port to suspend the purchase of houses by foreigners, these cold-sheltered guests immediately moved to Xishuangbanna, Yunnan Province, which not only brought the living property of Xishuangbanna alive, but also became new cold-sheltered destinations along the coast of Guangdong and Guangxi, near the south.

Twenty years later, global warming gave birth to summer migratory birds to open a new way of summer life. In July this year, the Blue Book of Climate Change in China (2024) issued by China Meteorological Bureau showed that the global warming trend is obvious, which is affecting and changing our lives. Climate change leads to the increase of temperature and extreme weather events, which not only affects the comfort of people’s travel, but also challenges people’s daily life and health. For a long time, there were three "stoves" in the Yangtze River basin, namely Chongqing, Wuhan and Nanjing. Later, with the warming of the climate, important cities along the Yangtze River also joined the ranks of "stoves". There are many "stoves", and the problem of being too hot in summer is coming. Recently, the southern region, especially the inland areas along the Yangtze River, has entered the "barbecue mode", and high temperature warning has become a common occurrence. All the outdoor air is blown, and the air conditioner is turned on all the time at home. For people who live in a "stove" city and continue to suffer from high temperature, it is not just "enjoying life" but "healthy choice" to go to a cool place to escape the heat.

Bao Jigang, Dean of the School of Tourism, Sun Yat-sen University, published "Research on China’s Summer Resort and Cold Resort", which shows that climate resources are a major feature of tourism development, among which summer resort and cold shelter resources are particularly important. The summer climate refers to June, July and August every year, and the cold climate refers to December every year and January and February of the following year. There are three areas of summer climate in China: the first area is the northwest frontier and northeast area north of 40 degrees north latitude, mainly including northern Xinjiang, Inner Mongolia, Heilongjiang and Jilin; The second area is the central part of northwest China, mainly including parts of Qinghai, northwestern Shaanxi, Gansu and Ningxia. The third area mainly includes southern Xizang, southwestern Sichuan, central and western Guizhou and northern Yunnan. In addition, summer vacation products can also be developed in the southeast, especially in the mountainous areas over 1,000 meters around economically developed cities. The cold-avoiding climate in China is concentrated in the area south of the Tropic of Cancer, including Yunnan, Guangxi, Guangdong, Fujian and Hainan. Cold-shelter climate is a scarce resource in China and has monopolistic characteristics. Therefore, winter tourism in Sanya and Xishuangbanna is hot. Yunnan has both summer and cold climate, and the dry-hot valley is more suitable for the elderly to spend the winter.

Third, actively rely on the superior natural ecological climate to promote the high-quality development of migratory bird-type health tourism.

At present, people’s demand for health preservation and great health is not only treatment, but also the "four combinations" of prevention, treatment, repair and rehabilitation. In the era of great health, migratory bird-style recreational tourism is gradually becoming one of the normal modes of mass tourism. On January 13th, 2023, the group standard "Construction and Evaluation of International Mountain Hot Springs Recreational Tourism Destination" (T/IMT 0001-2023), which was organized by the International Mountain Tourism Alliance and drafted by the Asia-Pacific Institute of Hot Springs and Climate Health Tourism, was officially released. The standard focuses on the integrated development of hot spring health care, climate health care and forest health care, and puts forward standardized measures for product development, facilities and services related to mountain climate health care.

China’s health industry has been identified as an "infinitely vast trillion-dollar industry" by economists at home and abroad. With the development of the aging society, the increase of the middle class, the in-depth implementation of the healthy China strategy and other factors, migratory bird-style health tourism, as an important part of the big health industry and people’s pursuit of a better life, is now a huge blue ocean with broad development prospects. According to the National Summer Tourism Development Report issued by china tourism academy, the scale of summer tourism and related markets in China alone has reached 1.2-1.5 trillion yuan. Where there are conditions in China, we should seize the development opportunity, actively rely on the superior natural ecological climate, vigorously develop and launch migratory bird-type health tourism products, and let tourists feel the warm and cool climate value through summer vacation or shelter from the cold, so as to realize health care, heart care, old-age care, beauty care and treatment, and make important contributions to promoting the construction of a healthy China. (Chen Xianchun, the writer is deputy secretary-general of Hunan Provincial Government, member of the Standing Committee of the Provincial Political Consultative Conference, and deputy director of the Culture, Education, Health, Sports, Literature and History Committee)

Palm oil, as an important vegetable oil, occupies a decisive position in the global edible oil market. It mainly comes from the fruit of oil palm trees. After refining and processing, it has become a multifunctional oil widely used in many fields such as food, cosmetics and biofuels.

First of all, the position of palm oil in the edible oil market should not be underestimated. Its high stability and low cost make it the first choice for food processing industry. Palm oil is not only widely used in Asia, especially in major producing countries such as Indonesia and Malaysia, but also gradually favored in European and American markets. Its unique fatty acid composition makes it perform well in high-temperature cooking and is not easy to oxidize, thus prolonging the shelf life of food.

In the futures market, palm oil is also a variety that attracts much attention. Due to the globalization of production and consumption, the futures price of China Palm Oil is affected by many factors, including climate change, policy adjustment and market demand. Investors and traders can hedge the risk of price fluctuation through the China Palm Oil Futures Market, and at the same time, they can also make use of market fluctuation to speculate.

The following are some key characteristics of palm oil compared with other major edible oils:

The production and consumption of palm oil show obvious regional characteristics on a global scale. Southeast Asia, especially Malaysia and Indonesia, is the world’s largest producer of palm oil, and the output of these two countries accounts for more than 80% of the global total output. In terms of consumption, India, China and the European Union are the main importing countries and regions.

Under the background of environmental protection and sustainable development, the production of palm oil is also facing some challenges. Because of the occupation of forest resources by oil palm tree planting, the oil palm industry is often criticized by environmental protection organizations. Therefore, how to achieve sustainable development while ensuring output is an important problem to be solved in the future of China Palm Oil Industry.

Generally speaking, palm oil, as a multifunctional and high-stability vegetable oil, plays an important role in the global market. From the perspective of food processing and futures market, palm oil has shown its irreplaceable value. With the constant change of global market demand, the future development of palm oil will be more diversified and complicated.

[Disclaimer] This article only represents the author’s own views and has nothing to do with Hexun. Hexun.com is neutral about the statements and opinions in this article, and does not provide any express or implied guarantee for the accuracy, reliability or completeness of the contents. Readers are requested for reference only, and please take full responsibility. Email: news_center@staff.hexun.com.

CCTV News:At about 6 o’clock on December 24, 2019, Wen Yang, deputy chief physician of the emergency department of Civil Aviation General Hospital, was viciously injured by a patient’s family during normal diagnosis and treatment, and died unfortunately after being rescued. On the evening of 30th, the General Hospital of Civil Aviation held a press conference to inform about the murder of Dr. Wen Yang.

Before the press conference, the audience observed a minute’s silence for Dr. Wen Yang.　

At the press conference, Peng Dingqiong, Dean of the Civil Aviation General Hospital, introduced: "Patient Sun Moumou, female, 95 years old, was sent to the Civil Aviation General Hospital by the patient’s family through an ambulance at 7: 30 on December 4, 2019 because of his unconsciousness. The family members refused to check and asked for infusion treatment. The doctor Wen Yang who accepted the consultation made diagnosis and treatment according to the patient’s condition. After the family members signed it at 12: 50, they took the patient out of the hospital, but at 13: 50 on the same day, they returned to the hospital because they felt that the patient’s condition was not good. During the whole treatment period, the family members did not cooperate with the treatment, and they refused to check and treat for 10 times. Despite this, with the efforts of medical staff, the infection of patients has been controlled, renal insufficiency has improved, and electrolytes have become normal. "

On December 24th, after Dr. Wen Yang was killed by a family member of the patient, the Civil Aviation General Hospital continued to treat the patient.

Peng Dingqiong, Dean of the Civil Aviation General Hospital: "The patient’s family asked to be transferred to the hospital on December 27. After completing the relevant procedures, the patient left the hospital. In the whole process of diagnosis and treatment, our hospital followed the normal diagnosis and treatment procedures, and patients enjoyed the basic medical insurance policy for urban employees’ retirees. The relevant expenses were settled according to the medical insurance regulations, and there was no case of fee reduction for patients. "

In order to objectively and truthfully evaluate the early diagnosis and treatment process of patient Sun Moumou in Civil Aviation General Hospital, the hospital invited experts from outside the hospital for consultation on December 26th.

Peng Dingqiong, Dean of the General Hospital of Civil Aviation, said: "After examining the patients and reading the relevant medical records, the experts said that the early diagnosis and treatment process was standardized and the treatment plan was reasonable, and the patient’s condition improved to some extent compared with that when he was admitted to the hospital. According to the medical records, the family members refused to check and treat many times, resulting in difficulties in diagnosis and treatment. On December 27, the patient’s family contacted the ambulance and left our hospital after fulfilling the relevant discharge procedures. "

Jacqueline Lulu Li; Li XiaoLu

1905 movie network news Last night, Li XiaoLu’s studio issued a statement saying that it was followed and photographed, which seriously violated Li XiaoLu’s personal rights. The statement also stated that the studio had entrusted a law firm to investigate and collect evidence, and several infringing subjects sued the people’s court, which was officially filed on February 1.

Li XiaoLu Studio issued a statement.

Then, Li XiaoLu’s studio forwarded an Weibo, in which Weibo wrote that Li XiaoLu demanded the infringer to compensate the economic losses, spiritual damages and other losses of RMB550,000, and also printed a special bill for legal fees.

Litigation fee bill

Subsequently, the defendant blogger left a message for help in Huang Yiqing’s Weibo.

Defendant blogger asked Huang Yiqing for help.

Yi Huang Qing said that for the crime of libel, it is only necessary to prove that it is not original, while for the right of reputation, the maximum compensation is 30,000-50,000 yuan. Yi Huang Qing also said that he would bite to death and deny it, saying it was a picture of P.

Huang Yiqing replied to netizens.

As the new "entertainment discipline inspection commission", Huang Yiqing has previously exposed various black materials of Masu, attracting many netizens to watch. This time, he made suggestions for a blogger, and it can be seen that he is very concerned about the entertainment industry.

　　Xinhua News Agency, Changsha, May 1st Title: Rescue in a Race against Time — — On-site rescue and direct attack on the core of the collapse accident of Changsha residents’ self-built houses

　　Xinhua news agency reporter

　　At about 4: 26 pm on the 1st, a female trapped person was rescued by fire rescuers from the scene of the collapse accident of Changsha residents’ self-built houses, and applause rang out at the scene.

　　"Can you see that glow stick?" "I can see it." "Don’t be afraid, don’t be afraid, many people are helping and saving you!" This is a conversation between the trapped person and the fire rescuers at the scene of the accident rescue.

　　At 12: 24 on April 29, 2022, a self-built house collapsed in Jinshanqiao Street, Wangcheng District, Changsha City, Hunan Province. It was initially verified that there were 23 people trapped in the house. At present, 6 people have been rescued, and 39 people lost contact near the incident. After the incident, a rescue started quickly. In the early morning of May 1, Xinhua News Agency reporters followed the Changsha Fire Rescue Detachment into the building on the west side of the collapsed self-built house and directly attacked the scene for rescue.

This is the scene of the accident (photo of drone) taken in Wangcheng District, Changsha City, Hunan Province on April 29th. Xinhua News Agency reporter Chen Zeguo photo

　　"You must keep your strength, we are saving you!" Firefighters and rescuers encouraged the trapped people. Every once in a while, they will communicate with the trapped people to calm their emotions. As of press time, fire and rescue workers are still nervously rescuing at other points at the scene of the accident.

　　Zheng Zhang, deputy detachment leader of Changsha Fire Rescue Detachment, said that the partially collapsed buildings on the east and west sides have brought great difficulties to the rescue. First, it is necessary to ensure that the trapped people will not suffer secondary injuries. The reporter saw at the scene that the staff carried out rescue from the front and back of the collapsed house at the same time, and a number of large-scale equipment and personnel from relevant units such as China Construction Fifth Bureau were on standby at the scene.

　　Chen Yong, secretary of the Party Committee and Chairman of the Third Company of China Construction Fifth Bureau, said that the rescue currently faces several major difficulties in terms of the collapse site structure. First, the collapsed buildings are complex in structure, and various components are intertwined, and the stress state is unknown; Second, the houses on both sides were hit by collapsed houses, and the main load-bearing members were seriously damaged; Third, the operation surface is narrow and the terrain is complex, which makes the operation difficult; Fourth, if a large area is demolished, the collapsed part will be disturbed greatly, which is easy to destroy and cause greater damage.

　　On the afternoon of April 30th, firefighters and rescuers found signs of life in the building through manual search and rescue combined with rescue dogs, radar life detectors, audio life detectors and snake eye detectors.

On April 30th, rescuers took rescue dogs to rescue people at the scene of the collapse of their own houses in Changsha, Hunan. Xinhua News Agency reporter Chen Zeguo photo

　　Rescuers found that the trapped people were "buried deeply at that time", and the working face was narrow and the terrain was complex, so they could not use large equipment and could only use small equipment to advance.

　　It is necessary to use scientific rescue methods to ensure safety, but also to seize the "golden 72 hours" time; It is necessary to reduce the time for trapped people to be buried, and do our best to reduce the possibility of secondary injury to trapped people.

　　Rescuers kept in touch with the trapped people by shouting and other means, and also provided physiological saline supply and psychological counseling to the trapped people, while at the same time grasping the demolition.

　　The reporter observed that during the demolition process, rescuers encountered obstacles such as refrigerators. If it is cut rashly, it may cause great vibration, causing the wall rubble to fall off again, or the structure is unstable. Therefore, rescuers call small metal cutting equipment to expand the rescue surface. "We use light and simple electric demolition tools because they have little vibration." Zheng Zhang said.

　　The rescue is moving forward in a scientific and steady way. "This is the first time I have faced such a difficult rescue in my nearly 30 years as a firefighter." Zheng Zhang said, "We will do our best, and we have obtained the strongest strength and the most cutting-edge equipment."

　　Rescue, from day to night and from night to dawn, many people stick to the scene and stand by at any time.

　　The reporter learned that at present, more than 700 firefighters, armed police officers and soldiers and social emergency forces have been dispatched urgently, and more than 120 sets of rescue equipment and rescue dogs such as fire engines, large cranes, power generators and life detectors have been mobilized.

On April 29, rescuers rescued a trapped person from the scene of the accident and sent him to the hospital for treatment. Xinhua News Agency reporter Chen Zhenhai photo

　　Chen Yong told reporters that after getting the news of the accident at noon on April 29, the third company of China Construction Fifth Bureau convened more than 100 staff members to rush to the scene within one hour. "Many people saw the call in the group and immediately responded spontaneously." At present, they have set up a temporary party branch in party member with more than 50 members.

　　As of the early morning of May 1st, the Third Company of China Construction Fifth Bureau mobilized 19 muck transporters, 7 excavators of different models, 6 climbing trucks, 3 cranes, 59 sets of cutting machines and other rescue equipment to the site. "Race against time, but only if it is scientific and safe." Words don’t say that finish, Chen Yong and led to the core area to further explore the scheme.

　　The National Emergency Medical Rescue Team of the Second Xiangya Hospital of Central South University was always on the scene. "We have carefully made a rescue work plan, repeatedly adjusted and refined it, specifically how to arrange each ambulance for everyone."

　　"We adhere to the concept of life first and people first. As long as there is a glimmer of hope, we will make a hundredfold effort!" Zheng Zhang said.

　　On the morning of May 1st, measures were taken to fix the dangerous houses on both sides of the collapsed houses to ensure the safety of the rescue process. The reporter saw at the scene that the construction workers had used special equipment to cut the top stainless steel structure of the collapsed house. Chen Yong introduced that after cutting and hoisting, it can create favorable conditions for firefighters to search and rescue and help speed up the rescue progress. (Reporter Chen Si Khan, Ding Chunyu, Yuan Yuting, Tan Chang, Ye Yuming, Shuai Cai)

　　Hangzhou, March 16 (Reporter Yu Qin) On the afternoon of the 16th, Zheng Shanjie, governor and director of the Provincial Food and Drug Safety Committee, presided over the plenary meeting of the Provincial Food and Drug Safety Committee to thoroughly study and implement the important exposition of the Supreme Leader General Secretary on food and drug safety, review relevant documents and deploy key tasks in 2021.

　　The meeting emphasized that the General Secretary of the Supreme Leader attached great importance to food and drug safety work, emphasizing the need to use "the most stringent standards, the strictest supervision, the most severe punishment and the most serious accountability". Food and drug safety is a big deal. All localities and relevant departments should further enhance their sense of responsibility and urgency, comprehensively meet the "four strictest" requirements of the top leader of the table, face up to problems, highlight key points, strengthen supervision, achieve full control and strict management, strict supervision throughout the chain, and full-time supervision and law enforcement, and earnestly, solidly and continuously do a good job in food and drug safety. First, we must take "the same responsibility of the party and government" as the starting point and compact the responsibility of food and drug safety at all levels. In particular, it is necessary to come up with more effective and practical hard measures to compact the government responsibility of local party committees, departmental supervision responsibilities, and the main responsibilities of enterprises and producers and operators. Second, we should take "risk prevention and control" as the main line to form a whole process and whole chain supervision system. Through the combination and extension of online and offline, we will strengthen the whole process traceability, source management, process supervision and special rectification, find early problems and deal with them as soon as possible to prevent the formation of hidden rules in the industry. For those who challenge the bottom line of morality and conscience, we must take strong drugs and make heavy punches, and we must never tolerate them; For violations of laws and regulations, information disclosure and media exposure should be strengthened. Third, we should take "intrinsic safety" as the core and lay a solid foundation for work. Adhere to demonstration and guidance, publicize and promote good experiences and good practices in various places, and promote mutual learning and learning;Adhere to the strictest standards, implement special actions to formulate standards, and promote the formulation and implementation of local standards such as real estate food, edible forest products, grain and oil, and rural family banquets; Adhere to social co-governance, mobilize the masses to participate extensively, supervise and report, and collect "golden ideas" for effective governance from the masses. Fourth, we should take "improving quality and increasing efficiency" as the path to ensure high-level safety of the industry with high-quality industrial development. Vigorously promote scientific and technological innovation, build a number of major innovative R&D platforms, develop green food and agricultural products with geographical indications, carry out brand building of "Zhejiang Agricultural Products with the word", continuously optimize the business environment and improve quality services.

　　The meeting stressed that it is necessary to further improve the departmental coordination mechanism, regularly judge risks, solve problems in a list manner, and form a closed loop of work, instead of taking what is said as a success; Improve the mechanism of drawing inferences from others, identify systematic and regular contradictions, establish a long-term mechanism, and promote both the symptoms and the root causes; Improve the supporting guarantee mechanism and strengthen the specialization and professionalization of the food and drug safety team; Improve the evaluation and supervision mechanism, implement the "four noes and two straights" supervision, carry out cross-checking and unannounced visits in different places, and link the implementation of the work with the provisions on accountability to ensure that all work is carried out in detail.

　　Cheng Yuechong and Chen Yijun attended the meeting.

Poster of "the escapee"

　 　 1905 movie network news 　The suspense spy TV series "The Escape" has recently announced that Chen Kun will return to the TV screen to play the leading role in the drama. Today, the official Weibo officially announced the winner of the Golden Horse Award for the leading actress — — Wan Qian, a powerful actress. It is reported that the play will start in December.

"Beauty and acting" is the criterion for actor selection.

　 　 As an original spy war drama, Chen Kun once said that the screenwriter was very attentive and spent nine years polishing the script repeatedly. The script and characters were the main reasons that moved him to return to the TV screen after nine years.

　 　 Since it was announced that Chen Kun would star in The Escape, the media and fans have been very concerned about the heroine’s choice. Who can Hold Chen Kun who is both an acting school and an idol school? Many fans have also launched heated discussions and suggestions on Weibo. Judging from the comments of netizens, the choice of "acting school" is the most popular.

The voice of fans　

　 　 As a spy war drama, gripping stories and actors’ acting skills are the magic weapon to win the spy war drama. The drama side said that "The Escape" will focus on the selection criteria of "having face and acting skills", and gather domestic actors with both face value and strength, as well as the best production team to jointly create a boutique spy war drama.

Wan Qian joins in and expects the powerful faction to "play"

Wan Qian; Regina

　 　 Wan Qian, a newly rising powerful actress, won the "Best Supporting Actress" in the 51st Golden Horse Award of Taiwanese Film for her role of "Nini". Two films starring Wan Qian and Hello, Crazy! Will be released in the near future.

　 　 Coincidentally, last weekend’s "Hello, Crazy! At the screening meeting, Chen Kun attended the event and praised Wan Qian’s performance. He not only used the word "shock" to describe Wan Qian’s real performance, but also revealed that he was deeply impressed by Wan Qian’s performance after watching the rough cut of the film a few months ago, hoping to invite Wan Qian to participate in his new play. It seems that apart from the role relationship and plot development of the two people, the drama of the two people will also be a major attraction in The Escape.

　 　 Wan Qian also said that it is a great honor to play The Escape with Chen Kun: "The script that The Escape took nine years to create is very exciting. I am very happy to participate in it. I am looking forward to working with Brother Kun. The next task is to play my role well and live up to everyone’s expectations."

　　Since he played Xu Sanduo in Soldier Assault, Wang Baoqiang has held up half the sky. Now, he seems to be an amphibious star in film and television. A few days ago, when he attended an award ceremony, he revealed that many people in his hometown in rural areas came to propose marriage, which made him very embarrassed.

　　Wang Baoqiang, who came all the way from the northern drifters, looked back at his life trajectory with some pride: "I’m returning home with my clothes on." And this "returning home with clothes" fellow-townsman has now become the favorite object of the girls in her hometown. When telling this to reporters, Wang Baoqiang blushed: "If I say nobody likes me, it seems wrong. "I heard from my brother that there are quite a few women who like me, and many people at home have come to propose marriage." At this point, Wang Baoqiang became more and more embarrassed. He squeezed his hand tightly and added, "But I’m not at home, and I don’t know the situation." (Xiaoxin)

Editor: Zhou Zhongxiao