2025-04-23 07:58
SHANGHAI, April 23 (Reuters) - Preliminary plans for the China and Russia-led International Lunar Research Station (ILRS) include building a nuclear reactor on the moon's surface, a presentation by a Chinese space official on Wednesday showed. The presentation by Pei Zhaoyu, chief engineer for China’s 2028 Chang’e-8 mission, showed that the base’s energy supply could also depend on large-scale solar arrays, which would be built on the moon's surface. Sign up here. China's Chang’e-8 mission aims to lay the groundwork for the construction of a permanent manned lunar base. The world's second largest economy is aiming to become a major space power and land astronauts on the moon by 2030. China's timeline to build an outpost on the moon's south pole coincides with NASA's more ambitious and advanced Artemis programme, which aims to put U.S. astronauts back on the lunar surface in December 2025. Wu Weiren, academician of the Chinese Academy of Engineering and chief designer of the Chinese Lunar Exploration Project, said last year that a “basic model” of the ILRS, with the South Pole of the Moon as its core, would be built by 2035. The Chang’e lunar probe launches are part of the construction phase for the “basic model” outlined by Wu. In future, China will create the “555 Project”, inviting 50 countries, 500 international scientific research institutions, and 5,000 overseas researchers to join the ILRS. https://www.reuters.com/business/energy/china-led-lunar-base-include-nuclear-power-plant-moons-surface-space-official-2025-04-23/
2025-04-23 07:53
BI's short term priority is on rupiah stability - governor BI continue to monitor room for a rate cut BI maintain offshore NDF intervention to support rupiah 2025 GDP growth seen below mid-point of 4.7%-5.5% range JAKARTA, April 23(Reuters) - Indonesia's central bank held policy rates steady for a third consecutive review on Wednesday, as expected, aiming to maintain rupiah exchange rate stability amid global trade tensions. Bank Indonesia kept the benchmark 7-day reverse repurchase rate (IDCBRR=ECI) , opens new tab, known as BI Rate, unchanged at 5.75%, as expected by all but two of 26 economists polled by Reuters. It also kept its two other policy rates steady. Sign up here. The rupiah hit a record low earlier this month and the stock market (.JKSE) , opens new tab plunged amid capital outflows triggered by the U.S. announcement of reciprocal tariffs for countries including Indonesia, though they have recovered somewhat after President Donald Trump announced a 90-day tariff freeze. BI, which has had to balance market uncertainty with concerns about Indonesia's growth outlook, said the U.S. tariff policy and China's retaliation has heightened global uncertainties. Governor Perry Warjiyo said the rate decision was in line with efforts to safeguard the rupiah's stability while it continue to assess future room for a cut, taking into account the country's inflation rate and growth prospects. "Our short term priority is exchange rate stability. Once stability is maintained, the room for a rate cut will be more open and that would be the time to decide on future interest rate policy," Warjiyo said. The rupiah strengthened slightly to 16,860 per dollar after the decision was announced, versus 16,880 before, but has still depreciated more than 4% so far this year. He said BI is not only committed to maintain stability, but also to support economic growth. BI said on Wednesday it expects this year's growth for Southeast Asia's biggest economy to be slightly below the mid-point of its outlook range of 4.7% to 5.5% while forecasting global economic growth to soften due to the trade war. "Despite macro indicators pointing to a need for rate cuts, markets are likely to price out easing this quarter as the rupiah continues to underperform on the back of domestic and tariff uncertainties," DBS economist Radhika Rao said. She predicted rate cuts totalling 50 basis points later in the year "when the tariff dust settles". The sharp drop in rupiah earlier this month had prompted BI to intervene in offshore non-deliverable forward on top of intervention in domestic markets to support the currency. BI continued to intervene in the offshore NDF market since then, Warjiyo said. The central bank has previously said it has room to cut interest rates, citing low inflation. The annual inflation rate has stayed below its 1.5% to 3.5% target range so far this year, with March's rate at 1.03%. Indonesia has sent a delegation to Washington to negotiate tariffs. Finance Minister Sri Mulyani Indrawati said if the U.S. keeps its planned 32% tariff for Indonesian exports, it could reduce growth potential by 0.3 to 0.5 percentage points. Some economists have said the direct impact from U.S. tariffs to Indonesia's economy may not be as big as the hit some other countries might be exposed to, but any Chinese economic slowdown could hurt Indonesia more. China is Indonesia's biggest trade partner and a major source of investment. https://www.reuters.com/world/asia-pacific/indonesia-central-bank-holds-policy-rates-keep-rupiah-stable-2025-04-23/
2025-04-23 07:52
NAPERVILLE, Illinois, April 22 (Reuters) - The global wheat market narrative has recently shifted, though it's easy to have missed it. Exportable world wheat supplies in 2024-25 are no longer expected to fall to multiyear lows, a perhaps predictable outcome based on recent patterns. Sign up here. But the relief could be temporary. Meager outlooks for the upcoming wheat harvests in Russia and Ukraine, which account for about 30% of global wheat exports, mean that the thinning supply story could reemerge for 2025-26, and potentially for real this time. CHANGE IN PACE Two months ago, U.S. Department of Agriculture projections showed 2024-25 global wheat stocks-to-use (SU) among major exporting countries at a 17-year low of 14.56%. But this month’s updates put that figure at 15.89%, the second highest of the last six years. This largely owes to the slashing of Chinese wheat import estimates over the last three months. Late last decade, global wheat SU among major exporters averaged above 18%, so the 2024-25 target is still below the longer-term mean. However, world wheat SU has been pegged by USDA to reach decade-plus lows each year for at least three years now, only to creep upward as the marketing years progress. As it stands, the 2020-21 SU of 14.74% remains the lowest since 2007-08, so this is the benchmark to keep in mind heading into 2025-26. RUSSIA AND UKRAINE USDA’s Kyiv attache last week pegged the 2025-26 Ukrainian wheat harvest at 17.9 million metric tons, a 13-year low and down 23% on the year. Soils were extremely dry during the planting period and profitability is poor, cutting sown area. Russian agencies currently predict the 2025-26 harvest between 79.7 million and 82.5 million tons, the latter of which is similar to a year ago. Favorable weather from here could lift the crops in both countries and ease concerns, but the early figures warrant flagging, especially as the attache sees Ukraine’s 2025-26 wheat exports at less than half the record volume. Black Sea commerce has been under threat since Russia’s 2022 invasion of Ukraine, hampering mostly Ukrainian exports and ultimately production. Russian food and fertilizer exports are not directly subject to Western sanctions, but Moscow says measures must be lifted against Russian companies involved with those shipments if it is to cooperate in a maritime security deal. Data does not support much hindrance to wheat shipments as the Kremlin claims. Bumper crops allowed Russian wheat exporters to score their largest-ever volumes in the 2022-23 and 2023-24 marketing years. To boot, the portions of the crop exported were also record-large in those years, further clouding Moscow’s argument. Last year’s smaller Russian crop will drop 2024-25 wheat exports to three-year lows, but the percentage of the crop exported will remain elevated since Russian grain has been priced well below the competition. Promising talks of a potential ceasefire between Russia and Ukraine were under way on Tuesday, though any conflict resolution now would have little bearing on 2025-26 wheat output scenarios since the majority of that crop has already been planted. DON’T FORGET U.S. wheat plantings in 2025-26 are set to fall 1.6% on the year, including a 55-year low area for the high-protein spring variety. U.S. winter wheat as of Sunday was in slightly worse condition than a year ago. Argentina’s 2025-26 wheat harvest could be record-large if a temporary export tax cut is extended beyond June, making the grain’s planting more attractive for farmers. Farmers in Canada plan to lift 2025-26 wheat area on the year while dryness in parts of Australia could reduce its upcoming crop by 16% from last year. In the European Union, soft wheat yields are seen rising 8% from last year. Together, Argentina, Australia, Canada, the European Union and the United States account for about 54% of global wheat exports, which is why they will also warrant attention on May 12 when the USDA unveils its initial outlooks for 2025-26. Karen Braun is a market analyst for Reuters. Views expressed above are her own. https://www.reuters.com/markets/commodities/black-sea-may-hold-back-world-wheat-supplies-into-2026-2025-04-23/
2025-04-23 07:51
JAKARTA, April 23 (Reuters) - Indonesia's central bank held policy rates steady for a third consecutive review on Wednesday, as expected, aiming to maintain stability in the rupiah exchange rate amid global uncertainty over trade tensions. Bank Indonesia kept the benchmark 7-day reverse repurchase rate (IDCBRR=ECI) , opens new tab, known as BI Rate, unchanged at 5.75%, as expected by all but two of 26 economists polled by Reuters. Sign up here. The central bank also maintained its overnight deposit facility (IDCBID=ECI) , opens new tab and lending facility (IDCBIL=ECI) , opens new tab rates at 5.00% and 6.50%, respectively. https://www.reuters.com/world/asia-pacific/indonesia-central-bank-keeps-rates-unchanged-expected-2025-04-23/
2025-04-23 07:51
Shanghai, April 23 (Reuters) - The general manager of CATL's (300750.SZ) , opens new tab battery swapping unit said on Wednesday at the Shanghai auto show that the company would launch 10 more new models for battery swapping with automakers including FAW, Changan, BAIC, Chery and GAC. Sign up here. https://www.reuters.com/technology/chinas-catl-launches-10-more-new-models-battery-swapping-with-automakers-2025-04-23/
2025-04-23 07:43
BEIJING, April 23 (Reuters) - China's plan to facilitate cross-border financial services will help promote greater international usage of the yuan, a senior central bank official said on Wednesday, at a time global trade tensions have intensified. The central bank published a plan earlier this week encouraging state-owned enterprises to prioritise yuan usage in payment and settlement as they expand overseas expansion. Sign up here. The announcements comes after U.S. President Donald Trump launched so-called "reciprocal" tariffs, which have shaken up global trade and roiled financial markets. Lu Lei, deputy governor of the People's Bank of China (PBOC), told reporters in Beijing that the external environment had become more complex and forces driving global economic growth were insufficient while protectionism was intensifying. "The multilateral trading system has been blocked. Tariff barriers have increased. This has affected the stability of global production and supply chains and hindered the international economic cycle." Lu urged Chinese companies to accelerate overseas investment, adding that improvements in cross-border financial services will help boost yuan usage in trade and investment. China's President Xi Jinping this month visited three Southeast Asian countries in a move to bolster regional ties, calling on trade partners to oppose unilateral bullying. China's yuan remained the world's fourth most active currency for global payments by value in March, with a share of 4.13%, according to the financial messaging service Swift. A separate set of data showed that yuan's cross-border usage hit a record $724.9 billion last month, accounting for 54.3% of all China's cross-border activities, the country's FX regulator said on Tuesday. https://www.reuters.com/markets/asia/chinas-plan-facilitate-cross-border-financial-services-more-important-amid-2025-04-23/
