Jinshi Data, June 6th, Saudi Energy Minister Abdulaziz bin Salman said that OPEC+ has not changed its policy of pursuing a larger global market share and still puts market stability first. He said at the St. Petersburg International Economic Forum on Thursday that for this reason, OPEC+ has reserved the option to suspend or even reverse the plan to gradually restore some voluntary production cuts announced last weekend. Russian Deputy Prime Minister Novak said at the same event that the group can respond quickly to any changes in the market. OPEC and its allies agreed last Sunday to gradually restore voluntary production cuts of about 2 million barrels per day starting in October. Since then, London crude oil prices have fallen by more than 3%, breaking below $80 per barrel, and analysts have questioned whether the market can absorb these additional supplies.

During a phone call on the 22nd local time, Saudi Crown Prince and Prime Minister Mohammed bin Salman spoke with French President Emmanuel Macron. During the conversation, both sides reviewed bilateral relations and cooperation in multiple fields, and exchanged views on regional and international issues, especially the latest developments in the Gaza situation. Both sides discussed how to strengthen efforts and international communication to stop the escalation of conflicts, and provide sufficient humanitarian assistance.

The People's Bank of China, as the head of the financial times, said that in the future, the focus of macro policies should shift from increasing supply to improving consumer demand and promoting supply-demand balance. "The People's Bank of China can adjust the 'total gate' of monetary supply, but for the flow of funds such as deposits and loans, it mainly depends on the needs of different types of borrowers, and requires the cooperation of fiscal and other policies." Wen Bin, Chief Economist of Minsheng Bank, said that considering the current monetary stock is not low, in addition to guiding credit to grow reasonably and balanced investment, efforts should be made to activate the stock of financial resources, avoid idle funds, improve the efficiency of credit resource output, and promote the accelerated development of direct financing, guide the transformation and upgrading of financing structure and economic structure to be more compatible, and focus on achieving reasonable growth in quantity and effective improvement in quality to meet the needs of high-quality economic development.

The implementation conditions for policy rate cuts are gradually accumulating in view of internal and external factors. At the press conference on March 21, the Central Bank stated that "the downward trend in deposit costs and the shift in major economies' monetary policies are conducive to broadening the autonomy of interest rate policy operations." Looking ahead, the expectation of a rate cut by the Federal Reserve has increased, and the pressure to stabilize the exchange rate has relatively eased compared to the previous period. With the constraint of excessive self-disciplined deposits, there is a strong certainty of a significant reduction in deposit costs within the year. In this context, if inflation rebounds and the overall outlook for internal financing demand remains pessimistic, it is necessary to further reduce the actual financing costs, thereby increasing the probability of lowering policy rates and LPR quotations.

After two consecutive months of shrinkage and continuous operation of MLF, Wen Bin, Chief Economist of Minsheng Bank, said that in order to coordinate with the issuance of ultra-long-term special national bonds in the middle and late May, and to stabilize tax period fluctuations, MLF will continue to operate after the shrinkage. However, considering the overall stability of current liquidity, the smooth issuance and prolonged rhythm of special national bonds have also weakened the concentrated impact on liquidity. In addition, in the background of preventing fund idling and low demand for MLF from banks, MLF has only been maintained at the same level.