Daily Report 200417 2017-04-20
 
Macro Economy
On the domestic side, the 21st century economic report pointed out that a number of institutions said that a state-owned bank is redeeming part of the outsourcing funds, including not only public offering, special account, as well as brokerage, which only from a fund company is being redeemed back to the size of the outsourcing of nearly 10 billion yuan. This is expected to impact on the domestic bond market on Thursday.
 
Oil
On the domestic side, yesterday, Premier Li Keqiang reduced the value-added tax to 17%, 11% and 6%. The agricultural products value-added tax fell from 13% to 11%, which would lead to a relatively large amount of agricultural imports varieties such as soybean and palm oil. Import costs have affected the above varieties to decline and relatively negative domestic prices. Domestic spot oil stocks remain high, especially the current soybean oil terminal pressure, the domestic oil prices were significantly weaker than the international oil prices. Strategy: short-term oil is not easy to chase short tendency, continue to pay attention to short oil long soybean meal, the Soybean oil/meal ratio arbitrage. 
                                                                                    Dong LV (Investment Certificate NO. TZ008452)