China and the US will hold the first meeting of the economic and trade consultation mechanism; the central bank has increased its gold reserves for seven consecutive months

Macro News

1. A spokesperson for the Ministry of Foreign Affairs announced that He Lifeng, Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, will visit the UK from June 8 to 13 at the invitation of the British government. During the visit, he will hold the first meeting of the China-US Economic and Trade Consultation Mechanism with the US side.

2. A spokesperson for the Ministry of Commerce answered questions from reporters regarding Minister Wang Wentao's talks with Valdis Dombrovskis, Executive Vice-President of the European Commission for an Economy that Works for People and Commissioner for Trade, during his visit to France. When asked about the discussions between China and the EU on rare earth export controls, the spokesperson stated that Minister Wang Wentao further clarified China's export control policies to the EU side, emphasizing that implementing export controls on items such as rare earths is an international common practice. China attaches great importance to the EU's concerns and is willing to establish a green channel for eligible applications, expedite the approval process, and instruct the working level to maintain timely communication on this matter.

3. When asked by reporters about the progress of price commitment consultations in the anti-subsidy case involving electric vehicles (EVs), the Ministry of Commerce stated that Minister Wang Wentao and Commissioner Dombrovskis had professional and in-depth discussions on the EV case, pushing it a significant step forward towards a proper resolution. Currently, the price commitment consultations between China and the EU on the EV case have entered the final stage, but efforts from both sides are still needed.

4. According to data from the People's Bank of China, as of the end of May, China's gold reserves stood at 73.83 million ounces (approximately 2,296.37 mt), up 60,000 ounces (approximately 1.86 mt) MoM, marking the seventh consecutive month of gold reserve increases.

5. According to statistics from the State Administration of Foreign Exchange, as of the end of May 2025, China's foreign exchange reserves stood at $3,285.3 billion, up $3.6 billion from the end of April, representing a 0.11% increase.

6. In response to questions from reporters regarding export control measures for medium-heavy rare earths, a spokesperson for the Ministry of Commerce stated that rare earth-related items have dual-use (military and civilian) attributes, and implementing export controls on them is in line with international common practices. With the development of industries such as robotics and new energy vehicles (NEVs), the global demand for medium-heavy rare earths in civilian applications is growing. As a responsible major country, China fully considers the legitimate needs and concerns of various countries in civilian applications and reviews export license applications for rare earth-related items in accordance with laws and regulations. It has approved a certain number of compliant applications and will continue to strengthen the approval process for compliant applications. China is willing to further strengthen communication and dialogue on export controls with relevant countries to facilitate compliant trade.

Industry News

1. A Boeing 737 MAX aircraft took off from Seattle, US, yesterday and has now landed in Hawaii before continuing its journey to China. This aircraft, originally a new plane awaiting delivery at Boeing's Zhoushan factory, was returned to the US in April. This also marks Boeing's first aircraft delivery to China since April.

2. Chief Executive of the Hong Kong Special Administrative Region, John Lee Ka-chiu, attended and delivered a speech at the opening ceremony of the 16th Cross-Strait and Hong Kong-Macao Economic and Trade Cooperation Seminar hosted by the Chinese Manufacturers' Association of Hong Kong yesterday. Lee stated that Hong Kong is actively developing the artificial intelligence industry and will establish a "Technology and Innovation Industry Guidance Fund" with a scale of HK$10 billion to strengthen the guidance of market funds and promote the development of strategic emerging and future industries such as AI and robotics.

3. According to data from online platforms, as of 19:02 on June 7, the total box office (including pre-sales) for the 2025 summer movie season exceeded 500 million yuan. "Mission: Impossible 8 – Dead Reckoning Part Two," "Children of Time," and "Doraemon: Nobita's Art World Tales" ranked as the top three films in the summer box office.

4. Ding Han, an academician of the Chinese Academy of Sciences and director of the Academic Committee at Huazhong University of Science and Technology, pointed out that humanoid robots represent the core track for industrial explosions, and breakthroughs in dexterous hand technology will be the key to unlocking their vast application potential and defining the future industrial landscape.

5. A Phase II clinical study published by Chinese researchers in the UK medical journal *The Lancet* recently showed significant progress in the treatment of malignant solid tumors using chimeric antigen receptor T-cell (CAR-T) therapy. Compared with standard therapies, CAR-T therapy significantly prolonged the progression-free survival of patients with advanced cancer.

Corporate News

1. Christophe Fouquet, CEO of Dutch semiconductor equipment manufacturer ASML, stated that US chip export bans will only backfire.

2. The price of Laomiao Gold's 24K gold jewelry was 999 yuan per gram on June 7, a decrease of 9 yuan per gram from the previous day's price of 1,008 yuan per gram, and a total decrease of 17 yuan over two days.

Global Markets

1. On local time June 7, US President Donald Trump stated that if Tesla and SpaceX CEO Elon Musk funds Democratic candidates opposing the Republican budget proposal, he will face "very serious consequences." Trump said, "If he does that, he will pay a price," but did not disclose specific measures. Trump added that he has no intention of repairing his relationship with Musk, stating, "I think that relationship is over."