Xinhua Financial Daily Briefing: August 8

- General Administration of Customs: Cumulative integrated circuit exports reached $216 billion in January-July, up 99.5% year-on-year.

- The People’s Bank of China (PBoC) increased its gold holdings for the 21st consecutive month.

- Beijing further optimized its real estate policy, reducing the social security and individual income tax payment requirement for non-Beijing registered households purchasing homes to one year.

- The Ministry of Water Resources initiated a Level IV flood prevention emergency response at 18:00 on August 7 for Shanghai, Jiangsu, Zhejiang, Anhui, Fujian, and Jiangxi. According to forecasts, influenced by Typhoon “Baihaitun” No. 13, Zhejiang, Fujian, Jiangxi, Jiangsu, Shanghai, and Anhui will experience heavy rainfall from August 8 to 12, with torrential rain in some areas and short-duration intense rainfall. (Xinhua News Agency)

- According to the National Energy Administration’s release on August 7, national electricity load hit a record high for the fourth time this summer on August 7, reaching 1.557 billion kilowatts, an increase of approximately 4.8 million kilowatts from the previous record. Since the beginning of this year, national electricity demand has maintained robust growth. Economic improvement is the primary driver of electricity consumption growth, while high temperatures are the direct factor pushing loads higher. (Xinhua Finance)

- The Beijing Municipal Commission of Housing and Urban-Rural Development, the Beijing Municipal Commission of Planning and Natural Resources, and the Beijing Housing Provident Fund Management Center jointly issued the “Notice on Further Optimizing and Adjusting Real Estate Policies in This Municipality” on the evening of August 7. The notice specifies that the social security or individual income tax payment period for non-Beijing registered households purchasing commercial housing within the Fifth Ring Road is reduced from “2 years” to “1 year.” After the adjustment, the payment period for non-Beijing registered households purchasing commercial housing citywide is unified at “1 year,” with the number of purchasable housing units remaining unchanged. Specifically, non-Beijing registered households with one year of social security or tax payments may purchase one commercial housing unit within the Fifth Ring Road, with multi-child families eligible to purchase one additional unit; outside the Fifth Ring Road, there is no limit on the number of units. (Xinhua News Agency)

- Customs statistics show that in the first seven months of this year, China’s total goods trade import and export value reached 30.13 trillion yuan, up 17.3% year-on-year, maintaining a positive growth trend. Exports reached 17.44 trillion yuan, up 14%; imports reached 12.69 trillion yuan, up 22%. China’s integrated circuit exports in July reached $38.74 billion, with cumulative exports from January to July reaching $216 billion, up 99.5% year-on-year. China’s rare earth exports in July totaled 4,223.5 tons, with January-July exports totaling 34,706.3 tons, down 10% year-on-year. (Xinhua Finance)

- The People’s Bank of China released data showing that China’s gold reserves reached 76.08 million ounces at the end of July, up from 75.44 million ounces at the end of June. The PBoC has increased its gold holdings for the 21st consecutive month. (Xinhua Finance)

- The State Administration of Foreign Exchange (SAFE) released data on August 7 showing that as of the end of July 2026, China’s foreign exchange reserves stood at $3,418.8 billion, an increase of $2.5 billion from the end of June, representing a 0.07% increase. (Xinhua Finance)

- Recently, reports circulated that gains from insurance purchased by Chinese mainland tax residents in Hong Kong would be subject to taxation. On August 7, a spokesperson from the relevant department of the State Taxation Administration stated that under China’s individual income tax law, Chinese tax residents must fulfill tax obligations on global income, and overseas insurance gains are also within the scope of taxable income. This is not a new policy, nor is it specifically targeted at the Hong Kong insurance market, and should not be over-interpreted. (Xinhua News Agency)

- The Cyberspace Administration of China has consolidated and improved two previously publicly consulted draft regulations into the “Provisions on Personal Information Protection by Large-Scale Personal Information Processors (Draft for Comment)” and released it for public comment on August 7. The draft proposes that the identification of large-scale personal information processors should comprehensively consider: processing personal information of more than 10 million natural persons; providing important network services involving personal information processing, or business scopes covering multiple types of operations involving personal information processing; and personal information processing activities having significant impact on national security, economic operations, social stability, public health and safety. (Xinhua News Agency)

- In the first half of this year, the value-added of industrial SMEs above designated size grew 5.8% year-on-year, with operating revenue up 7.7%, the highest level for the same period since 2023, and total profits up 16.9%, the highest for the same period since 2022. (Xinhua Finance)

- The People’s Bank of China and Bank Negara Malaysia recently renewed their bilateral currency swap agreement, expanding the swap size from the original 180 billion RMB / 110 billion Malaysian ringgit to 220 billion RMB / 130 billion Malaysian ringgit, with a five-year term that can be extended upon mutual agreement. (Xinhua News Agency)

- On August 7, the Securities Association of China formulated and published the “Management Rules for Securities Company Bond Investment Advisory Business,” aimed at strengthening self-regulatory management of securities companies’ bond investment advisory business, standardizing business practices and service methods, and preventing conflicts of interest and operational risks. The new rules emphasize that securities companies should focus on concentration risk of recommended bond investment targets, and in principle should not issue investment recommendations that result in a single bond investment advisory account’s investment in the same bond (calculated at purchase cost) exceeding 25% of the account’s total assets. (Xinhua Finance)

- Eight photovoltaic polysilicon companies signed an “Initiative,” pledging to sell products at no less than full cost price, eliminating low-price dumping, and committing to self-examination and regulatory compliance. According to informed sources, Tongwei Shares, GCL Technology, Daqo New Energy, Xinte Energy, Asia Silicon, East Hope, Qinghai Lihao, and Gines have indeed signed the “Initiative” in Shanghai, jointly committing that all photovoltaic products will be sold at no less than full cost.