January 21, Tuesday

High-Level Voices:
• U.S. President Trump has announced that he will revoke electric vehicle subsidies; he will initiate a comprehensive reform of the trade system; plans to replenish strategic (oil) reserves and export U.S. energy worldwide; will impose tariffs and taxes on foreign countries, and establish an external revenue service.

Overall Impression:
• The market's focus yesterday was on the U.S. President's inauguration, with Trump promising to quickly implement his campaign pledges, including imposing additional tariffs on external entities.
• There are rumors that Trump might visit China soon, but these reports come only from Chinese media, suggesting that this could be an effort by the Foreign Ministry.
• January's Loan Prime Rate (LPR) was announced: 1-year at 3.1% and over 5-year at 3.6%, remaining unchanged for three consecutive months, reflecting the official stance.