Foreign minister Retno Marsudi and state own enterprises minister Erick Thohir, met with SinovacBiotech Ltd., Sinopharm, CanSino Biologics Inc., and Chinese foreign minister, Wang Yi on August 19 - Photo by Foreign Ministry Office

JAKARTA (TheInsiderStories) – Foreign minister Retno Marsudi and state own enterprises minister Erick Thohir, met with SinovacBiotech Ltd., Sinopharm, CanSino Biologics Inc., and Chinese foreign minister, Wang Yi on August 19. On that occasion, they also witnessed the signing between PT Bio Farma and Sinovac regarding the cooperation in sending the bulk vaccine from Sanya to Indonesia.

The country has also dispatched a team to conduct phase 3 clinical trials for vaccine candidates from Sinopharm and Group 42 to the United Arab Emirates. Until yesterday, the positive cases of COVID-19 in Indonesia increased by 2,266 and bringing the total to 147,211 cases, the death toll reached 6,418 people with the number of suspected cases as many as 79,484 specimens examined reaching 28,824 specimens per day.

Globally, the positive case it has reached 22.83 million patients, with a death toll of 796,293 people and 15 million recovered patients. The largest increases in daily cases occurred in India and the United States, with 68,507 patients and 44,453 patients, respectively. India is the country with the largest COVID-19 cases, after the US and Brazil.

In Asia, China has plans to speak with United States (US) officials to review progress on their preliminary trade deal after relations have deteriorated recently. Previously, President Donald Trump threatened to cancel his second agreement plan because he was unhappy with the country’s role in the pandemic.

Recently, The US’ department of state has terminated the extradition treaty with Hong Kong. The move is the latest evidence of deteriorating US – China relations since Beijing enacted a national security law in Hong Kong.

From Europe, German Chancellor Angela Merkel asked European leaders to work together to avoid the lockdown due to the new wave of coronavirus. This was conveyed by her considering the continued lockdown could threaten the already depressed European economy.

Next week, Indonesian Rupiah and the Jakarta Composite Index (JCI) are expected to move in sideways after long holiday in this week. On Wednesday, the local exchange rate closed up 72 points to a level of 14,772 and the stock index closed down 0.42 percent at 5,272,810 compared to the previous day .

The analysts rated, the improvement of current account deficit (CAD) is a very crucial factor in dictating the rate of both instruments. Recently, Bank Indonesia reported the CAD stood at US$2.9 billion or equivalent to 1.2 percent of gross domestic product (GDP).

This figure improved from the previous quarter which reached 1.4 percent of GDP and was the smallest since the first quarter of 2017. While, the balance of payments was a surplus of US$9.2 billion in the second, the highest since the second quarter of 2011.

In addition, the central bank decision to maintain the seven-days reverse repo rate at 4 percent in August showed that the conditions of the global economic recovery amid the pandemic still unclear. Globally, the US’ jobless claims have unexpectedly increased over the past few weeks to 1.1 million and Federal Reserves views that the coronavirus crisis will weigh heavily on economic activity in the near future.

For Monday, they said, there are a possibility that Rupiah move in the range 14,720 – 14,820 against the Greenback. And the JCI its expecting between 5,200 – 5,300.

May you have a profitable day!

Written by Linda Silaen and TIS Intelligence Team. Please Read Our News to Get More information about Indonesia