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Real-time News
On July 24th, to facilitate the development of supporting regulations for the "Regulations on the Supervision and Management of Non-bank Payment Institutions" and to standardize the management of Category II stored-value account operations, the Peoples Bank of China has drafted the "Administrative Measures for Category II Stored-Value Account Operations." The "Regulations" and their implementing rules redefine payment business classifications, placing prepaid card issuance and acceptance under Category II stored-value account operations and outlining basic business requirements. As a supporting system to the "Regulations," the "Measures" clarify specific rules for Category II stored-value account operations, ensuring the thorough implementation of the "Regulations." With the development of prepaid card business, some new situations have emerged in the market, including both innovative practices that benefit the public and issues of irregularities and risks. Therefore, it is necessary to adapt and improve the regulatory system in light of the development trends and potential risks of prepaid card business, create a favorable policy environment, and promote the healthy and orderly development of the prepaid card industry.Next week will see a flurry of earnings reports from tech stocks, including Apple (AAPL.O), Meta Platforms (META.O), Amazon (AMZN.O), Microsoft (MSFT.O), Qualcomm (QCOM.O), and SK Hynix. On the economic data front, Chinas official July manufacturing PMI, the US June PCE and ADP employment figures, and the preliminary annualized quarterly GDP growth rate for the second quarter will all be released next week. Additionally, the Federal Reserve will announce its interest rate decision next week. Please stay tuned. For a complete earnings calendar, please visit the US-Hong Kong Telecom APP—Calendar. Click to view...A Bank of England survey released on Friday, July 24th, showed that British businesses expect to slightly raise prices and wages next year due to a temporary drop in energy prices during the ceasefire in the Iran-Iraq conflict. The survey indicated that businesses expect prices to rise by 3.9% over the next 12 months, down from the previous 4.1% (the highest level in over two years), but still higher than the 3.4% predicted in February before the war. Expectations for wage growth next year fell by 0.1 percentage point to 3.4%. This data is likely to be welcomed by the Bank of England, which is closely monitoring business pricing and wage growth. The Bank of England is expected to keep interest rates unchanged next week.The forward premium for the US dollar against the Indian rupee narrowed; the 1-year premium fell 4 basis points to 2.93%.On July 24, in order to further regulate the competitive order of the automotive industry and improve the consistency and quality and safety of automotive products, the Equipment Industry Department of the Ministry of Industry and Information Technology conducted a supervisory inspection of the product safety assurance capabilities and production consistency of road motor vehicle manufacturers at GAC Aion New Energy Automobile Co., Ltd. and Zhaoqing XPeng Motors Co., Ltd. The inspection focused on the companies ability to ensure the safety of intelligent connected vehicles, their design, development and production capabilities, and their production consistency assurance capabilities, as well as their adherence to production access conditions. Sample vehicles and power batteries were randomly selected on-site and sent to relevant institutions for testing and inspection to ensure compliance with national standards.
