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On June 28th, according to the official WeChat account of Jiangsu News, Jiangsu Province has launched a series of precise and effective policy measures to stabilize the real estate market and further support urban renewal initiatives. At a Jiangsu Provincial Real Estate Investment Briefing held on the afternoon of June 26th, relevant departments explained the relevant policies recently issued by the provincial government to over 110 real estate entrepreneurs. This ever-expanding policy toolbox is rapidly translating into tangible benefits for urban renewal and the real estate market. Regarding policies to stabilize the real estate market, specific measures are proposed from three dimensions: land supply, development and construction, and property sales, within the framework of the "four ones" policy. At the meeting, all 13 prefecture-level cities in the province launched a batch of small, quick, and flexible high-quality land parcels, high-quality existing land parcels held by local state-owned enterprises, and key urban renewal projects.On June 28, Hong Kong Financial Secretary Paul Chan Mo-po published a blog post stating that Hong Kong is not only an important channel for attracting investment, but also a "key link" for mainland enterprises and products to go global, and a "converter" of standards and rules between technological innovation and the international market. Chan stated that under the national "dual circulation" development strategy, Hong Kongs international advantages can effectively assist mainland enterprises in connecting with the global market. The mainlands outstanding scientific and technological innovation capabilities can be efficiently linked with Hong Kongs international advantages, helping enterprises transform R&D results into overseas orders. At the same time, Hong Kong can introduce long-term international funding for hard-tech companies that require "patient capital," achieving "small-scale, early-stage, and long-term investment," supporting the growth of promising technology companies and emerging and future industries. Furthermore, Hong Kongs developing northern metropolitan area highly aligns with the strong entrepreneurial atmosphere of places like Xian, forming a positive cycle of mutual empowerment among education, technology, talent, and industry.Saudi Foreign Ministry: We strongly condemn Irans attacks on Kuwait and Bahrain and the threats to the safety and freedom of navigation in the Strait of Hormuz.Russian Ministry of Defense: In the past 24 hours, we have shot down 590 Ukrainian drones.Iranian Foreign Minister Araqchi: Israels withdrawal of troops from Lebanon and cessation of airstrikes against Lebanon are provisions of the interim agreement between Iran and the United States.

GBP/JPY crosses 164.00 as the chance of a BOJ cautious policy grows

Alina Haynes

Jun 17, 2022 12:05

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The GBP/JPY pair has swiftly eclipsed its two-day high and the critical resistance level of 164.00 as the chance of an ultra-loose monetary policy by the Bank of Japan grows (BOJ) (BOJ). A contrast in monetary policy between the Bank of England (BOE) and the Bank of Japan (BOJ) has boosted the pound bulls versus the Japanese yen.

 

Thursday's monetary policy meeting resulted in a 25 basis point (bps) increase in the Bank of England's interest rates. The interest rates are officially risen to 1.25 percent. BOE Governor Andrew Bailey and his colleagues made a conclusion that was consistent with market participants' expectations. In view of inflationary pressures in the UK economy, a 50-bps rate hike should have been enacted, but the BOE's failure to completely tighten monetary policy is a result of lower growth forecasts.

 

The UK Consumer Price Index (CPI) has surged past 9 percent on an annual basis, and growing price pressures are aggressively eating into the wages of individuals. Therefore, the BOE is essential to restore lower inflation levels as rapidly as feasible.

 

Returning to the Tokyo front, the BOJ will continue to infuse helicopter money into the economy since their inflation rate of 2.5 percent per annum is severely polluted by rising oil prices. The BOJ is projected to retain its present posture notwithstanding the continuing of growing price pressures.


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