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On January 9th, the Ministry of Industry and Information Technology and four other departments issued a notice on the "Guidelines for the Construction and Application of Industrial Green Microgrids (2026-2030)". Industrial green microgrids mainly include facilities or systems such as renewable energy power generation, industrial waste energy utilization, clean and low-carbon hydrogen production and utilization, new energy storage applications, power conversion and flexible interconnection, and digital energy and carbon management. The proportion of newly built solar, wind, and other renewable energy power generation by industrial enterprises and industrial parks that is consumed locally each year should generally not be less than 60%. In areas where the electricity spot market is continuously operating, distributed photovoltaic power can be connected to the user-side grid through aggregation or through dedicated power lines with users, participating in the spot market using a self-consumption and surplus power grid connection model, with the grid-connected electricity accounting for no more than 20% of the total available power generation. The grid connection capacity and regulation capabilities of renewable energy power generation facilities will be continuously improved to achieve "observable, measurable, adjustable, and controllable" grid connection.Chinas December CPI annual rate will be released in ten minutes.The main platinum contract fell 2.00% during the day, currently trading at 581.20 yuan/gram.January 9 (KCNA) – North Korean leader Kim Jong Un replied to Russian President Vladimir Putin on January 8, stating that North Korea will unconditionally respect and support all of Putins policies and decisions, and is willing to stand with Putin and Russia forever. In his letter, Kim Jong Un said, "Our close cooperation will continue as always, in accordance with the spirit of the comprehensive strategic partnership between North Korea and Russia, and in line with the strategic interests of both countries and the aspirations and desires of both peoples, in all aspects."On January 9th, it was reported that from January 4th to 8th, Leung Chun-ying, Vice Chairman of the National Committee of the Chinese Peoples Political Consultative Conference (CPPCC), led a delegation of CPPCC members from Hong Kong to Hainan Province to conduct an inspection tour focusing on "Deepening Hainan-Hong Kong Cooperation and Contributing to the High-Standard Construction of the Hainan Free Trade Port." The delegation visited Haikou, Wenchang, Qionghai, Wanning, Lingshui, and Sanya, conducting in-depth investigations of port passenger hubs, border construction sites, high-tech industrial parks, duty-free commercial complexes, research institutes, cultural and museum venues, related enterprises, and rural areas. They examined the implementation of Hainan Free Trade Port construction policies, industrial development, institutional innovation, ecological protection, and rural revitalization. The delegation also visited the members workplaces to conduct learning and research activities and to participate in the "Serving the People" activities of the members. The delegation stated that Hainan and Hong Kong, both free trade ports and at the forefront of national opening-up, should contribute their respective strengths and serve the needs of the nation, continuing to drive cooperation. They should not only focus on traditional areas but also explore new areas of cooperation to jointly contribute to the nations comprehensive opening-up, integrate into the overall national high-quality development strategy, participate in national governance practices, and promote international cultural exchanges. Members of the CPPCC from Hong Kong should give full play to their “dual positive role”, pool their wisdom and strength for the construction of the Hainan Free Trade Port, and promote deeper and more practical cooperation between Hainan and Hong Kong in various fields.

GBP/JPY fluctuates below 158.00 before to UK economic data release

Alina Haynes

Jan 13, 2023 14:59

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During the Asian session, the GBP/JPY pair is behaving erratically below the key resistance level around 158.00. As investors anticipate the release of United Kingdom economic data for extra impetus, the cross displays a neutral appearance.

 

Following an announcement by the Bank of Japan (BoJ) that the central bank will evaluate the effects of a decade-long loose monetary policy stance on economic growth and inflation, GBP/JPY fell on Thursday.

 

After the central bank widened the range of 10-year Japan Government Bonds, concern of a shift in the BoJ's stance on the price index has increased (JGSs). In a policy statement, the BOJ explained that the purpose of the step was to "improve market functioning and promote a smoother evolution of the entire yield curve while maintaining accommodative financial conditions."

 

In the interim, Kristalina Georgieva, managing director of the International Monetary Fund (IMF), conveyed via Reuters early Friday morning in Asia that the BOJ should adopt a dovish position. The labor unions' demands for wage increases have not produced a meaningful shift. In other words, there is no driver of inflation.

 

Inflation, which continues relatively close to the bank's target of 2%, did not require a change to the central bank's debt yield curve management regime.

 

Investors are monitoring the publishing of economic figures in the United Kingdom. The consensus forecast for Industrial and Manufacturing Production (Nov) is a yearly decrease of between 3.0% and 4.8%. The United Kingdom's industrial activity has fallen steadily during the past four months. If a spate of deceleration diminishes inflationary expectations, the Bank of England's (BOE) officials will face fewer obstacles.


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