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On January 21, the State Council Information Office held a press conference to introduce the achievements of industrial and information technology development by 2025. Tao Qing, Director of the Bureau of Operation Monitoring and Coordination of the Ministry of Industry and Information Technology, stated that since the beginning of the 14th Five-Year Plan, breakthroughs have been achieved in a number of key materials. High-performance carbon fiber composite materials have been used for the first time globally in the main load-bearing structures of commercially operated subway trains, achieving an 11% weight reduction for the entire vehicle. Going forward, the Ministry of Industry and Information Technology will focus on meeting the practical needs of key application areas, aiming to lead industrial development through material innovation. The development direction will be advanced basic materials, key strategic materials, cutting-edge new materials, and artificial intelligence + materials. The entire chain of advanced materials will be promoted through collaborative innovation, strengthening policy coordination, financial support, talent supply, and factor guarantees to create a favorable ecosystem for the research and application of new materials and comprehensively enhance the innovation capabilities and development efficiency of the new materials industry.On January 21st, the overnight SHIBOR was 1.3220%, down 5.20 basis points; the 7-day SHIBOR was 1.4880%, up 0.50 basis points; the 14-day SHIBOR was 1.5970%, up 1.50 basis points; the 1-month SHIBOR was 1.5590%, down 0.10 basis points; and the 3-month SHIBOR was 1.6000%, unchanged from the previous trading day.January 21 – The State Council Taiwan Affairs Office held a regular press conference on January 21. A reporter asked: Regarding the recent statement by Su Jia-chyuan, Chairman of the Straits Exchange Foundation (SEF), that his primary goal upon taking office is to restore healthy exchanges between the two cross-strait organizations, this is absolutely a very good thing for the people on both sides of the strait. What is the spokespersons comment on this? Spokesperson Peng Qing-en stated that the "1992 Consensus" is the political foundation for the development of cross-strait relations and the cornerstone of peace and stability in the Taiwan Strait. Only by acknowledging the "1992 Consensus," which embodies the one-China principle, can the two cross-strait organizations restart dialogue and consultation mechanisms, and only then can cross-strait relations return to the correct track of peaceful development.On January 21, the State Council Information Office held a press conference. Officials stated that basic telecommunications companies have renewed over 250 million phone numbers before their official release and unbound over 1 billion internet applications. A "Proactive Renewal" service portal has been launched on their official apps and mini-programs, supporting the unbinding of historical links from 239 commonly used internet applications, processing over 360 million unbinding requests from more than 5.8 million users. The next step will be to expand the coverage of "secondary number renewal" and promote its integration with more internet applications closely related to peoples livelihoods.On January 21, at 10:00 AM, the State Council Information Office held a press conference, inviting Zhang Yunming, Vice Minister of Industry and Information Technology, to introduce the achievements of industrial and information technology development in 2025 and the next steps. He stated that the next step will be to focus on technological innovation, accelerating breakthroughs in key technologies such as training chips and heterogeneous computing power. The focus will also be on integrated applications, targeting industries such as software programming, new materials research and development, pharmaceutical research and development, and information and communication, systematically promoting breakthroughs in both large and small models and intelligent agents.

NZD/USD falls rapidly from 0.6260 when the RBNZ announces a decline in inflation projections to 3.07 percent

Daniel Rogers

Aug 08, 2022 12:00

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The NZD/USD pair has encountered selling pressure while attempting to surpass the immediate resistance level of 0.6260. The asset has seen bids after the Reserve Bank of New Zealand (RBNZ) announced inflation estimates at 3.07 percent, down from 3.29 percent previously. It could be an indication of waning price pressure, but additional evidence is still needed to support the argument.

 

Price pressures in the New Zealand economy are increasing and have not yet shown signs of weariness. A June report indicates that an inflation rate of 7.3% is adequate to generate headwinds for families. The RBNZ is consistently escalating its policy tightening measures to combat the same. RBNZ Governor Adrian Orr has already increased the Official Cash Rate by 2.50 percentage points.

 

On the front of the US dollar, the US dollar index (DXY) has returned all intraday gains and is currently trading near the day's open at 106.60. While attempting to break over the crucial resistance level of 106.80, the DXY has encountered selling pressure. This week, investors' attention is centered on Wednesday's release of the US Consumer Price Index (CPI).

 

The annual inflation rate is projected to continue at 8.7 percent, down from 9.1 percent in the previous report. Oil prices have been on a downward trend in July, which may be the determining factor for a significant decline in the price increase index. While the US CPI excluding volatile food and oil prices may increase from 5.9 percent to 6.1 percent, the previous reading was 5.9 percent.