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On April 19th, it was reported that on April 18th, the largest urban redevelopment project in Shenzhen—the Hewan North Area Renovation Project (Nanhua Village Urban Redevelopment) in Futian District—was completed, with 2,763 households successfully relocating. The project, undertaken by China Construction Third Engineering Bureau South China Company, is a key livelihood project in Futian District and one of the first government-led urban redevelopment projects implemented under Shenzhens new urban redevelopment policy. The project covers a total land area of approximately 63,000 square meters and a total construction area of approximately 490,000 square meters, planned to include 13 high-rise residential buildings and one kindergarten. Nanhua Village, originally built in 1984, was a large-scale residential community built by the Shenzhen government in its early days. After years of development, the original living environment and supporting facilities could no longer meet the needs of modern residents.On April 19, Russian Deputy Foreign Minister Alexander Grushko stated that Moscow has repeatedly called on Ankara to urge Turkey to compel Kyiv to provide assurances that it will refrain from attacking the infrastructure of the TurkStream and Blue Stream gas pipelines.On April 19th, multiple sources disclosed that Esmail Qaani, commander of the Quds Force of Irans Islamic Revolutionary Guard Corps, visited Baghdad, the Iraqi capital, that day. This is Qaanis first overseas trip since Iran and the United States announced a temporary ceasefire earlier this month. Iraqi officials and sources said that Qaanis visit will involve discussions with various Iraqi parties on how to de-escalate the regional conflict and its impact on Iraq. Qaani will meet with Iraqi political leaders and leaders of armed factions to try to coordinate positions among pro-Iranian factions in Iraq and ensure that the security situation in Iraq and the entire region does not deteriorate further during this "sensitive period." Sources indicated that Qaanis visit may also involve efforts to resolve the political deadlock in Iraq caused by the nomination of a new prime minister.Hong Kong Financial Secretary Paul Chan Mo-po announced today (April 19) that the Office for Attracting Key Enterprises will announce a new batch (the sixth batch) of key enterprises tomorrow. The list includes several companies with market capitalizations exceeding HK$100 billion, covering cutting-edge fields such as life sciences and healthcare, low-altitude economy, artificial intelligence, new energy materials, cross-border financial infrastructure, and fintech. Chan noted that the Office has previously successfully attracted over 100 key enterprises, focusing on life sciences and healthcare, artificial intelligence and data science, fintech, advanced manufacturing and new energy technologies, and cultural and creative industries. These enterprises originate from various regions including Mainland China and Europe and the United States, fully demonstrating Hong Kongs superior business and innovation environment, as well as its attractiveness as a platform connecting Mainland China and the international community.On April 19th, under the unified coordination of the State Administration for Market Regulation, market supervision and public security departments of Shanxi and Sichuan provinces jointly cracked a major criminal network involved in the production and sale of trademark infringement and counterfeit liquor. The operation uncovered seven locations in Lüliang and Taiyuan cities, Shanxi Province, for the production, concealment, packaging, trademark printing, and mailing of illegal products, as well as one online live-streaming sales point. Nearly 20,000 cases of suspected counterfeit liquor, over 700,000 counterfeit packaging materials, 14 pieces of counterfeit manufacturing equipment, and 41 large storage tanks were seized. As of now, the amount involved has been determined to be 260 million yuan. The public security organs have summoned 22 people, taken coercive measures against 11, and transferred 2 for prosecution.

NZD/USD finds support near 0.6220; a decline appears more probable due to China's Covid concerns

Alina Haynes

Nov 28, 2022 15:04

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China's anti-Covid shutdown protests have weakened commodity-linked currencies, resulting in a gap-down start of roughly 0.6220 for the NZD/USD pair. During the previous week, the New Zealand dollar dropped after failing to surpass the round-level barrier of 0.6300.

Individuals have taken to the streets in China to demonstrate their opposition against the zero-tolerance policy, leading to a rise in civil unrest. Due to Chinese leader Xi Jinping's conservative posture and authoritarian framework, global markets have become more risk-averse. This has created an economic expansion risk and may worsen the already shaky housing market. Increasing apprehensions about societal risks may also result in political instability, which may have long-lasting detrimental effects on economic structure.

Notably, New Zealand is one of China's most important trading partners, and instability in China could damage the New Zealand Dollar.

In the meantime, the US Dollar Index (DXY) is profiting from investors' liquidity as the demand for safe-haven assets surges. The USD Index is hovering around 106.20 and attempting to reduce volatility as China's anti-locking protests restrict the upside and predictions of a slowdown in the Federal Reserve's larger rate hike cycle limit the downside (Fed).

S&P500 futures are under heavy pressure from market players due to a risk-averse market mentality. In anticipation of Fed chief Jerome Powell's address on Wednesday, yields on 10-year US Treasuries have decreased to approximately 3.68 percent. The Fed Chair's speech could dispel suspicions about a pause to the Fed's current rate-hiking program.