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On February 14, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, attended the Munich Security Conference and delivered a speech and answered questions at the "China Session." When asked about Chinas role in resolving regional conflicts, particularly the Ukraine issue, Wang Yi stated that Chinas position is clear: all regional hotspots should seek political solutions through dialogue and consultation, and the same applies to the Ukraine issue. However, China is not a party to the conflict, and the decision-making power is not in Chinas hands. What we can do is to promote peace talks. We have dispatched special envoys to mediate and, through various channels, emphasized to all parties that a ceasefire should be implemented as soon as possible, and that everyone should return to the negotiating table.On February 14, 2026, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, attended the Munich Security Conference, delivered a speech at the "China Session," and answered questions from the audience. Wang Yi emphasized that the erroneous remarks by Japanese leaders on the Taiwan issue exposed Japans undying ambition to invade and colonize Taiwan and the lingering specter of reviving militarism. Japan launched its invasion of China and attacked Pearl Harbor under the pretext of a so-called "crisis and existential crisis." The lessons of history are still fresh and must be heeded. If Japan does not repent, it will inevitably repeat the same mistakes. Good people should be vigilant. First and foremost, the Japanese people must be reminded not to be blinded and coerced by far-right forces and extremist ideologies again. All peace-loving countries should also warn Japan: if it chooses to go back to its old ways, it will only lead to its own destruction.Joint statement from the UK, Switzerland, France, Germany, and the Netherlands: We and our partners will use all policy tools at our disposal to continue to hold Russia accountable.Joint statement from the UK, Switzerland, France, Germany, and the Netherlands: We further express our concern that Russia has not destroyed all of its chemical weapons.The United Kingdom, Sweden, France, Germany, and the Netherlands issued a joint statement regarding the death of Alexei Navalny.

Sellers in GBP/USD reached 1.0800 in anticipation of BOE speakers and US GDP

Alina Haynes

Sep 29, 2022 14:30

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Following a two-day recovery from the record low, the pound to dollar exchange rate has accepted offers to re-establish the intraday low near 1.0800. The cable pair is currently consolidating its highest daily gains since the middle of June during Thursday's Asian session.

 

GBP/USD values have taken a hit as of late due to a combination of factors, including a rise in US Treasury bond yields and skepticism about the Bank of England's (BOE) ability to strengthen the British pound. There may be parallels between China's current pessimism and Europe's persistent energy crisis.

 

Vehicle manufacturing in the United Kingdom rose for the fourth consecutive month in August, according to a data from the Society of Motor Manufacturers and Traders (SMMT) distributed by Reuters. However, statistics show that a majority of SMMT members are worried about the future of their company.

 

The People's Bank of China (PBOC) is yet another central bank that protects the local currency, in this case the yuan, alongside the Bank of Japan (BOJ) and the Bank of England (BOE). To protect the yuan from a possible economic downturn brought on by covid-led lockdowns, the PBOC has recently intervened in the market multiple times, and is likely to do so again today.

 

A difficulty for GBP/USD traders is the UK government's refusal to replace UK Chancellor Kwasi Kwarteng and its maintenance of his heavily criticized budget proposal.

 

To protect the value of the pound, the Bank of England (BOE) announced a bond-buying program on Wednesday (GBP). According to the provided information, the BOE will first purchase bonds with maturities of over 20 years and up to 5 billion pounds per auction. However, the BOE has said that it will begin purchasing on September 28, meaning that the predefined procedure for selling bonds has been postponed until October 31. Even though the Bank of England had planned to spend $5 billion on its emergency QE program, it later revealed that it had been able to spend only £1.02 billion.

 

The U.S. trade deficit with the rest of the world fell from $90.2 billion in July to $87.3 billion in August, a decline of $2.9 billion. The data shows that March marks the first monthly drop in exports since January, while March also marks the fifth consecutive month of falling imports. According to Reuters, Atlanta Fed president Raphael Bostic said on Wednesday that a rate hike of 75 basis points (bps) in November and a rate hike of 50 bps in December constitute the current baseline assumption. Charles Evans, president of the Federal Reserve Bank of Chicago, has emphasized the importance of addressing inflation and has tried to resume dollar purchases, but has been unable to do so because of falling yields.

 

The final readings of the US GDP for the second quarter, which are expected to confirm a -0.6% annualized figure, and several speakers from the BOE are forthcoming. To that end, if the US data provides strong results and BOE policymakers delay to convince investors, the GBP/USD could fall even more.


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