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On May 30th, the State Administration for Market Regulation announced that, in order to adapt to the needs of combating and rectifying pyramid schemes under the new circumstances, protect the legitimate rights and interests of natural persons, legal persons, and unincorporated organizations, and maintain market order and social stability, it has organized the revision of the "Regulations on Prohibiting Pyramid Schemes," resulting in the "Draft Regulations on Prohibiting Pyramid Schemes (Revised Draft for Public Comment)," which is now open for public comment. The public comment period is from May 29th to June 28th, 2026. The draft revisions focus on the following aspects: adding specific content on combating online pyramid schemes; strengthening the working mechanisms and measures for preventing and combating pyramid schemes; and increasing the legal liabilities for pyramid schemes.On May 30, at the invitation of Valentina Matviyenko, Chairwoman of the Federation Council of Russia, and Volodin, Chairman of the State Duma, Zhao Leji, Chairman of the Standing Committee of the National Peoples Congress, paid an official friendly visit to Russia from May 27 to 30. In Moscow, he held separate talks with Matviyenko and Volodin and attended the 11th meeting of the China-Russia Parliamentary Cooperation Committee. Zhao Leji stated that the exchange mechanism between the legislative bodies of China and Russia is increasingly完善 (perfected/improved), playing an important role in optimizing the legal environment for bilateral cooperation and consolidating the public opinion foundation of bilateral relations. Both sides should, based on the functions and responsibilities of their legislative bodies, maintain the good momentum of multi-level and multi-field exchanges, enhance mutual understanding and trust, strengthen exchanges and mutual learning, and better serve the development of the China-Russia comprehensive strategic partnership of coordination for a new era. Exchanges of legislative experience should be conducted in areas such as national security, ecological and environmental protection, artificial intelligence, and foreign-related legal affairs.According to AXIOS, the first Windows PCs equipped with NVIDIA (NVDA.O) chips will be unveiled next week.On May 30th, Xiaomi officially unveiled its end-to-end optimization solution for the inference system of the MiMo-V2.5 series models. According to Xiaomi, the team systematically reconstructed the entire inference stack, from KVCache management, hierarchical caching, and prefix caching to scheduling strategies and the Prefill/Decode link, based on a hybrid architecture of Hybrid SWA+MoE+multimodal. KVCache storage was compressed to approximately 1/7 of comparable solutions, significantly reducing inference costs in long-sequence scenarios—this is the core technological foundation for this price reduction. On May 27th, the MiMo-V2.5 series API underwent a permanent price reduction, with a maximum reduction of 99%, regardless of input length.On May 30, the nations first green computing power full-stack AI platform was officially launched in the Hohhot Area of the Inner Mongolia Pilot Free Trade Zone, filling the gap in the regions one-stop computing power model word element comprehensive service transaction.

US Dollar Index Follows Yields Higher To Reclaim Monthly High Prior To Powell's Speech

Daniel Rogers

Feb 07, 2023 15:55

 US Dollar Index.png

 

The US Dollar Index (DXY) surges to 103.60 as buyers flex their muscles ahead of an important speech by Federal Reserve (Fed) Chairman Jerome Powell. By tracking positive US Treasury bond yields and hawkish Fed worries, the dollar's signal versus the six major currencies keeps DXY bulls happy.

 

However, statements by US Treasury Secretary Janet Yellen and Vice President Joe Biden help DXY bulls by delaying recession fears and bolstering hawkish wagers on the Fed's impending actions. In their respective remarks, both policymakers, however, minimized the probability of a U.S. recession. In response to favorable US data, traders increased their hawkish wagers on the Fed, which contributed to the dollar's strength.

 

Notably, last week's upbeat US employment, wage, and activity figures reignited optimism that the Federal Reserve still has work to do before it can welcome rate hawks and policy doves.

 

Recent discussions regarding Sino-American relations, especially after the United States shot down a Chinese balloon and postponed a diplomatic visit to Beijing, provided additional support for the DXY bulls the day before, along with fading recession fears and a buoyant US data-driven hawkish Fed bias. Recent comments by US Vice President Joe Biden appear reassuring, as he noted, "The balloon incident does not impair US-China relations."

 

Wall Street ended in the red as 10-year US Treasury bond yields extended Friday's rally, allowing the DXY to climb for a third consecutive day.

 

Aside from Fed Chair Jerome Powell's speech and US Vice President Joe Biden's State of the Union (SOTU) address, the US Dollar Index may move sideways in the near future. If Powell chooses to laud recent economic advances in the United States and reiterates his hawkish stance on monetary policy, the DXY might extend its gains.