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July 3 – On July 2, local time, Minister of Commerce Wang Wentao chaired a roundtable meeting of Chinese-funded enterprises in the UK in London. Representatives from more than ten Chinese-funded enterprises in the UK, representing sectors such as finance, insurance, new energy, automobiles, retail, and telecommunications, along with the China Chamber of Commerce in the UK, attended the meeting. They introduced their business operations in the UK and raised specific requests regarding safeguarding their overseas interests and expanding practical cooperation. Wang Wentao stated that in recent years, Sino-British economic and trade relations have deepened, becoming a ballast and driving force for Sino-British relations. Facing the ever-changing international situation, Chinese-funded enterprises in the UK have withstood pressure, cultivated the UK market, and achieved good economic results, making positive contributions to Sino-British economic and trade cooperation. Looking to the future, enterprises from both countries can continue to deepen cooperation in areas such as services, innovation, and trilateral cooperation. He hoped that Chinese-funded enterprises in the UK would strengthen self-discipline, compete in an orderly manner, maintain the overall image of Chinese enterprises, and improve their international business level, risk prevention awareness, and capabilities.On July 3rd, Citigroup stated that it expects aluminum prices to bottom out within the next month, subsequently gradually recovering to the $3,300-$3,500 per tonne range between September and December. The bank believes this assessment is based on multiple factors, including a dovish stance from the Federal Reserve, declining real interest rates, improved demand prospects, and continued low inventory levels based on consumption days. Meanwhile, the recent decline in aluminum prices mainly reflects weaker-than-expected demand, a slowdown in visible inventory reduction, easing geopolitical risks, concentrated unwinding of speculative and physical positions, and rising market expectations of increased future supply. Over the past month, aluminum prices have fallen by about 20% from approximately $4,450 per tonne, shaking a more than year-long upward trend. However, Citigroup believes that shorting aluminum prices is not advisable at present, as the market was already in a supply deficit before the recent shock, and new supply is unlikely to quickly compensate for increased demand. The bank also pointed out that market concerns about a rapid return of Middle Eastern supply may be exaggerated.The Investment Company Institute (ICI) reports that U.S. money market fund assets have reached a record $7.95 trillion.British Prime Minister candidate Burnham: I believe that defense spending plans are something the country must take seriously.British Prime Minister candidate Burnham: I will take full responsibility and fully implement the defense spending plan.

AUD/JPY Exceeds 90.30 As RBA Considers Option To Raise Rates Prior To Pause

Daniel Rogers

Apr 18, 2023 14:02

AUD:JPY.png 

 

Following the release of the minutes from the Reserve Bank of Australia (RBA), the AUD/JPY pair surged above the 90.30-point critical resistance level. According to the RBA minutes, policymakers actively considered the decision to raise rates further. However, the decision to maintain the status quo was made after the collection of additional data.

 

Citing the resilience of Australia's financial system, RBA policymakers believed that the Board's future cash rate decisions would depend on the global economy, household spending trends, inflation projections, and employment forecasts.

 

Continue to monitor China's Gross Domestic Product (GDP) statistics. Compared to its stagnant performance in the final quarter of CY2022, the Chinese economy is estimated to have grown by 2.2%. Compared to the previous annual growth rate of 2.9%, the current annual growth rate for the economy is 4.0%. Australia is China's greatest trading partner, and stronger Chinese GDP data would strengthen the Australian Dollar.

 

The announcement of the People's Bank of China (PBOC) interest rate decision later this week will be crucial. Last week, the People's Bank of China pledged to provide additional monetary support to spur retail demand. Despite the reopening of China's economy following a period of economic restraint, the country's inflation rate has been consistently declining over the past few months.

 

According to Jiji news and Reuters, the Bank of Japan is reportedly considering a projection for consumer price growth between 1.6% and 1.9% for the 2025 fiscal year, a move seen as preventing market participants from betting on the central bank's departure from stimulus. This has also delayed the possibility of a shift away from an expansionary monetary policy, which cannot be considered until the Japanese inflation rate persists above 2%.


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