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On April 28th, it was reported that on April 24th, the National Development and Reform Commission (NDRC) and the Peoples Bank of China (PBOC) convened an inter-ministerial joint meeting and work deployment meeting on the construction of the social credit system. Officials from 48 member units of the inter-ministerial joint meeting attended the meeting. Li Chunlin, Vice Chairman of the NDRC, and Zou Lan, Vice Governor of the PBOC, attended and addressed the meeting. The meeting emphasized strengthening government integrity, accelerating the process of credit legislation, promoting the construction of a high-level credit economy, improving the level of public credit evaluation, perfecting the incentive mechanism for trustworthy behavior, deepening credit information sharing, and pushing the construction of the social credit system to a new level.The main fuel oil contract surged 4.00% intraday, currently trading at 4269.00 yuan/ton.On April 28th, the "Outline of the 15th Five-Year Plan for National Economic and Social Development of Guangdong Province" was officially released. It mentions the development of core intelligent industries. Focusing on basic software such as intelligent operating systems and development frameworks, and key core technologies such as high-end training and inference chips and edge computing chips, the plan aims to cultivate competitive software and hardware products and digital industry clusters. It promotes the research and development and industrialization of industrial robots, service robots, special robots, and general-purpose intelligent high-end products. It accelerates the development of intelligent connected vehicles, constructs intelligent connected vehicle testing zones and vehicle-road cooperative facilities. It expands the market for consumer-grade intelligent products, improves the performance of public service-grade intelligent products, innovates categories of industry-application intelligent products, develops high-end intelligent terminal products, and cultivates intelligent terminal and equipment industry clusters. It strengthens the integration and collaboration of "big brain" and "small brain" technologies, promotes intelligent agent collaboration and large-scale application, and drives comprehensive reconstruction with AI native drivers. It establishes a dual-pole framework of an innovation center in the field of intelligent agents and an innovation center in the field of intelligent terminals to support the creation of the Guangdong Provincial Artificial Intelligence Innovation Center.On April 28th, the "Outline of the 15th Five-Year Plan for National Economic and Social Development of Guangdong Province" was officially released. It mentions enhancing the fundamental capabilities of large-scale models. This includes supporting multi-path technology exploration, algorithm optimization, and model infrastructure innovation, strengthening collaborative innovation across "model, chip, cloud, and application." It also calls for the coordinated development of large-scale model training and inference facilities, building a Guangdong-characteristic embodied intelligence training ground system. Furthermore, it aims to create high-level general-purpose large-scale models, develop trillion-parameter models, and construct multimodal and world models. The plan emphasizes developing vertical large-scale models in advantageous fields, focusing on areas such as financial services, peoples livelihood, and governance, cultivating vertical models adapted to complex scenarios and integrating multimodal data. It also calls for developing small-scale models for specific scenarios, targeting scenarios such as technology and healthcare, and launching lightweight and secure scenario-level model products such as intelligent agents and MaaS. Finally, it encourages exploring new forms of model applications, improving the ability to handle complex tasks, optimizing interactive experiences, and promoting technological innovation in multimodal, intelligent agent, embodied intelligence, and swarm intelligence. Finally, it establishes and improves model capability assessment and security assessment systems to promote effective iterative improvement of model capabilities.The Hang Seng Tech Index fell more than 1% during the session, with sectors such as Apple concept stocks, brain-computer interfaces, commercial aerospace, and power equipment leading the decline.

As risk aversion grows as measured by the DXY and as attention turns to the US NFP, USD/CHF goes closer to 0.9600

Alina Haynes

Aug 03, 2022 14:51

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In reaction to the dismal market environment, the US dollar index (DXY) has gained, and the USD/CHF pair is swiftly approaching the key level of 0.9600. After defending Monday's low around 0.9480, the pair had a greater reverse on Tuesday, as the risk-aversion theme strengthened the attraction of the DXY.

 

Following US House Speaker Nancy Pelosi's travel to Taiwan to support Taiwan's local government despite China's wishes, tensions between the US and China have increased. In reaction to the death threats made against Pelosi during her private travel to Taiwan, the US is anticipated to adopt sanctions against China, which encouraged the gloomy market sentiment.

 

In the meanwhile, the DXY has achieved a three-day high of 106.55, although the gain may wane ahead of Friday's US Nonfarm Payrolls (NFP) data. According to market expectations, the U.S. economy added 250,000 jobs to the labor force in July.

 

During a brief period, a number of significant IT companies in the United States abandoned the hiring process, resulting in payroll statistics that multiplied. If the same thing occurs, the Federal Reserve (Fed) will be compelled to speak less about policy rates.

 

On the Swiss franc front, investors anticipate the release of the Consumer Price Index (CPI) numbers. An early estimate of the annual inflation rate places it at 3.5%, little higher than the prior estimate of 3.4%. As a result, the Swiss National Bank (SNB) will be compelled to boost interest rates.