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April 28th - The China Council for the Promotion of International Trade (CCPIT) will hold its April routine press conference at 10:00 AM on Wednesday, April 29th, in the CCPIT Auditorium. This session will cover: preparations for the 4th China International Blockchain Expo; the upcoming 2026 Global Trade and Investment Promotion Summit (GTIS); progress on promoting Sino-US business cooperation; the outcomes of the second APEC Business Advisory Council (ABAC) meeting in 2026; and considerations for supporting the development of private enterprises and promoting high-quality development of e-commerce.On April 28th, the State Taxation Administration announced a tax evasion case. An investigation revealed that Bai Bing, a popular online influencer known for her restaurant reviews, evaded 9.1118 million yuan in personal income tax, value-added tax, and deed tax between 2021 and 2024 by changing the nature of her income and making false declarations. The State Taxation Administration ordered her to pay back the 18.9124 million yuan in taxes, late payment fees, and fines. All of the aforementioned amounts have now been recovered.Iranian Foreign Minister Araqchi: At a time of significant instability in the region, it is a pleasure to engage with Russia at the highest level. Recent developments have demonstrated the depth and strength of our strategic partnership. We appreciate this solidarity as bilateral relations continue to develop and welcome Russias support for our diplomatic efforts.On April 28th, the Changsha Municipal Housing Provident Fund Management Center issued two important documents: "Notice on Adjusting Housing Provident Fund Business Policies" and "Notice on Optimizing Housing Provident Fund Contribution and Use Policies for Flexible Employment Personnel." The new policies, effective May 1st, optimize and upgrade various aspects including loan limits, intergenerational assistance, medical expense withdrawals, and flexible employment contributions, further lowering the threshold for homeownership. The most attention-grabbing aspect of these new policies is the comprehensive increase in loan limits. For families purchasing newly built commercial housing, the maximum loan amount using provident fund loans is increased to 1.2 million yuan; for purchasing second-hand housing, the maximum loan amount is increased to 1 million yuan. Simultaneously, for families with two or more children purchasing their first or second owner-occupied home, the maximum loan amount can be increased by 30% from the current standard, with a maximum loan amount of 1.56 million yuan for new homes and 1.3 million yuan for second-hand homes. Furthermore, when citizens apply for provident fund loans to purchase newly built commercial housing, the number of housing units is determined solely by the number of units owned in the district/county (city) where the property is located.The China-South Korea semiconductor ETF rose by more than 5%.

As the BoJ ponders a YCC expansion, EUR/JPY continues to decline, falling below 142.60

Alina Haynes

Apr 06, 2023 11:52

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After plunging below 142.60 during the Asian trading session, the EUR/JPY pair's three-day losing trend was extended. Renewed rumors of an expansion of the Bank of Japan's (BoJ) Yield Curve Control (YCC) are exerting immense pressure on the cross.

 

The Japanese economy is experiencing gradual wage growth, and inflation is expected to respond to recent increases in crude oil prices. Analysts at Wells Fargo believe the BoJ will take advantage of a tactical opportunity to further modify its policy settings in the fourth quarter of 2022, and are inclined toward a meeting in October. They added that this timeframe is optimal for a smooth policy adjustment, as monetary easing from the Federal Reserve (Fed) and other major central banks should alleviate yield pressure.

 

In particular, the Bank of Japan (BoJ) will raise the target yield for 10-year Japanese government bonds (JGBs) from 0% to 0.25% and increase the tolerance interval surrounding this target to +/- 75 basis points.

 

Accelerating PMIs in the Eurozone provide support for the European Central Bank's sustained rate hikes. (ECB). S&P Global reported a Composite PMI of 53.7 on Wednesday, which was higher than the previous release of 52.0 but below expectations of 54.1, the highest level in the past ten months.

 

According to Reuters, S&P Global issued the following statement: "Manufacturing production increased slightly, but the service sector had the greatest impact on March's accelerated growth."

 

Wednesday, ECB policymaker Boris Vuji stated regarding interest rate forecasts, "The majority of the rate-hiking cycle has passed." He added, "We may require additional rate increases to address core inflation."

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