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Chinas trade balance in May was 723.98 billion yuan, compared with 585.69 billion yuan in the previous month.June 9th - Starting in June, electronic savings bonds have been officially included in the scope of personal pension products. This means that citizens who have joined the personal pension system can directly purchase electronic savings bonds through their accounts. According to the issuance schedule, the latest issue of savings bonds will be available for purchase on June 10th. Currently, many banks have added bond purchase portals to their mobile apps personal pension sections. Alternatively, citizens can also visit a bank branch with their bank card and ID to apply for personal pension savings bonds.The China Earthquake Networks Center officially reported that a magnitude 3.6 earthquake struck Wensu County, Aksu Prefecture, Xinjiang, at 10:17 AM on June 9th, with a focal depth of 12 kilometers.On June 9th, the General Office of the Hainan Provincial Peoples Government issued the "Hainan Provinces 15th Five-Year Plan for High-Tech Industry Development," which mentions that, with serving the "Aerospace Power" strategy as its core, the province will fully promote the construction of Hainans commercial space launch site, forming a complete industrial cluster covering commercial launch, rocket and satellite manufacturing, and satellite applications, creating a rocket chain, satellite chain, data chain, and "aerospace+" industrial system. By 2030, the revenue of the commercial aerospace industry is expected to reach 50 billion yuan.The Hang Seng Index turned positive, with stocks related to chips, PCBs, leading tech companies, and cloud computing performing strongly.

Despite the 5.9% decrease in Australian GDP, the AUD/JPY crosses 91.70

Daniel Rogers

Dec 07, 2022 14:59

The AUD/JPY pair has surpassed the crucial barrier level of 91.70 despite a weaker-than-anticipated Australian Gross Domestic Product (GDP). The annual GDP results were 5.9% instead of the expected 6.3% and the previously reported 3.6%. While quarterly GDP data was reported at 0.6% rather than the 0.7% forecast and 0.9% that had previously been made public.

 

Weaker-than-anticipated Australian GDP numbers will help the Reserve Bank of Australia (RBA) achieve its goal of establishing price stability. After the RBA increased its Official Cash Rate (OCR) by 25 basis points for the third consecutive day on Tuesday, the cross remained extremely volatile (bps). Australia's interest rates are now 3.10 percent as a result of this. The 25 basis point hike in interest rates was decided upon in accordance with forecasts.

 

RBA Governor Philip Lowe thinks that further tightening of monetary policy is imminent in terms of interest rate guidance. The RBA is not in a rush to stop raising interest rates because the current inflation rate of 6.9% is significantly higher than the target rate of 2%, and additional policy tightening cannot be ruled out.

 

Investors will pay special attention this week when the Consumer Price Index (CPI) numbers for China are released on Friday. The annual CPI is predicted to drop significantly from the previous reading of 2.1% to 1.0%. The People's Bank of China (PBOC) might be forced to further ease monetary policy as a result of this. As China's largest trading partner, Australia will benefit from China's monetary easing by strengthening the Australian Dollar.

 

Investors in the Japanese yen are waiting for the GDP report on Thursday. Compared to the earlier contraction of 1.2%, it is predicted that the economic data will fall by 1.1%. Although the quarterly data is anticipated to decrease by 0.3%, similar to the previous release, it is more likely to decrease by 0.2%.


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