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March 22nd - A new round of refined oil price adjustments will take place in China at midnight on March 23rd. According to Longzhong Information, the expected increase is around 2000 yuan/ton. For a 70-liter fuel tank, filling up a car will cost approximately 106 yuan more. For a 50-liter tank, the increase is expected to be around 75 yuan more. This will mark the fifth consecutive price increase this year, potentially the largest increase this year. However, the final adjustment amount will depend on the official data released by the National Development and Reform Commission that evening.On March 22, Hong Kong Financial Secretary Paul Chan Mo-po stated that during his recent visit to Beijing, he met with several central government ministries and financial regulatory agencies. They engaged in in-depth discussions on the macroeconomic situation, the current state and development of the financial market, and how Hong Kong can better play its role in the new phase of the nations 15th Five-Year Plan. Chan and his delegation deeply appreciated the concern, understanding, and support shown by the various ministries and agencies for Hong Kongs situation. They also realized the need for a more accurate understanding of the nations development direction, key areas, and strategies in order for Hong Kong to accelerate its integration into and serve the overall national development strategy, and to maximize its own advantages.On March 22, Premier Li Qiang attended the opening ceremony of the China Development Forum Annual Meeting 2026 in Beijing and delivered a keynote speech. Li Qiang stated that Chinas competitive advantages in related industries are not achieved through subsidies or protection, but rather stem from persistent efforts to deepen reforms and promote innovation-driven development. Most importantly, it comes from the hard work and dedication of the Chinese people and enterprises. While we oppose disorderly and irrational cutthroat competition, under market economy conditions, healthy competition can unleash greater development momentum. China will continue to strive to maintain a fair and competitive market order and is willing to strengthen communication and cooperation with all parties to jointly promote the stability and security of global supply chains.On March 22, Premier Li Qiang attended the opening ceremony of the China Development Forum Annual Meeting 2026 in Beijing and delivered a keynote speech. Li Qiang stated that protectionism is not a panacea for problems. We should uphold the spirit of openness and pioneering, expand free trade, and actively promote innovation. Chinas imports and exports are conducted within a rules-based framework of fair trade. China will unswervingly promote high-level opening-up, import more high-quality foreign goods, and work with all parties to promote the optimized and balanced development of trade, jointly expanding the global economic and trade pie.On March 22, Pan Gongsheng, Governor of the Peoples Bank of China, stated at the China Development Forum 2026 that the bank will continue to implement a moderately loose monetary policy. The bank will comprehensively utilize various monetary policy tools, including the reserve requirement ratio, policy interest rates, and open market operations, to maintain ample liquidity.

EUR/GBP is anticipated to decline below 0.8730 as BoE-ECB policy divergence widens

Daniel Rogers

Mar 21, 2023 14:09

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The EUR/GBP pair fluctuates erratically within a 0.8730-point range during the Asian session. The cross aims to fall below the aforementioned support as the market anticipates higher rates from the Bank of England (BoE) despite credible indicators of banking turmoil.

 

The failure of three midsize United States commercial banks and the 164-year-old Credit Suisse has jolted the confidence of market participants. Two schools of thought have perplexed investors, with one believing that central banks could maintain a constant approach to interest rates despite the possibility of significant repercussions from the banking shakeup. Others believe that inflation is extremely persistent, especially in the United Kingdom region, and must be brought under control as soon as possible.

 

In order to maintain pressure on UK inflation, the market expects BoE Governor Andrew Bailey to announce a 25 basis point (bps) reduction in interest rates. This would result in 4.25 percent interest rates.

 

Prior to the Bank of England's interest rate decision, inflation data for the United Kingdom will be diligently monitored. The annual headline CPI is expected to decline from 10.1% to 9.8%, according to projections. At 5.8%, the core CPI, which excludes the cost of fuels and food, would not change.

 

Christine Lagarde's remarks on inflation projections and earnings bolstered expectations for the European Central Bank's (ECB) sustained rate hikes in the Eurozone. ECB According to Reuters, Lagarde stated that it is anticipated that inflation will remain excessively elevated for too long. She added that as a consequence of robust labor markets, wage pressures have increased and workers are endeavoring to regain some of their purchasing power.

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