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On May 30th, the State Administration for Market Regulation announced that, in order to adapt to the needs of combating and rectifying pyramid schemes under the new circumstances, protect the legitimate rights and interests of natural persons, legal persons, and unincorporated organizations, and maintain market order and social stability, it has organized the revision of the "Regulations on Prohibiting Pyramid Schemes," resulting in the "Draft Regulations on Prohibiting Pyramid Schemes (Revised Draft for Public Comment)," which is now open for public comment. The public comment period is from May 29th to June 28th, 2026. The draft revisions focus on the following aspects: adding specific content on combating online pyramid schemes; strengthening the working mechanisms and measures for preventing and combating pyramid schemes; and increasing the legal liabilities for pyramid schemes.On May 30, at the invitation of Valentina Matviyenko, Chairwoman of the Federation Council of Russia, and Volodin, Chairman of the State Duma, Zhao Leji, Chairman of the Standing Committee of the National Peoples Congress, paid an official friendly visit to Russia from May 27 to 30. In Moscow, he held separate talks with Matviyenko and Volodin and attended the 11th meeting of the China-Russia Parliamentary Cooperation Committee. Zhao Leji stated that the exchange mechanism between the legislative bodies of China and Russia is increasingly完善 (perfected/improved), playing an important role in optimizing the legal environment for bilateral cooperation and consolidating the public opinion foundation of bilateral relations. Both sides should, based on the functions and responsibilities of their legislative bodies, maintain the good momentum of multi-level and multi-field exchanges, enhance mutual understanding and trust, strengthen exchanges and mutual learning, and better serve the development of the China-Russia comprehensive strategic partnership of coordination for a new era. Exchanges of legislative experience should be conducted in areas such as national security, ecological and environmental protection, artificial intelligence, and foreign-related legal affairs.According to AXIOS, the first Windows PCs equipped with NVIDIA (NVDA.O) chips will be unveiled next week.On May 30th, Xiaomi officially unveiled its end-to-end optimization solution for the inference system of the MiMo-V2.5 series models. According to Xiaomi, the team systematically reconstructed the entire inference stack, from KVCache management, hierarchical caching, and prefix caching to scheduling strategies and the Prefill/Decode link, based on a hybrid architecture of Hybrid SWA+MoE+multimodal. KVCache storage was compressed to approximately 1/7 of comparable solutions, significantly reducing inference costs in long-sequence scenarios—this is the core technological foundation for this price reduction. On May 27th, the MiMo-V2.5 series API underwent a permanent price reduction, with a maximum reduction of 99%, regardless of input length.On May 30, the nations first green computing power full-stack AI platform was officially launched in the Hohhot Area of the Inner Mongolia Pilot Free Trade Zone, filling the gap in the regions one-stop computing power model word element comprehensive service transaction.

EUR/USD Struggles Below 1.0700 As US Data Fuel Hawkish Fed Predictions, Lagarde of the ECB Supports Higher Interest Rates

Daniel Rogers

Feb 16, 2023 14:51

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The EUR/USD pair approaches 1.0690 but struggles to prolong the recovery from late Wednesday to early Thursday. Notwithstanding, the major currency pair dropped the most in a week as US data bolstered Fed bets and pushed US Treasury bond yields and the US Dollar to multi-day highs. Christine Lagarde's recent hawkish comments on the European Central Bank (ECB) looked to have strengthened prices.

 

In spite of this, US 10-year Treasury bond yields surged to a fresh six-week high, and the US Dollar Index (DXY) also climbed to a 1.5-month high, as key US data suggested the Federal Reserve (Fed) may increase interest rates further.

 

As announced on Wednesday, January US Retail Sales growth increased to 3.0% from 1.8% expected and -1.0% earlier. In addition, Retail Sales excluding Automobiles grew by 2.3% during the same month, exceeding experts' projections of growth of 0.8%. Similarly, the New York Empire State Manufacturing Index for February increased to -5.8 from -18.0 and market forecasts of -32.9. Alternately, US Industrial Production reported 0.0% MoM figures for January, contrary to analysts' expectations of 0.5% and prior readings of -0.7%, but failed to quell hawkish attitude surrounding the Federal Reserve's (Fed) next move.

 

According to Reuters' FEDWATCH tool, market wagers on the Fed's next moves indicate that US central bank rates will peak around 5.25 percent in July, as opposed to the Federal Reserve's December prediction of 5.10 percent.

 

Lagarde of the ECB, on the other hand, stated that despite the fact that the majority of indicators of longer-term inflation expectations are currently hovering around 2%, these indices require constant monitoring. The policymaker stated, "Price pressures remain elevated, and underlying inflation is elevated," while signaling her intent to increase rates by 50 basis points at the March meeting.

 

Wall Street benchmarks concluded the trading day with small increases, but S&P 500 Futures are reluctant to follow suit.

 

In the near future, the ECB's monthly speech and several ECB speakers will complement the secondary US housing market, industrial activity, and producer pricing data to create an intriguing day.


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