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On August 21, the Ministry of Finance issued a notice on further improving fiscal and financial coordination policies to boost domestic demand. The notice stipulates that the annual maximum amount of interest subsidies for loans to small and micro enterprises that a single borrower can receive from a single lending institution will be increased from 50 million yuan to 75 million yuan. The annual maximum amount of interest subsidies for loans to service industry operators that a single borrower can receive from a single lending institution will be increased from 10 million yuan to 20 million yuan. The annual maximum cumulative interest subsidy for personal consumer loans and credit card installment payments that each borrower can receive from a single lending institution will be increased from 3,000 yuan to 5,000 yuan.The Ministry of Finance announced that the scope of agencies handling the loan interest subsidy policy for small and micro enterprises and the loan interest subsidy policy for service industry operators will be expanded to 21 national banks and city commercial banks, rural cooperative financial institutions, private banks and foreign banks with a financial regulatory rating of 3A or above.On August 21, the Ministry of Finance issued a notice on further improving fiscal and financial coordination policies to boost domestic demand. The notice stipulates that newly issued working capital loans to eligible small and medium-sized private enterprises will be included in the scope of the SME loan interest subsidy policy, with the central government providing an annualized interest subsidy of 1 percentage point on the principal of the working capital loan for a period not exceeding two years. New credit card installment businesses, including special installment plans, consumer installment plans, and cash advance installment plans, will also be included in the scope of the personal consumer loan fiscal interest subsidy policy, with a subsidy rate of 1 percentage point per annum.On August 21, Liao Min, Vice Minister of Finance, introduced that this year, the Ministry of Finance, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Commerce, the General Administration of Customs, the State Taxation Administration, and the State Administration for Market Regulation, has established a nationally unified negative list management mechanism for local government subsidies. This mechanism clearly defines the specific circumstances of illegal subsidies, resolutely prevents the increase of illegal subsidies, and classifies and standardizes the existing stock of illegal subsidies.On August 21, Liao Min, Vice Minister of Finance, stated that the implementation of the comprehensive policy package, launched more than six months ago, has progressed as expected, and its effectiveness is gradually becoming apparent. Approximately 113 million residents and 6.22 million enterprises have received policy support. From January to July this year, through six policy tools, including interest subsidies for loans to small and micro enterprises, equipment upgrade loans, service industry operators loans, and personal consumption loans, a total of over 20 trillion yuan in new loans have been issued in related fields, an increase of over 880 billion yuan, or 4.5%, compared to the same period last year. This has benefited not only traditional industries such as agriculture, forestry, animal husbandry, fisheries, culture, tourism, and health, but also emerging and future industries such as high-end equipment manufacturing, artificial intelligence, green and low-carbon technologies, and bio-manufacturing. In addition, the two consumption-boosting policies have cumulatively supported residents consumption by approximately 1.88 trillion yuan. They have empowered service industry operators from the supply side, comprehensively supporting service consumption sectors such as catering, accommodation, culture and entertainment, and health and elderly care, and increasing the supply of high-quality services. They have also enhanced residents consumption capacity from the demand side, working in tandem with other consumption-boosting policies such as consumption subsidies, trade-in programs, and prize-winning invoices to effectively support the daily consumption of the general public.

Early Support for ETH and BTC, with US Economic Indicators in Focus

Alina Haynes

Nov 03, 2022 19:39

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Wednesday saw Bitcoin (BTC) and Ethereum (ETH) join the larger market in the red. The NASDAQ Composite Index, Bitcoin, and Ethereum all fell in response to Fed Chair Powell's news conference. Nevertheless, the technical indications continue to be optimistic, indicating upward price trends. On Wednesday, Ethereum (ETH) fell 3.80%. Reversing Tuesday's gain of 0.32%, ETH closed the day at $1,518.

 

After a turbulent morning session, ETH recovered to a high of $1,622 by late afternoon. ETH surpassed the First Major Resistance Level (R1) at $1,606 prior to falling to a late low of $1,506. ETH ended the day below $1,520 after breaking through the First Major Support Level (S1) at $1,556 and the Second Major Support Level (S2) at $1,535.

 

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On Wednesday, the price of bitcoin (BTC) plummeted by 1.63 percent. BTC ended Tuesday at $20,165, a decrease of 0.04% from its opening price.

 

BTC rose to a high of $20,817 in response to the FOMC Statement, following a range-bound morning. BTC surpassed the First Major Resistance Level (R1) at $20,686 before falling to an intraday low of $20,086. BTC went below the First and Second Major Support Levels (S1 and S2) at $20,327 and $20,154, respectively.

 

In accordance with forecasts, the Fed raised rates by 75 basis points on Wednesday. The FOMC Statement hinted at a likely policy move in December, lending credence to December Fed pivot wagers. The Rate Statement pushed BTC and ETH to their daily peaks.

 

However, Fed Chair Powell dashed prospects for a reversal, citing excessive inflation and the need to continue forward. Powell remarked that the "final level of interest rates will be higher than anticipated."

 

As a result, the NASDAQ Composite Index fell 3.36 percent, sending BTC and ETH into the negative.

 

Today, attention will be on US factory orders, jobless claims, and the ISM Non-Manufacturing PMI. We anticipate the PMI and its subcomponents to have the most effect.

 

Due to the sensitivity of BTC and ETH to US economic statistics and the FED, the correlation with the NASDAQ Composite Index remains intact. The NASDAQ 100 Mini was up 35 points this morning.


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