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On May 13, Chinese Ambassador to the United States Xie Feng emphasized that China advocates for the inclusive and benevolent development of artificial intelligence (AI) and opposes it becoming a game for a few countries or a small number of wealthy individuals. Xie Feng pointed out that as leading global AI powers, competition between China and the United States in the field of AI is natural, but it should be healthy competition, prioritizing both development and security. He stressed the need to implement robust safeguards before embarking on new paths and to demonstrate Chinas responsibility as a major power through cooperation. The world does not want to see an "AI iron curtain" or "AI land grabbing," and even less so, it opposes an "AI version of Star Wars." Coordination between China and the United States on AI is crucial to the future of both countries and the fate of humanity. He expressed hope that the US would work with China to strengthen dialogue, manage competition, and promote cooperation, making AI a new frontier for Sino-US cooperation and a new stepping stone for human progress.New Zealand Prime Minister Laxson: The government is committed to reducing its debt to 40% of GDP.In early trading, most domestic futures contracts rose, with low-sulfur fuel oil (LU), SC crude oil, and liquefied petroleum gas (LPG) rising by more than 2%, while international copper and fuel oil rose by more than 1%, and synthetic rubber, soybean meal, Shanghai copper, and asphalt rose by nearly 1%. On the downside, coking coal fell by more than 3%, coke fell by more than 2%, and polysilicon, live pigs, industrial silicon, and alumina fell by more than 1%.On May 13, the Indonesian central bank pledged "precise intervention" in the foreign exchange market after the rupiah fell to a record low. Bank Indonesia Senior Deputy Governor Destry Damayanti stated on Tuesday evening, "Bank Indonesia is committed to continuing to participate in the market through spot transactions, onshore and offshore non-deliverable forward (NDF) transactions, and optimizing all monetary policy tools to alleviate pressure on the rupiah." She stated that high oil prices and increased domestic demand for US dollars to repay foreign debt, repatriate dividends, and pay for Islamic pilgrimages to Saudi Arabia are putting pressure on the rupiah. "Bank Indonesia expects these seasonal factors to gradually subside and push the rupiah back to its fundamental level." However, she did not mention specific exchange rate levels. She also stated that foreign capital inflows into Bank Indonesia rupiah securities and government bonds are improving. The rupiah fell to a record low of 17,525 rupiah to the US dollar on Tuesday, and has fallen nearly 5% this year, making it one of the worst-performing currencies among emerging markets.Futures News, May 13th: Crude oil prices continued to rise, driven by positive news, pushing fuel oil trading prices steadily upward. Downstream buyers maintained a cautious purchasing attitude focused on immediate needs, narrowing fuel oil processing profits. Market trading was mixed, and it is expected that fuel oil negotiations will continue their steady, slight upward trend.

Focus shifts to UK Inflation as EUR/GBP nears a 16-month high of 0.8720

Daniel Rogers

Sep 09, 2022 17:37

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If the EUR/GBP pair is able to surpass Thursday's high of 0.8712, it will attempt to extend its two-day winning streak. The asset is finally seeking to recapture a 16-month high at 0.8720 as a result of the European Central Bank's (ECB) historic rate hike. After a brief break around 0.8600, the cross has been climbing gradually for the past two weeks on a larger scale.

 

Christine Lagarde, president of the European Central Bank, prioritized taming the hot inflation over growth prospects by announcing a significant 75-basis-point rate increase (bps). There will likely be more rises once the interest rate was raised to 1.25 percent. The central bank won't keep raising key interest rates in the future and will instead continue to emphasize data more.

 

Inflation forecasts have also been made public by the central bank, and they estimate that it will average 8.1% in 2022, 5.5% in 2023, and 2.3% in 2024. The European Central Bank (ECB) attributed the escalating pricing pressures to supply chain restrictions, increasing energy and food prices, and other factors.

 

Inflation in the United Kingdom is double digits, and long-term growth prospects are bleak. In an effort to boost consumer confidence, Liz Truss, the country's next prime minister, has proposed a cap on energy prices to shield homeowners from the approaching winter. The demand for energy rises throughout the winter due to an increase in the use of electric heaters and appliances.

 

According to the new cabinet's energy bill cap, the average home will pay no more than £2,500 in annual energy costs.

 

The UK inflation rate will continue to be a focus in the future. The Consumer Price Index (CPI) previously hit 10.1%. Since energy prices in August have remained hopeful, it is expected that the economic statistics will pick up speed.


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