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On August 24th, the Guangzhou Municipal Bureau of Statistics released data on Guangzhous economic performance from January to July 2026. From January to July, the citys fixed asset investment increased by 2.1% year-on-year. By sector, industrial investment increased by 4.2%, with industrial technological upgrading investment increasing by 13.7%; infrastructure investment decreased by 5.3%, but investment in key transportation projects saw rapid growth, with water transport and road transport investments increasing by 51.2% and 11.6% respectively; real estate development investment decreased by 6.4%. Large-scale equipment renewal policies have yielded significant results, with equipment and tooling investment growing well by 8.0%. Investment in new industrial sectors accelerated, with high-tech manufacturing investment increasing by 28.6%, including a 33.4% increase in investment in electronic and communication equipment manufacturing. Private investment remained vibrant, increasing by 9.8% year-on-year, with private industrial investment growing by 23.2%.On August 24th, it was learned from the Guangdong Branch of the General Administration of Customs that in the first seven months of this year, Customs Advanced Certified Enterprises (AEOs), accounting for only 1.11% of foreign trade enterprises, contributed 48.73% of the total foreign trade volume, with imports and exports increasing by 25.7%, making outstanding contributions to Guangdongs foreign trade. Customs promoted "credit empowerment and policy synergy," focusing on precise credit cultivation, providing effective enterprise coordinator services, and deepening cross-departmental joint incentives, helping to cultivate 2,035 Customs Advanced Certified Enterprises, ranking first in the country. This year, 111 new AEO enterprises were certified, significantly expanding the scope of AEO enterprises. Guided by the cultivation and strengthening of "chain leader" enterprises in 15 industrial chains, continuous efforts were made to promote innovative cultivation measures for upstream and downstream enterprises and enterprises within groups, cultivating 14 "chain leader" enterprises in Jiangmen City. This effectively supported the orderly undertaking of industrial transfer from the Pearl River Delta, empowered technological innovation for traditional pillar enterprises such as home appliances, textiles, and metal products, and helped key private enterprises improve their internal management and enhance their international competitiveness by aligning with international trade standards.On August 24, Foreign Ministry Spokesperson Lin Jian held a regular press conference. According to media reports, regarding the meeting between Chinese Vice Foreign Minister Miao Deyu and Iranian Deputy Foreign Minister Gharibabadi in Beijing, could the Foreign Ministry provide details? Considering the economic ties between China and Iran, what is Chinas view on the US plan to isolate Iran? Lin Jian stated that China provided details of the meeting in its press release, which you can refer to; I have nothing further to add. China closely monitors the situation in the Middle East Gulf, actively promotes peace talks, and is willing to uphold the spirit of President Xi Jinpings four-point proposal on maintaining and promoting peace and stability in the Middle East, continuing its efforts to restore peace and tranquility to the region as soon as possible. "Regarding your second question, we have previously addressed this," Lin Jian said.Russian authorities say a Ukrainian drone strike in Russia’s Belgorod region has killed two people and injured two others.On August 24, Foreign Ministry Spokesperson Lin Jian held a regular press conference. US Treasury Secretary Bessenter threatened to impose secondary sanctions on countries trading with Iran. China is a major buyer of Iranian oil. If the US implements secondary sanctions, what will Chinas response be? Lin Jian stated that sanctions and pressure will not help resolve the issue; they will only exacerbate tensions and escalate the situation, which is not in the interest of any party. Lin Jian said that China calls on all parties to exercise rationality and restraint, avoid taking measures that could further intensify conflicts and impact global economic development and financial stability, and return to the correct track of dialogue, negotiation, and political settlement as soon as possible. China will closely monitor relevant developments and take necessary measures to safeguard its legitimate rights and interests.

NZD/USD falls rapidly from 0.6260 when the RBNZ announces a decline in inflation projections to 3.07 percent

Daniel Rogers

Aug 08, 2022 12:00

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The NZD/USD pair has encountered selling pressure while attempting to surpass the immediate resistance level of 0.6260. The asset has seen bids after the Reserve Bank of New Zealand (RBNZ) announced inflation estimates at 3.07 percent, down from 3.29 percent previously. It could be an indication of waning price pressure, but additional evidence is still needed to support the argument.

 

Price pressures in the New Zealand economy are increasing and have not yet shown signs of weariness. A June report indicates that an inflation rate of 7.3% is adequate to generate headwinds for families. The RBNZ is consistently escalating its policy tightening measures to combat the same. RBNZ Governor Adrian Orr has already increased the Official Cash Rate by 2.50 percentage points.

 

On the front of the US dollar, the US dollar index (DXY) has returned all intraday gains and is currently trading near the day's open at 106.60. While attempting to break over the crucial resistance level of 106.80, the DXY has encountered selling pressure. This week, investors' attention is centered on Wednesday's release of the US Consumer Price Index (CPI).

 

The annual inflation rate is projected to continue at 8.7 percent, down from 9.1 percent in the previous report. Oil prices have been on a downward trend in July, which may be the determining factor for a significant decline in the price increase index. While the US CPI excluding volatile food and oil prices may increase from 5.9 percent to 6.1 percent, the previous reading was 5.9 percent.