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On March 7th, Bai Jingyu, Director of the Innovation and High-Tech Development Department of the National Development and Reform Commission, stated at a press briefing held by the State Council Information Office that the draft outline of the 15th Five-Year Plan constructs a development sequence for emerging industries that combines short-term and long-term goals, consisting of strategic emerging industries, emerging pillar industries, and future industries. Looking to the present, the plan continues to focus on the development of strategic emerging industries such as next-generation information technology and new energy, and builds industrial clusters with distinctive characteristics and complementary advantages tailored to local conditions. In the medium term, it focuses on developing emerging pillar industries such as integrated circuits, biomedicine, and aerospace, constructing new pillars for national economic development. Looking to the long term, it proactively plans for future industries such as quantum technology, brain-computer interfaces, and embody intelligence, cultivating strategic emerging industries for "tomorrow" and pillar industries for "the day after tomorrow."On March 7th, Chen Lei, Director of the Development Strategy and Planning Department of the National Development and Reform Commission (NDRC), stated at a press briefing held by the State Council Information Office that in recent years, Chinas level of opening up to the outside world has been continuously improving. The negative list for foreign investment access has been reduced to 29 items, and restrictions on foreign investment access in the manufacturing sector have been completely eliminated. The next step will be to expand market access and open areas with a focus on the service sector, promoting the orderly expansion of opening up in telecommunications, the internet, education, culture, and healthcare, advancing comprehensive pilot demonstrations for expanding the opening up of the service sector, and further reducing the negative list for foreign investment access, thus providing foreign companies with "broader" investment opportunities in China. Simultaneously, diverse forms of openness will be created.On March 7, Liu Dechun, Director of the Department of Social Development of the National Development and Reform Commission, stated at a press briefing held by the State Council Information Office that the draft outline of the 15th Five-Year Plan proposes, in terms of building a fertility-friendly society, expanding the coverage of the maternity insurance system, reasonably improving the level of protection for prenatal medical expenses, and fully implementing the maternity leave system.On March 7th, Chen Lei, Director of the Development Strategy and Planning Department of the National Development and Reform Commission (NDRC), stated at a press briefing held by the State Council Information Office that during the 14th Five-Year Plan period, China utilized over US$750 billion in foreign investment, with overseas investments spanning 190 countries and regions. During the 15th Five-Year Plan period, China will continue to optimize the foreign investment environment, fully implement national treatment for foreign-invested enterprises, improve the service and support system for foreign investment, and ensure both market access and operational rights. China welcomes more foreign-invested enterprises to invest in China and share the enormous development potential in advanced manufacturing, modern services, high technology, energy conservation, and environmental protection. Simultaneously, China will improve its overseas comprehensive service system and support qualified enterprises to conduct mutually beneficial overseas investment cooperation.The National Highway Traffic Safety Administration (NHTSA) has recalled 11,787 General Motors (GM.N) vehicles in the United States because engine shutdown increases the risk of a collision.

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.