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On June 28th, according to the official WeChat account of Jiangsu News, Jiangsu Province has launched a series of precise and effective policy measures to stabilize the real estate market and further support urban renewal initiatives. At a Jiangsu Provincial Real Estate Investment Briefing held on the afternoon of June 26th, relevant departments explained the relevant policies recently issued by the provincial government to over 110 real estate entrepreneurs. This ever-expanding policy toolbox is rapidly translating into tangible benefits for urban renewal and the real estate market. Regarding policies to stabilize the real estate market, specific measures are proposed from three dimensions: land supply, development and construction, and property sales, within the framework of the "four ones" policy. At the meeting, all 13 prefecture-level cities in the province launched a batch of small, quick, and flexible high-quality land parcels, high-quality existing land parcels held by local state-owned enterprises, and key urban renewal projects.On June 28, Hong Kong Financial Secretary Paul Chan Mo-po published a blog post stating that Hong Kong is not only an important channel for attracting investment, but also a "key link" for mainland enterprises and products to go global, and a "converter" of standards and rules between technological innovation and the international market. Chan stated that under the national "dual circulation" development strategy, Hong Kongs international advantages can effectively assist mainland enterprises in connecting with the global market. The mainlands outstanding scientific and technological innovation capabilities can be efficiently linked with Hong Kongs international advantages, helping enterprises transform R&D results into overseas orders. At the same time, Hong Kong can introduce long-term international funding for hard-tech companies that require "patient capital," achieving "small-scale, early-stage, and long-term investment," supporting the growth of promising technology companies and emerging and future industries. Furthermore, Hong Kongs developing northern metropolitan area highly aligns with the strong entrepreneurial atmosphere of places like Xian, forming a positive cycle of mutual empowerment among education, technology, talent, and industry.Saudi Foreign Ministry: We strongly condemn Irans attacks on Kuwait and Bahrain and the threats to the safety and freedom of navigation in the Strait of Hormuz.Russian Ministry of Defense: In the past 24 hours, we have shot down 590 Ukrainian drones.Iranian Foreign Minister Araqchi: Israels withdrawal of troops from Lebanon and cessation of airstrikes against Lebanon are provisions of the interim agreement between Iran and the United States.

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.