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January 19th - The "Suggestions" propose improving the education resource allocation mechanism to adapt to population changes, strengthening the cross-grade allocation of basic education school buildings and teachers, and ensuring the overall stable growth of the citys education fiscal investment. It also calls for implementing the national policy of steadily expanding the scope of free education and exploring the extension of compulsory education years.On January 19th, the "Suggestions of the Shanghai Municipal Committee of the Communist Party of China on Formulating the 15th Five-Year Plan for National Economic and Social Development of Shanghai" were released. The suggestions propose to serve the construction of a unified national market, eliminate barriers in areas such as access to factors of production, qualification certification, bidding and tendering, and government procurement, promote cross-regional alignment of law enforcement standards, strengthen comprehensive rectification of "involutionary" competition, improve the circulation system, and further reduce overall social logistics costs. The suggestions also emphasize leveraging the role of proactive fiscal policy, optimizing the structure of fiscal expenditures, deepening the reform of cost budget performance management, strengthening the management of government investment funds, and deepening zero-based budgeting reform. Furthermore, the suggestions call for improving the unified urban and rural construction land market, strengthening the full-cycle value management of land, deepening mixed land use and flexible supply, steadily promoting the extension and renewal of land use rights in accordance with the law, improving the integrated land reserve mechanism of planning, storage, supply, and use, strengthening the management of temporary space utilization, and increasing efforts to revitalize and utilize inefficient land.On January 19th, the "Suggestions of the Shanghai Municipal Committee of the Communist Party of China on Formulating the 15th Five-Year Plan for National Economic and Social Development of Shanghai" were released. The suggestions propose accelerating the improvement of the modern financial system. This includes establishing a robust and functional financial market system, actively developing direct financing, improving the capital market functions to coordinate investment and financing, promoting the high-quality development of a multi-tiered equity market, strengthening the functions of the bond market, steadily and orderly developing the futures and derivatives markets, deepening the pilot program for the registration of trust property, and continuously enhancing the functions of the international gold trading platform.On January 19th, the "Suggestions of the Shanghai Municipal Committee of the Communist Party of China on Formulating the 15th Five-Year Plan for National Economic and Social Development of Shanghai" were released. The suggestions propose accelerating the construction of a global RMB asset allocation center and risk management center. They also call for expanding cross-border and offshore financial services, deepening the facilitation of cross-border investment, financing, and settlement, enriching exchange rate hedging tools, optimizing the offshore account system, promoting the development of offshore credit and free trade zone offshore bonds, improving the legal and regulatory system and business rules, and creating an offshore financial (economic) functional zone. Furthermore, the suggestions emphasize deepening the interconnection between domestic and international financial markets, actively promoting the establishment of the Shanghai International Financial Asset Exchange Platform, and exploring pilot programs for RMB foreign exchange futures trading. Finally, the suggestions support financial institutions in expanding their global service networks, enriching the variety of RMB-denominated financial assets, and promoting the internationalization of the RMB.On January 19th, the Shanghai Municipal Committee of the Communist Party of China released its "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development of Shanghai." The suggestions propose promoting the deep integration of culture, tourism, commerce, sports, and exhibitions; enhancing the international influence of large-scale consumer festivals; and vigorously developing the first-launch economy and the nighttime economy. They also call for optimizing the consumption environment, promoting the construction of world-class business districts, creating distinctive commercial streets, improving the facilitation of tax refunds for departing tourists and cross-border payments, and expanding inbound consumption.

The AUD/USD has dropped from its monthly high at 0.6990 due to poor Australian PMIs and a rebound in the DXY

Alina Haynes

Jul 22, 2022 14:50

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After retesting the monthly high earlier in the day, the AUD/USD continued to slide in Friday's Asian trading. It drops back down to where it started the day, at 0.6916. Recent declines in the Aussie pair may be attributable to the poor prints of Australia's flash readings of S&P Global PMIs for July. The resurgence of the US dollar in the face of pessimistic attitude also affects the pair.

 

S&P Global Manufacturing PMI for Australia dropped to 55.7 in July from 56.2 in June and the 56.4 forecast. Additionally, the S&P Global Services PMI dropped to 50.4 during the mentioned month, which was below the 55.0 consensus and the 52.6 readings seen previously. Moreover, the S&P Global Composite PMI has dropped from 52.6 in prior readings to 50.6 today.

 

Conversely, as risk aversion returns to the market, the US Dollar Index (DXY) is gaining bids and is on track to revisit its intraday high at 106.70, up 0.12% on the day. It's worth remembering that the DXY dropped the day before because it was pegged to US Treasury rates, and that the benchmark 10-year bond coupons had their worst daily loss since mid-June.

 

The yield drop might be the result of a number of factors, including the European Central Bank's (ECB) surprise rate hike of 50 basis points (bps) and the implementation of a new tool known as the Transmission Protection Instrument (TPI) to manage irrational market dynamics in the area.

 

Additionally, the Nord Stream 1 pipeline from Russia restarting its gas exports to Europe boosted market sentiment and aided AUD/USD purchasers the day before.

 

In light of this, Wall Street benchmarks ended the day stronger and the 10-year Treasury rates for the US Treasury had their greatest daily decline in five weeks. However, as of the time of publication, S&P 500 Futures are down 0.50 percent.

 

The ECB's decision to limit the market's confidence as well as long-standing worries about a recession and COVID are the sources of the most recent dip in mood.

 

Nevertheless, the risk-off attitude may affect the AUD/USD pricing going ahead. However, pessimistic predictions for the US PMIs in July give purchasers reason for optimism.


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