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Bank of England Governor Bailey: Central bank governors should avoid providing unconditional guidance.Bank of England Governor Bailey: Federal Reserve Chairman Warsh is correct in believing that there are some risks in forward guidance.On September 4th, the State Administration for Market Regulation announced a pilot program for the metrological supervision of electronic price-computing scales in Hebei, Zhejiang, and Fujian provinces to crack down on short-weighting and cheating scales and protect consumers legitimate rights and interests. The program aims to explore replicable and scalable regulatory models and safeguard consumer fairness. The pilot program will refine regulatory measures across the entire chain of electronic price-computing scale production, sales, verification, maintenance, and use, building a comprehensive metrological supervision system. It will focus on collecting pilot practice data, identifying obstacles to policy implementation, and creating a practical paradigm for intelligent supervision of electronic price-computing scales.On September 4th, Premier Li Qiang signed a State Council decree promulgating the revised "Regulations on Emergency Response and Investigation of Power Safety Accidents," which will take effect on January 1, 2027. The regulations clarify that power companies and power users must obey unified dispatch, strictly implement relevant standards and technical specifications, strengthen the investigation of potential safety hazards, and that power dispatching agencies must strictly conduct power grid operation control in accordance with regulations. The regulations also adjust and improve the accident classification standards, taking into account factors such as changes in power grid scale and structure, the grid-connected performance of power generation equipment, and power grid operation control requirements. The regulations also extend the scope of application to entities other than power companies and power users connected to the power grid, clarifying their corresponding power safety responsibilities.On September 4th, the "Draft Measures for the Supervision and Administration of Private Investment Fund Raising (for Public Comment)" clarified that private fund raising includes the entire process, including investor suitability assessment and matching, product promotion, risk disclosure, confirmation of qualified investors, and signing of fund contracts, and standardized each stage. Secondly, it strengthens the suitability management and risk disclosure obligations of private fund managers and sales institutions, focusing on detailed regulations regarding the content, standards, and procedures of suitability assessments, as well as general and special risk disclosures, reinforcing the "sellers due diligence" requirement. Thirdly, it refines the requirements for fundraising documents, stipulating regulations for prospectuses and other promotional materials, risk disclosure statements, investor commitment letters, and fund contracts, clarifying the rights and obligations of the parties involved and dispute resolution requirements. Fourthly, it clarifies the requirements for audio and video recording of individual investors, strengthening the record-keeping arrangements for the fundraising process. However, considering the different risk identification and tolerance capabilities of individual investors, certain qualified individual investors may be exempted from relevant requirements through special risk disclosure.

The EUR/GBP exchange rate recovers above 0.8000 in advance of Eurozone inflation and UK gross domestic product

Alina Haynes

Mar 30, 2023 16:05

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The EUR/GBP pair extended its recovery above 0.88 during the Asian trading session. Anticipating that the European Central Bank (ECB) will continue to raise interest rates to combat persistent inflation, the cross has depreciated progressively. Friday will see the publication of preliminary Eurozone Harmonized Index of Consumer Prices (HICP) and Gross Domestic Product (GDP) (Q4) figures. Prior to the publication of these figures, it is anticipated that the asset will exhibit explosive activity.

 

It is anticipated that the preliminary Eurozone HICP will decelerate significantly from 8.5% to 7.3%. While it is anticipated that the core HICP will rise to 5.7% from 5.6% in the previous release. Weak energy prices are anticipated to have a significant impact on Eurozone inflation. In light of Christine Lagarde's prediction that inflation will remain elevated for an extended period of time, the European Central Bank (ECB) is expected to continue tightening monetary policy.

 

In the interim, banking tensions are subsiding as the absence of information regarding additional collateral damage has a positive impact on the market. Chief Economist Philip Lane stated on Wednesday that ECB interest rates must rise if banking tension has no or a "relatively limited" impact.

 

Investors avidly anticipate the United Kingdom's Gross Domestic Product (GDP) data. According to the consensus, the United Kingdom's growth in the fourth quarter of CY2022 remained unchanged. It is anticipated that the annual GDP will remain unchanged at 0.4%. It is expected that the British economy will undergo a severe recession as a result of high inflation and sluggish growth.

 

The Bank of England (BoE) policymakers appear confident that inflation will moderate in the near future and that the unexpected rise in February's inflation was a one-time anomaly; however, the absence of evidence raises doubts. If inflation persists, BoE Governor Andrew Bailey stated that additional rate increases would be announced. In contrast, Bank of America (BoA) analysts anticipate that the Bank of England (BoE) will not increase rates and will maintain current levels until 2024.


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