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August 2nd - Xiaomi phones have officially increased in price. On August 2nd, the Xiaomi Mall showed that the price of the Xiaomi 17 series has increased by 300-500 yuan per unit. REDMI product lines followed suit, with the performance-focused Turbo 5 and various versions of the K90 series generally increasing in price by 300 yuan.On August 2nd, the Peoples Bank of China (PBOC) held its 2026 second-half work conference. The conference noted that high-level financial opening-up is progressing steadily. Policies regarding corporate overseas lending, bank overseas loans, and cross-border RMB interbank financing will be optimized. A new repurchase facility by overseas central banks will be established. The issuance of Panda bonds in China by high-quality international entities will be facilitated, with issuance exceeding RMB 160 billion in the first half of the year. Positive progress has been made in the construction of the RMB cross-border payment system. Support will be provided for the development of Shanghai and Hong Kong as international financial centers. Support will also be given to the construction of the Xiongan New Area and the Western Land-Sea New Corridor. Foreign exchange facilitation reforms will be deepened, and the scope of pilot programs for high-level opening-up of cross-border trade will be expanded. Services for corporate exchange rate risk management will be improved.On August 2nd, the Peoples Bank of China held its 2026 second-half work conference. The conference noted that financial risks in key areas have continued to be mitigated. Significant progress has been made in resolving the debt risks of financial support platforms. The financial market is operating well. The conference emphasized monitoring and assessing the bond market from a macro-prudential perspective, and strengthening bond market supervision and enforcement. It also stressed leveraging the two monetary policy tools supporting the capital market to stabilize and enhance [the markets stability and strength].On August 2nd, the Peoples Bank of China (PBOC) held its 2026 second-half work conference. The conference emphasized continuing to implement a moderately loose monetary policy. It will comprehensively utilize various monetary policy tools, including reverse repos, medium-term lending facilities, and the buying and selling of treasury bonds, to provide short-, medium-, and long-term liquidity, maintain ample liquidity, and guide financial institutions to strongly support the effective financing needs of the real economy. The conference also stressed improving the short-term interest rate control mechanism, increasing the variety of overnight reverse repo operations, and narrowing the temporary overnight repo/reverse repo operation interest rate range. It further emphasized strengthening the implementation and supervision of interest rate policies, urging financial institutions to clearly disclose the comprehensive financing costs of loans, and maintaining a low level of comprehensive social financing costs. The conference also stressed the importance of effective market communication and expectation guidance. At the end of June, total social financing increased by 7.4% year-on-year, and broad money supply increased by 8.0% year-on-year. The conference reiterated the principle that the market plays a decisive role in exchange rate formation, and that the RMB exchange rate will fluctuate in both directions.Japanese Minister of Economy, Trade and Industry Ryomasa Akazawa: Even if we conservatively estimate that we can only maintain the procurement level of 75% of the same period in previous years, the use of national reserves will be sufficient to ensure oil supply until the end of March 2028.

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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