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On May 27, the Taiwan Affairs Office of the State Council held a regular press conference. A reporter asked: Regarding Lai Ching-tes speech on the second anniversary of his inauguration, some media outlets in Taiwan have pointed out that the DPPs current strategy has gradually shifted from pursuing "de jure Taiwan independence" to "substantive Taiwan independence in terms of identity and culture." What is your comment on this? Spokesperson Chen Binhua stated that there is only one China in the world, and Taiwan is a part of China. This is an unshakeable historical and legal fact, as well as a universal consensus of the international community. We will never tolerate or condone any form of "Taiwan independence" separatist activities.On May 27, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan," introducing the relevant situation of "Promoting the Rule of Law in All Aspects." At the press conference, Huang Wei, Deputy Director of the Legislative Affairs Commission of the Standing Committee of the National Peoples Congress (NPC), introduced the implementation of the 15th Five-Year Plan outline and the legislative plan of the NPC Standing Committee. 2026 is the first year of the 15th Five-Year Plan, with 15 draft laws scheduled for continued deliberation, 19 draft laws scheduled for initial deliberation, and some projects to be reviewed in advance. Regarding accelerating the construction of a high-level socialist market economy system, the government will formulate the Law on Farmland Protection and Quality Improvement and the State-owned Assets Law, and amend the Enterprise Bankruptcy Law, Trademark Law, Certified Public Accountants Law, Enterprise State-owned Assets Law, Bidding and Tendering Law, Government Procurement Law, Price Law, Agriculture Law, and Tax Collection and Administration Law. The government will accelerate legislation in the financial sector, formulating the Financial Law and the Financial Stability Law, amending the Banking Supervision and Management Law and the Peoples Bank of China Law, and focusing on strengthening research and argumentation work on other legislation and amendments in the financial sector.On May 27, Teng Jiguo, Deputy Secretary-General of the Central Political and Legal Affairs Commission, stated at a press conference held by the State Council Information Office that during the 15th Five-Year Plan period, strict law enforcement will be further promoted. The government will punish, according to law, illegal and criminal activities that have drawn strong public condemnation, such as telecommunications and internet fraud, gambling, drugs, illegal fundraising, and financial fraud. It will also improve the normalized mechanism for combating organized crime, effectively deterring crime and protecting the people.A Bank of Japan official stated that while rising long-term interest rates have indeed increased corporate borrowing costs, this must be considered in conjunction with the fact that corporate profits remain high.A Bank of Japan official stated that Japans real long-term interest rates remain negative in the short and medium term, which has the greatest impact on economic activity.

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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