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June 10th - On June 9th, Tencent Cloud and ASUS officially signed a strategic cooperation agreement: the two parties will jointly create a "personal space disk" for millions of laptop users based on Tencent Clouds self-developed AgentBucket intelligent storage capabilities. This marks the first large-scale commercial deployment of Tencent Cloud Storages enterprise-level cloud storage scenario capabilities on a leading PC brand; it also signifies that cloud storage is officially upgrading from an optional PC accessory to one of the essential infrastructures for embracing the AIPC trend.On June 10th, the Publicity Department of the Central Committee of the Communist Party of China and the Ministry of Public Security jointly launched a concentrated publicity month campaign themed "Dont Listen, Dont Believe, Dont Be Greedy: Building a Heart-to-Heart Defense Against Fraud," aiming to further intensify anti-fraud publicity, continuously improve public awareness and ability to identify scams, and effectively create a strong anti-fraud atmosphere throughout society. The launch ceremony for the concentrated publicity month was held in Beijing on June 10th.According to the latest data from the Fujairah Oil Industrial Zone in the UAE, as of the week ending June 8, total refined product inventories at the port of Fujairah were 5.377 million barrels, an increase of 165,000 barrels from the previous week. Specifically, light distillate inventories decreased by 205,000 barrels to 2.057 million barrels; middle distillate inventories increased by 40,000 barrels to 1.268 million barrels; and heavy residual fuel oil inventories increased by 330,000 barrels to 2.052 million barrels.June 10th - According to data from the China Passenger Car Association (CPCA), from June 1st to 7th, the national passenger car retail sales reached 228,000 units, a 23% decrease compared to the same period last year and an 11% decrease compared to the same period last month. The cumulative retail sales this year reached 7.327 million units, a 20% decrease year-on-year. From June 1st to 7th, the national passenger car manufacturers wholesale sales reached 204,000 units, a 25% decrease compared to the same period last year and a 10% increase compared to the same period last month. The cumulative wholesale sales this year reached 10.39 million units, a 6% decrease year-on-year.On June 10, the State Administration for Market Regulation (SAMR) released the "Guidelines for International Cooperation in Quality Certification by Local Market Regulation Departments," providing guidance for local market regulation departments to strengthen and improve related work and better serve local enterprises and economic development. The "Guidelines" instruct local market regulation departments to focus on leading foreign trade enterprises, small and medium-sized export enterprises, key upstream and downstream enterprises in the industrial chain, and inspection, testing, and certification institutions, promptly collecting information on obstacles to international cooperation in quality certification and market access certification requests faced by foreign trade enterprises. Upon identifying difficulties, bottlenecks, and potential risks in the field of quality certification, these departments should promptly report them to the SAMR, providing case studies and materials for national-level international exchanges and negotiations on quality certification. The guidelines also require timely tracking of the progress and opinions on handling relevant requests, forming a closed-loop working mechanism of investigation, reporting, implementation, and feedback to ensure that enterprise requests are effectively addressed and that quality certification plays a positive role in serving local industries.

USD/CAD Bears In Control And Aiming At Support Zone Lows

Alina Haynes

Apr 04, 2023 13:53

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The USD/CAD exchange rate is unchanged on the day after a succession of negative impulses drove the price into new territory to the downside and deeper into a support region as a result of the oil price rally. The USD/CAD exchange rate was 1.3431 at the time of writing.

 

Monday's 6.3% rise in West Texas Intermediate WTI crude oil to an intraday high of $81.51 strengthened the CAD. The oil price surged after the OPEC+ cartel surprised the market with a production cut of 1.1 million barrels per day to support prices, with the cartel announcing that it will reduce output prior to Monday's ministerial meeting.

 

Analysts at TD Securities observed that the Bank of Canada's Business/Consumer Surveys painted a more dovish picture ahead of the April BoC meeting, with a marked improvement in capacity pressures and consumer inflation expectations.

 

Analysts noted that firm-level inflation expectations continue to be elevated and that consumer growth and income expectations have also increased since the fourth quarter.

 

''The Bank of Canada should be pleased with these results, which indicate a decline in capacity pressures and a moderation in inflationary pressures. However, inflation expectations remain a formidable impediment to near-term relief. If growth does not decelerate substantially in the second quarter, it may be difficult for the Bank of Canada to keep rates at 4.50 percent. Analysts believe that the report is optimistic for CAD.