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On January 23, the Shenzhen Municipal People's Procuratorate of Guangdong Province, after review in accordance with the law, filed a public prosecution with the Shenzhen Intermediate People's Court of Guangdong Province against 30 defendants, including Sui Guangyi and Ma Xiaoqiu, for committing illegal fundraising crimes in Shenzhen and other places through Shenzhen Dingyifeng Asset Management Co., Ltd., Hong Kong Dingyifeng International Holdings Group Co., Ltd. and its affiliated companies. The prosecution charges include crimes such as fundraising fraud, illegally absorbing public deposits, money laundering, embezzlement, illegally crossing national (border) boundaries, and providing false documents.

On January 23, Kazutaka Maeda, an economist at Meiji Yasuda Research Institute, stated, “Given the continued high level of uncertainty surrounding the election and subsequent parliamentary sessions, it will be difficult for the Bank of Japan to take any policy action. If the yen falls below 160 against the dollar, the Bank of Japan will have no choice but to take action, but I expect monetary intervention to be the first step. If the yen continues to weaken, the political environment may become more tolerant of interest rate hikes, increasing the likelihood of an earlier rate increase. As for rising bond yields, since this is mainly driven by Japanese political factors, it will be difficult for the Bank of Japan to intervene and increase its purchases of Japanese government bonds. Doing so would run counter to the process of normalizing monetary policy.”

On January 23, the Shanghai Headquarters of the People's Bank of China released its 2025 report on Shanghai's monetary and credit operations. The data shows that in 2025, RMB loans in Shanghai increased by 773.4 billion yuan, and RMB deposits increased by 2.35 trillion yuan. Regarding loans, at the end of December, the outstanding balance of RMB and foreign currency loans in Shanghai was 13.07 trillion yuan, a year-on-year increase of 6.5%. The outstanding balance of RMB loans was 12.47 trillion yuan, a year-on-year increase of 6.6%; the outstanding balance of foreign currency loans was 85.5 billion US dollars, a year-on-year increase of 6.4%. In 2025, among RMB personal deposits, time deposits increased by 319.9 billion yuan, a decrease of 201.3 billion yuan year-on-year; demand deposits, large-denomination certificates of deposit, structured deposits, and call deposits increased by 151.9 billion yuan, 91.4 billion yuan, 17.1 billion yuan, and 6.6 billion yuan respectively, an increase of 43.3 billion yuan, 46.2 billion yuan, 33.1 billion yuan, and 120 billion yuan respectively year-on-year.

The yield on Japan's 40-year government bonds continued to fall, last dropping 5.5 basis points to 3.940%.

January 23rd, Futures News: Economies.com analysts' latest view: Spot gold surged strongly in the previous trading session, breaking through the major resistance level of $4900 for the first time. This level was exactly the target we anticipated in our previous analysis, confirming the continuation of bullish momentum and the dominance of buyers. This strong performance benefited from continued dynamic support as the price traded above the EMA50, which reinforced the stability and dominance of the main uptrend in the short term, especially given that it traded in parallel with the secondary support uptrend line. Furthermore, although prices have reached overbought levels, the Relative Strength Index (RSI) is still giving positive signals, which may open up room for limited volatility without altering the main uptrend.

January 23rd, Futures News: Economies.com analysts' latest view: WTI crude oil futures prices rose during the session, attempting to recover some of the losses from the previous phase, and utilizing signs of continued selling pressure from the Relative Strength Index (RSI), particularly with the emergence of positive overlapping signals, providing temporary support for the intraday rebound. This upward trend still faces significant challenges. The price has broken below a minor upward trendline in the short term and remains below the 50-day moving average, increasing downward pressure and reducing the likelihood of a short-term price rebound. If the upward momentum weakens, the current gains may fluctuate or even decline. The expected trading range for today is between support at $58.70 and resistance at $60.50.

January 23rd, Futures News: Economies.com analysts' latest view: After recovering some lost ground, Brent crude oil prices fluctuated slightly during the session and successfully escaped the clearly oversold state on the Relative Strength Index (RSI), touching the 50-day moving average resistance level. However, due to the dominance of a short-term bearish correction wave, its gains have somewhat subsided, threatening the stability of the intraday upward movement and making it susceptible to potential signals.

On January 23, local time, the joint military and police investigation team in South Korea, which is investigating the "drone launch incident towards North Korea," issued travel bans to three suspects.

India's preliminary services PMI for January was 59.3, below the expected 58.5 and the previous reading of 58.

According to the Yomiuri Shimbun, Japanese automakers will launch an automotive semiconductor information sharing system.

The yield on Japan's two-year government bonds rose 2.5 basis points to 1.240%.

January 23 - Strategists say the yen's recent weakness is unlikely to be contained after the Bank of Japan (BOJ) kept interest rates unchanged as expected. Hiromi Ishihara, an analyst at Amundi Japan, stated: "The market is actually implying that current interest rates may be too low relative to current inflation levels. In the short term, we expect the yen to weaken further, but we also expect some government intervention. Therefore, I don't think there will be a disorderly sell-off in the yen, but I also don't think it will appreciate in the short term." Yujiro Goto, an analyst at Nomura Securities, said: "The message from the BOJ indicates that it is aware of the possibility of a rate hike in April. The market had already fully priced in a July rate hike prior to this meeting. Despite the hawkish signals, downward pressure on the yen remains ahead of the BOJ governor's press conference."

On January 23, Minister of Ecology and Environment Huang Runqiu wrote an article in *New Industrialization*, stating that expanding the supply capacity of green products will be a key focus in promoting green consumption. This includes building a green and low-carbon product standard, certification, and labeling system; promoting the integration of green design and manufacturing of consumer goods; and continuously increasing green procurement efforts. The article also encourages trade-ins of traditional consumer goods such as automobiles and home appliances. Furthermore, it emphasizes strengthening the promotion and application of resource-recycled and remanufactured products, improving the waste recycling system, and perfecting the waste material recycling network. Finally, it calls for cultivating a number of leading green supply chain enterprises and promoting the application of green supply chain management technologies, standards, and certifications.

On January 23, Minister of Ecology and Environment Huang Runqiu wrote an article in *New Industrialization*, stating that it is necessary to establish a carbon emission quota management system with clear expectations and transparency, and steadily promote a carbon emission quota allocation method that combines free and paid allocation. A wastewater and waste charging mechanism that covers costs and allows for reasonable profits should be established. The implementation of EOD projects should be steadily promoted, integrating pollution prevention and control projects with green industry development. A diversified investment mechanism for ecological protection and restoration should be established, and comprehensive ecological compensation should be promoted. A sound mechanism for realizing the value of ecological products should be established, supporting various regions in creating comprehensive demonstration models for realizing the value of ecological products, and transforming the ecological value of green mountains and clear waters into economic value according to local conditions.

On January 23, Minister of Ecology and Environment Huang Runqiu wrote an article in *New Industrialization*, stating that optimizing environmental impact assessment and approval services will facilitate the implementation of major projects. Strict environmental access controls will be enforced to resolutely curb the blind launch of high-energy-consuming, high-emission, and low-level projects. The deep integration of industrial digitalization, intelligentization, and green development will be promoted, and the upgrading of traditional industrial processes, technologies, and equipment will be vigorously advanced. Green and low-carbon transformation will be promoted in key sectors such as industry, urban and rural construction, transportation, and energy, and high-quality ultra-low emission transformation will be advanced in key industries such as steel, cement, and coking. A multi-energy approach, including wind, solar, hydro, and nuclear power, will be adopted, coordinating local consumption and external transmission to promote high-quality development of clean energy. The complementary and resilient capabilities of the power system will be comprehensively improved, pumped storage will be scientifically planned, new energy storage technologies will be vigorously developed, and the construction of smart grids and microgrids will be accelerated.

January 23 - Emerging market stocks, commodities, currencies, and precious metals continued their strong momentum at the start of 2026 as tensions between the US and Europe pressured the dollar and reignited talk of "selling America." Emerging market stocks accelerated their gains on Friday as risk sentiment remained supported by a framework agreement reached between the US and NATO allies regarding Greenland. Asian emerging market stocks rose 0.5%, on track for a new closing high. The MSCI Emerging Markets Latin America index reached its highest level since April 2018, while government bonds in some local currencies also hit new highs. Currencies such as the Brazilian real, Colombian peso, and Chilean peso have all risen more than 3% this year. Meanwhile, gold prices surged to a record high of nearly $5,000 per ounce. Katie Koch, CEO of TCW Group, said, "People are looking to diversify their investments and reduce their holdings of US assets; I would describe it as a quiet sell-off of US bonds." "I don't think there will be any major announcements; they're just looking for opportunities to diversify."

Xtep International (01368.HK): Xtep main brand retail sales growth (including online and offline channels) in the fourth quarter of 2025 was flat year-on-year; Xtep main brand retail sales growth (including online and offline channels) in 2025 was low single digits year-on-year.