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On May 22, the China Securities Regulatory Commission (CSRC) and eight other departments jointly issued the "Implementation Plan for Comprehensive Rectification of Illegal Cross-border Securities, Futures, and Fund Operations." The plan outlines a two-year concentrated rectification period to clean up existing illegal businesses. During this period, overseas institutions are prohibited from illegally providing services such as buying and selling, and transferring funds into China for existing investors; only one-way selling and fund transfers are permitted. After the concentrated rectification period, overseas institutions will completely shut down their websites, trading software, and related services in China, and will be prohibited from illegally providing trading services to existing investors within China.The China Securities Regulatory Commission and eight other departments announced that, after two years of concentrated efforts, measures to eliminate illegal cross-border business activities include prohibiting overseas institutions from conducting marketing and solicitation activities related to securities, futures, and fund businesses in China, as well as providing related account opening, transaction order processing, fund transfer, and other trading services. Domestic entities are also prohibited from assisting overseas institutions in illegally conducting marketing and trading services, and from providing them with website and trading software development and operation, customer service, etc.On May 22, the China Securities Regulatory Commission (CSRC) and eight other departments jointly issued the "Implementation Plan for Comprehensive Rectification of Illegal Cross-border Securities, Futures, and Fund Management Activities." The overall requirement of the plan is to completely eliminate illegal cross-border operations by overseas securities, futures, and fund management institutions after two years of concentrated rectification, achieving the rectification goal of "resolutely eliminating illegal activities and steadily clearing existing ones." The targets of the rectification include overseas institutions illegally operating securities, futures, and fund businesses across borders; domestic affiliates or partners assisting overseas institutions in illegal cross-border operations; illegal intermediaries soliciting domestic investors; and internet platforms and online self-media that illegally publish information. Illegal cross-border operations by overseas institutions will be banned according to law, and violations of laws and regulations concerning foreign exchange management, anti-money laundering, cybersecurity and information management, and personal information protection by relevant entities will also be included in the rectification scope.Ukrainian President Zelensky: Ukraine attacked an oil refinery in Yaroslavl, Russia.May 22 - A survey released on Friday showed that German business sentiment unexpectedly rose in May, offering a glimmer of hope for Europes largest economy. The IFO Institute stated that its business sentiment index rose to 84.9 from a revised 84.5 last month, while analysts had previously expected it to fall to 84.2. Since the pandemic, the German economy has struggled to regain growth momentum, as increasing competition and higher energy prices have put pressure on its export-driven model. The surge in energy prices triggered by the Iran-Iraq war poses a further threat to its long-awaited recovery.

NZD/USD finds support near 0.6220; a decline appears more probable due to China's Covid concerns

Alina Haynes

Nov 28, 2022 15:04

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China's anti-Covid shutdown protests have weakened commodity-linked currencies, resulting in a gap-down start of roughly 0.6220 for the NZD/USD pair. During the previous week, the New Zealand dollar dropped after failing to surpass the round-level barrier of 0.6300.

 

Individuals have taken to the streets in China to demonstrate their opposition against the zero-tolerance policy, leading to a rise in civil unrest. Due to Chinese leader Xi Jinping's conservative posture and authoritarian framework, global markets have become more risk-averse. This has created an economic expansion risk and may worsen the already shaky housing market. Increasing apprehensions about societal risks may also result in political instability, which may have long-lasting detrimental effects on economic structure.

 

Notably, New Zealand is one of China's most important trading partners, and instability in China could damage the New Zealand Dollar.

 

In the meantime, the US Dollar Index (DXY) is profiting from investors' liquidity as the demand for safe-haven assets surges. The USD Index is hovering around 106.20 and attempting to reduce volatility as China's anti-locking protests restrict the upside and predictions of a slowdown in the Federal Reserve's larger rate hike cycle limit the downside (Fed).

 

S&P500 futures are under heavy pressure from market players due to a risk-averse market mentality. In anticipation of Fed chief Jerome Powell's address on Wednesday, yields on 10-year US Treasuries have decreased to approximately 3.68 percent. The Fed Chair's speech could dispel suspicions about a pause to the Fed's current rate-hiking program.