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On September 12, local time, President Xi Jinping met with Indian Prime Minister Narendra Modi in New Delhi, India, on the afternoon of the 18th BRICS Summit. Xi Jinping shared four points on promoting the steady and long-term development of China-India relations. First, aligning with an objective and rational strategic understanding. China and India are partners, not rivals, and opportunities, not threats, for each others development. This strategic judgment is based on the development stages of both countries and the international environment, and is in the common interest of both countries and their people. Second, achieving mutual success through win-win cooperation. Both sides should focus on development as the greatest common denominator, strengthening friendly exchanges and mutually beneficial cooperation. Expanding cooperation in areas such as people-to-people exchanges and direct flights will effectively improve the public opinion foundation for bilateral relations. Balancing and addressing each others economic and trade concerns will promote the healthy and stable development of bilateral economic and trade relations. Third, eliminating interference with the political wisdom of mutual respect and understanding. Both sides should be committed to advancing bilateral relations and border issues on a dual-track approach, promoting mutual progress, and maintaining peace and tranquility in border areas. Fourth, benefiting the world through open and inclusive multilateral cooperation. We will support each other in serving as BRICS chairs, strengthen cooperation within multilateral frameworks such as the United Nations, the Shanghai Cooperation Organisation, and the G20, work together to address global challenges, and resolutely defend international fairness and justice.September 12 - According to the website of the China Maritime Safety Administration, the Dalian Maritime Safety Administration issued a navigation warning that from 16:00 on September 13 to 16:00 on September 27, military operations will be carried out in parts of the Bohai Strait and the northern Yellow Sea, and entry is prohibited.Anthropic co-founder and CEO: Proposed that leading AI companies in democratic countries coordinate to establish common safety standards.Anthropic co-founder and CEO: Proposes that every leading AI company commit to providing continuous, staff-like access to a resident team of third-party evaluators.Anthropic co-founder and CEO: Proposes that the US and other democratic governments try to coordinate with other governments.

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.