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July 31st – “Willing to reserve the city’s best resources and optimal environment for innovation.” At a press conference held by the Anhui Provincial Government on the morning of the 31st, reporters learned that Hefei City will continue to prioritize science and technology, uphold its industrial development strategy, strengthen the leading role of enterprises in innovation, and further improve its innovation ecosystem to stimulate innovation vitality. Zhang Quan, Mayor of Hefei Municipal People’s Government, introduced that Hefei City adheres to leading the development of new-quality productivity through scientific and technological innovation, willingly reserving the city’s best resources and optimal environment for innovation. The city’s total R&D investment intensity reached 4.11%, ranking 12th among global research cities and 39th among “science and technology clusters.” He stated that scientific and technological innovation is a distinctive characteristic of Hefei and its core competitive advantage. Looking towards the “15th Five-Year Plan,” Hefei City will focus on the transformation of scientific and technological achievements, accelerating the resolution of the problem of the innovation chain and industrial chain being “difficult to connect,” while fully participating in the joint construction of the Shanghai (Yangtze River Delta) International Science and Technology Innovation Center and serving and supporting the substantive reform of Hefei Binhu Science City.Frances July harmonized CPI rose 0.6% month-on-month, below the expected 0.30% and the previous reading of -0.30%.Frances preliminary July CPI annual rate was 2.1%, below the expected 1.80% and the previous value of 1.80%.Frances preliminary CPI monthly rate for July was 0.6%, below the expected 0.30% and the previous reading of -0.30%.Frances PPI fell 0.6% month-on-month in June, with the previous figure revised from -0.30% to -0.2%.

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.