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On August 9th, Bruneis Muara Port Company Limited announced that the expansion project of the Muara Port container terminal is progressing steadily and is expected to be completed on schedule by the end of 2027. According to the company, the project plans to add new shoreline and container berths within the port, and will renovate and upgrade the existing container terminal and multi-purpose wharf in the future. This will significantly increase the ports container handling capacity and better serve Bruneis economic and trade development and the joint construction of the "Belt and Road" cooperation.On August 9th, the Baotou Municipal Joint Investigation Team issued a report stating that in response to recent public concern regarding the talent recruitment of the Baotou Lecturer Corps, the city established a joint investigation team composed of the Municipal Commission for Discipline Inspection and Supervision, the Municipal Party Committee Organization Department, and other departments to conduct a comprehensive investigation. The teams conclusions and handling results are now reported as follows: The investigation revealed issues such as the use of personal connections, inadequate supervision, and irregular decision-making procedures in the recruitment of talent for the Lecturer Corps. Based on the results of the investigation, the results of the 2025 Lecturer Corps recruitment exam were deemed invalid. The principal person in charge of the Lecturer Corps was dismissed from his post in accordance with relevant regulations and disciplines, and was given a serious warning within the Party and a demotion. Furthermore, the person in charge of the talent recruitment was given a warning and admonishment.British police have arrested more than 50 people who took part in protests organised by Palestine Action, a group that was banned by British lawmakers in July under counter-terrorism legislation.Ukrainian President Zelenskyy: I spoke with French President Macron. We exchanged views on the diplomatic situation. Ukraine, France, and all our partners are ready to work as productively as possible for a genuine peace. Its important that the Russians stop deceiving anyone. We all need to truly end the war and establish a reliable security foundation for Ukraine and other European countries.Ukrainian President Zelenskyy: We also discussed with the Danish Prime Minister the work being done towards EU accession, as well as the progress being made by Ukraine and Moldova on this path.

Before the PBoC's monetary policy announcement, AUD/JPY recovers strongly from 92.00

Alina Haynes

Feb 20, 2023 11:14

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Despite a difficult start to the Tokyo session at 92.10, the AUD/JPY pair has gained momentum. The risk barometer has recovered to approximately 92.30 and is expected to continue its upward trend in the near future. Ambassador Linda Thomas-Greenfield, the US representative to the United Nations, declared on Sunday that China would cross a "red line" if it sent lethal military help to Russia in response to its invasion of Ukraine.

 

According to Reuters, recent news from public broadcaster NHK that Japan's Coast Guard said North Korea fired three projectiles that may have been ballistic missiles has compounded the already negative market sentiment.

 

When the United States conducted bilateral air exercises with South Korea and Japan in response to the North's ICBM launch on Sunday, Kim Yo Jong, the sister of North Korean leader Kim, warned against the escalating deployment of U.S. strategic weapons on the Korean peninsula.

 

Investors await the People's Bank of China's interest rate announcement for additional guidance (PBoC). Eight out of 10 economists, according to a Reuters poll published on February 17, believe that the PBoC would retain the Loan Prime Rate (LPR) at 3.65%. After the abolition of currency restrictions, China is required to maintain an expansionary monetary policy to stimulate economic growth.

 

Bloomberg stated that Goldman Sachs predicts the MSCI China Index could reach 85 by the end of 2023, a nearly 24% increase from current levels, as the nation's economic opening generates windfall advantages for corporations.

 

Notably, Australia is a major trading partner of China, and the increased economic activity in China will benefit the Australian Dollar.

 

On Tuesday, preliminary Jibun Bank PMI (Feb) data will be released, which will have a substantial impact on the Japanese Yen. The Manufacturing PMI is expected to remain constant at 48.9, whilst the Services PMI is expected to increase from 51.1 to 51.5.

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