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July 23 – The "15th Five-Year Plan for the Revitalization and Development of Traditional Chinese Medicine" was released today, comprehensively outlining the work plan for traditional Chinese medicine during the 15th Five-Year Plan period. The plan clarifies the guiding principles, development goals, and indicators for comprehensively promoting the development of traditional Chinese medicine during this period. The plan proposes that by 2030, a more complete traditional Chinese medicine service system covering the entire population and the entire life cycle will be established; new breakthroughs will be achieved in the prevention and treatment of major diseases using traditional Chinese medicine; the quality of grassroots services will be improved and upgraded; basic research capabilities will be significantly enhanced; the innovation and creativity of the traditional Chinese medicine industry will be greatly strengthened; and the cultural and international influence of traditional Chinese medicine will be further enhanced. The revitalization and development of traditional Chinese medicine will reach a new level, ensuring that everyone has access to traditional Chinese medicine services.On July 23, according to Qichacha APP, Chengdu Jisu Engine Technology Co., Ltd. was recently established, with a business scope including natural science research and experimental development; engineering and technology research and experimental development; and agricultural science research and experimental development. Qichachas equity penetration analysis shows that the company is indirectly wholly owned by Douyin Co., Ltd.July 23 – Mizuho Securities economist Yusuke Matsuo stated that Bank of Japan Governor Kazuo Ueda is expected to reiterate his stance of seeking further interest rate hikes at next weeks press conference, but this is unlikely to reverse the yens weakening trend. "The market has largely priced in the Bank of Japans expectation of raising interest rates every six months, so such a statement alone is unlikely to significantly boost the yens exchange rate. Given market expectations that the central bank will clarify the timing and magnitude of the next rate hike, any stance interpreted as dovish could exacerbate the yens weakness in an environment of overall dollar strength." The market widely expects the Bank of Japan to keep its policy rate unchanged at 1% next week to assess the impact of the previous rate hike.On July 23, the China Federation of Logistics and Purchasing released the "2026 Digital Procurement Development Report." According to the report, the penetration rate of digital procurement among Chinese enterprises continues to increase, creating conditions for full-cycle digital management from bidding and tendering to procurement and contract fulfillment. Overall, my countrys total digital procurement volume reached 23.2 trillion yuan in 2025, with a digital penetration rate of 11.8%, an increase of 0.3 percentage points from the previous year. Since 2022, the penetration rate of digital procurement has increased year by year. Enterprise surveys show that in terms of large-scale models and intelligent agent applications, AI applications in 20 scenarios across eight stages of bidding and tendering are gradually being implemented, and the penetration rate of AI applications in procurement e-commerce exceeds 50%.Southern Securities double-leveraged long position in Hynix (07709.HK) surged over 10%, while Southern Securities double-leveraged long position in Samsung Electronics (07747.HK) rose over 8%.

Outlook for the Australian Dollar: RBA Action Does Little to Boost AUD

Alina Haynes

May 09, 2022 10:27

Following rate decisions from the RBA and the Federal Reserve, the Australian Dollar oscillated erratically over the course of the week. Wednesday and Thursday saw daily AUD/USD movements of more than 2 percent in opposing directions.

 

The clear message for the Australian Dollar is that it remains susceptible to fluctuations in the US Dollar.

 

The core underpinnings of the Australian economy remain robust. Public and private debt levels are quite manageable. This week's announcement of the trade balance (+9.3 billion AUD) underlined the strength of exports. The unemployment rate is at an all-time low of 4 percent, and economic growth is robust.

 

As the US Dollar adjusts to a Federal Reserve that is finally tightening monetary policy at breakneck pace to rein in skyrocketing inflation, none of this matters for the AUD/USD.

 

While the Reserve Bank of Australia (RBA) raised rates by 25 basis points (bp) on Tuesday, as anticipated in this column over a month ago, the Federal Reserve raised the stakes by 50 bp on Wednesday.

 

Fed Chair Jerome Powell effectively ruled out futures price increases of 75 basis points, causing the USD to weaken as the market had anticipated such increases.

 

The Dollar reversed course the following day after former Vice Chair Richard Clarida appeared to return to the super hawk position by stating, "Getting to neutral quickly will not be sufficient." AUD/USD was swept up in the turmoil.

 

The USD/CNY was permitted to fall to its lowest level since November 2020 prior to the weekend, which could have implications for the broader currency markets. If the currency of the second-largest economy in the world continues to erode against the US dollar, the dollar's strength may become even more widespread.

 

Consequently, the AUD/USD pair is in a vulnerable position as it trades near 18-month lows. The upcoming week will be dominated by Fed speakers. Any increase in hawkish rhetoric could lead to another jump in US Dollar strength, exposing AUD to losses.

 

The graph below illustrates the sensitivity of the Australian dollar to changes in the US dollar.

Index AUD/USD against US Dollar (DXY)

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