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On September 14th, it was learned that the State Administration for Market Regulation (CNMR) recently issued the "Announcement on Strengthening the Management of Certification Information Reporting and Certification Certificate Information Inquiry," outlining reforms to the management of certification information reporting and certification certificate inquiry. The "Announcement" clarifies the requirements for full-cycle information reporting. It stipulates that certification bodies must report relevant certification information to the CNMR within the prescribed time limits, achieving standardized and comprehensive information reporting for certification activities. Going forward, the CNMR will strengthen supervision and inspection of the implementation of the "Announcement," promoting certification bodies to strictly fulfill their responsibilities for information reporting and certificate inquiry services, and continuously enhancing the credibility of quality certification.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 4.6 occurred at 17:07 on September 14 near Mojiang County, Puer City, Yunnan Province (23.15 degrees north latitude, 101.61 degrees east longitude). The final result is subject to the official rapid report.The yield on 30-year UK government bonds reached 5.951%, the highest level since February 1998.On September 14, Irans Persian Gulf Straits Authority issued a notice updating its list of violating vessels, bringing the total number on the list to 77. These vessels will face restrictions on future passage, including fines, impoundment, or confiscation. Insurance companies, P&I clubs, and classification societies are warned not to provide services to these vessels to avoid any consequences arising from doing business with them.September 14th - It is understood that the weighted average interest rate of newly issued corporate loans in August this year was slightly lower than 3%, about 0.2 percentage points lower than the same period last year; the weighted average interest rate of newly issued personal housing loans was 3.1%, and the yield to maturity of 5-year AAA-rated corporate bonds was 1.73%, both at historical lows.

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.