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February 3rd - The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3rd at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the "Government Work Report." The report stated that Shanghai will intensify its efforts to implement policies supporting enterprises in stabilizing and expanding employment, and promoting entrepreneurship to drive job creation. It will also strengthen employment assistance for key groups such as college graduates and those facing employment difficulties, aiming to create over 600,000 new urban jobs. The report also outlines the exploration of a mechanism to assess and address the impact of artificial intelligence technology applications on employment.February 3rd - The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3rd at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the "Government Work Report." The report revealed that Shanghai will optimize its fertility support policies and incentive measures this year. A new round of child-friendly city construction initiatives will be launched, the overall quality of kindergartens will be improved, and inclusive childcare and integrated childcare services will be vigorously developed.February 3 – The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3 at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the Government Work Report. The report stated that this year, the city will advance the strategy of driving development through major cultural industry projects, improve the mechanism for cultivating cultural enterprises, refine support policies for the construction of cultural and creative parks and the integration of culture and technology, continuously enhance the capabilities of cultural industries such as film and television production, performing arts, creative design, and ultra-high-definition media, and cultivate and expand new cultural formats such as micro-dramas and metaverse.February 3rd - The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3rd at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the "Government Work Report." The report indicated that this year, the city will further implement urban renewal initiatives. Efforts will be made to accelerate, expand, and improve the efficiency of urban village renovation projects, fully launch overall renovation projects, and make every effort to ensure the resettlement of village residents. 200,000 square meters of old housing will be renovated into complete apartments.February 3rd - The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3rd at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the "Government Work Report." The report stated that this year, the city will further implement the "Artificial Intelligence+" action plan, strengthen the construction and deployment of computing power facilities, industry corpora, and vertical models, promote the widespread application of next-generation intelligent terminals and intelligent agents, accelerate the intelligent transformation of key industries, add more than 50 advanced intelligent factories, and actively cultivate new intelligent-native models and new business forms.

AUD/JPY declines below $90.00 as market focus shifts to China's official PMI data

Daniel Rogers

Dec 30, 2022 11:32

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The AUD/JPY pair has abandoned the psychological support at 90.00 during the Asian session. As a spike of Covid-19 instances in China drives other countries to implement severe safety procedures for Chinese immigrants, the risk barometer has detected a sell-off. An increase in the number of Covid cases in China has a negative impact on the Australian currency, since more supply chain disruptions may limit trade activity.

 

In an effort to alleviate supply chain constraints, the declaration that China will reopen in January 2023 has generated new difficulties. Major nations are requiring negative Covid reports on Chinese immigration in order to safeguard themselves from the outbreak. During a briefing on Thursday, the head epidemiologist at China's Center for Disease Control and Prevention (CDC) warned that Covid is expected to spread over the holiday season.

 

In addition to the Covid scenario, investors are concerned about China's official PMI data, which will be revealed next weekend. The consensus forecast for the Manufacturing PMI from the National Bureau of Statistics (NBS) is 49.2, up from the previous reading of 48. Non-Manufacturing PMI is forecast to outperform the previous report by a wide margin, as the current economic data is anticipated to be 51,4 versus 46,7.

 

Australia is China's most important trading partner, and economic uncertainty in China leads the Australian Dollar to fluctuate.

 

The Japanese Yen is gaining ground in Tokyo despite the beginning of funds-supplying operations against pooled collateral by the Bank of Japan (BoJ) on Thursday. On January 4, the Bank of Japan will provide around one trillion yen at zero percent interest.