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June 14th - This morning, the Songjiawan Downward Tunnel and the Pujia Gou Upward Tunnel, two key connecting tunnels located at Lezhi Station in Ziyang, Sichuan Province, were successfully completed, marking a crucial breakthrough in the hub connection project between the Chengdu-Chongqing Central Line High-Speed Railway and the Chengdu-Dazhou-Wanzhou High-Speed Railway. Lezhi Station is a newly built station and the only hub station connecting both high-speed railways simultaneously. The two connecting tunnels link the main lines towards Chengdu and Chongqing respectively, providing convenient conditions for trains to cross lines and turn around for traffic congestion relief.June 14th - According to US sources on the 13th, a US military fighter jet crashed on a mountain in Washington state, triggering a wildfire. The pilot ejected safely. It is understood that the F/A-18 Super Hornet fighter jet, belonging to the US Marine Corps, was conducting "routine training" before the crash.On June 14, it was reported that on June 13, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, held talks with Mongolian Foreign Minister Battsetseg in Ulaanbaatar. Wang Yi emphasized that China is willing to work with Mongolia, under the strategic guidance of the two heads of state, to continue efforts towards building a community with a shared future of peaceful coexistence, mutual assistance, and win-win cooperation. Chinas foreign policy has always maintained continuity and stability, and China is willing to continue to be a trustworthy and reliable partner for Mongolia, providing sustainable support for Mongolias development and revitalization. Chinas 15th Five-Year Plan provides a comprehensive plan for high-quality development over the next five years and also offers the world a list of opportunities. The Chinese and Mongolian economies are highly complementary, and strengthening the alignment of development strategies is conducive to expanding cooperation areas, tapping cooperation potential, and promoting the economic and social development of both countries. China is willing to work with Mongolia to jointly build the Belt and Road Initiative with high quality, expand economic and trade cooperation, promote the improvement and increase of cooperation in various fields, and achieve more tangible results.June 14th - According to the China State Railway Group, from January to May this year, the national railway system transported a total of 1.67 billion tons of freight, with daily loading volume reaching a record high. Data released by the China State Railway Group shows that in the first five months, the national railway system transported a total of 1.67 billion tons of freight, a year-on-year increase of 1.8%; the average daily loading volume was 186,300 wagons, a year-on-year increase of 2.8%, with 202,400 wagons loaded on May 2nd, setting a new record for daily loading volume.According to Fox News: A senior U.S. government official said he believes an excellent and strong agreement has been reached.

AUD/JPY remains around 95.00, and a greater policy difference between the RBA and BOJ is likely

Alina Haynes

Sep 02, 2022 14:46

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The Australian Dollar/Japanese Yen exchange rate has been volatile during the Tokyo trading session, moving in a slightly wider range of 94.77-95.20. In the meantime, investors have been watching the asset's price closely ahead of next week's monetary policy decision by the Reserve Bank of Australia (RBA). The cross has shown a sideways auction over the previous two trading sessions despite the issuance of a dismal Caixin Manufacturing PMI.

 

Following a downward revision, economic indicators now stand at 49.5, which is lower than both the prior report of 50.4 and the consensus expectation of 50.2. Fears of a recession have been exacerbated by the Chinese government's lockdown restrictions in the face of a rebound in Covid-19 cases.

 

As China's largest trading partner, Australia could feel the effects of China's weak economic performance if the latter continues to struggle.

 

Policy divergence between the Reserve Bank of Australia and the Bank of Japan could widen after next week's RBA interest rate announcement (BOJ). RBA Governor Philip Lowe is expected to announce a fourth consecutive 50 basis point rate hike in light of mounting inflationary pressures in the Australian economy (bps). To account for this possibility, the OCR will go up to 2.35 percent.

 

In the meantime, the weak yen is causing rising import prices in Japan. The private sector faces headwinds from expensive inputs, which significantly impact margins. Positive Retail Trade figures this week did not help the Japanese yen. Compared to the predicted 1.9% and the prior announcement of 1.5%, annual retail sales jumped dramatically to 2.4%.

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