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June 18 - Ship tracking data from an international shipping information platform showed that three Saudi-flagged oil tankers carrying a total of 6 million barrels of crude oil passed through the Strait of Hormuz on the 18th.On June 18th, it was reported that on June 17th, the General Office of the Anhui Provincial Peoples Government officially issued the "Anhui Province Low Altitude+ Application Scenarios Expansion Project Action Plan (2026-2028)," clarifying the provinces three-year work goals, key tasks, and promotion measures for the low-altitude economy. According to the plan, by 2028, Anhui Province aims to achieve 5 million hours of annual low-altitude flight time, gather over 300 low-altitude operation companies, and cumulatively build 100 low-altitude application demonstration scenarios, forming a development model that is safe, commercially sustainable, and easily accepted by the public.On June 18th, the Sichuan Provincial Development and Reform Commission issued the "Several Policy Measures of Sichuan Province to Support Green and Low-Carbon Development." Among them, it proposes to support interest subsidies for equipment renewal loans. For eligible equipment renewal loans, in addition to the central governments 1.5 percentage point interest subsidy, extra interest subsidies will be provided through ultra-long-term special treasury bonds as stipulated. For eligible "technological upgrading loans" and "equipment renewal loans," a provincial government interest subsidy of 1.5% per annum will be provided for a period not exceeding one year. Multiple technological upgrading or equipment renewal loans implemented by a single enterprise can be consolidated and submitted together, with a maximum annual provincial government interest subsidy of 5 million yuan per enterprise. Banks are encouraged to proactively apply for interest subsidy funds and promptly disburse them to enterprises, reducing their financing costs for equipment renewal.On June 18, the Sichuan Provincial Development and Reform Commission issued the "Several Policy Measures of Sichuan Province to Support Green and Low-Carbon Development." The measures propose guiding financial institutions to launch green and low-carbon transformation financial products and services. Focusing on 10 industries, including steel, coal power, building materials, ceramics, textiles, petrochemicals, chemicals, aluminum, water transportation, and agriculture, diversified financial services and policy support will be provided to entities financing transformation. Cities and prefectures with suitable conditions are encouraged to expand the coverage of green finance fiscal-financial interaction policies and provide fiscal subsidies for transformation financial activities. The progress of financial institutions transformation finance activities will be included in the Peoples Bank of Chinas green finance assessment.On June 18th, the Sichuan Provincial Development and Reform Commission issued the "Several Policy Measures of Sichuan Province to Support Green and Low-Carbon Development." Among them, it proposes to implement incentives for the clean utilization of coal. Support will be provided for projects involving efficient and clean coal utilization, large-scale extraction and utilization of coalbed methane (mine gas), utilization of ultra-low concentration methane (below 8%), utilization of waste heat and pressure, industrialization of coal-based clean fuels and high-end materials, resource utilization and near-zero emission projects of bulk solid waste in mining areas, and smart energy management and new energy coupling construction projects in mining areas. Provincial budgetary basic construction investment will provide subsidies to eligible projects at a rate not exceeding 30% of the total investment of a single project, with a maximum subsidy of 20 million yuan per project.

According to Bailey of the BOE, the GBP/USD is under pressure at its two-year low of 1.1900

Alina Haynes

Jul 12, 2022 14:41

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Following a test of the two-year bottom at 1.1845 the day before, GBP/USD bears tinker with the 1.1900 level during Tuesday's Asian session. Recent losses for the Cable pair may be related to British political developments and concerns of a recession.

 

Following Boris Johnson's ouster, a number of well-known British officials are vying for the presidency, including former chancellor Rishi Sunak, foreign secretary Liz Truss, and current UK finance minister Nadhim Zahawi. Although Brexit is the main element supporting the candidate, tax cuts are being emphasized as the promise to win over supporters.

 

According to a survey of the retail sector, which was released on Tuesday by Reuters, British customers cut down on their purchases for the third month in a row, and sales volumes fell by the most since the COVID-19 outbreak.

 

The Bank of England's Andrew Bailey told Reuters that "the United Kingdom is facing a very substantial real income shock." Due to the nation's economic unease, the news also puts negative pressure on the GBP/USD exchange rate.

 

On a larger scale, fears of an economic downturn were exacerbated by historically high US inflation forecasts and comments from US leaders foreseeing future suffering, which fueled the risk-averse mood and pulled down the GBP/USD currency rate. Despite this, a research by the New York Federal Reserve found that one-year inflation estimates in the US rose to a record high of 6.8 percent in June from 6.6 percent in May. Expectations of Fed aggression, which were earlier reinforced by the most recent US job statistics, are another factor adding to the market doom. While the unemployment rate held stable at 3.6 percent, the US Nonfarm Payrolls (NFP) expanded by 372K in June, above projections of 268K and a downward adjustment of 384K.

 

In this setting, equities continued to decline, while US Treasury rates showed no signs of abating. S&P 500 Futures also keep an eye on Wall Street losses as of publication.

 

For traders of the GBP/USD pair, Governor Bailey of the Bank of England's second round of testimony will be essential. However, risk factors including political events and inflationary concerns will be the major emphasis.


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