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On June 2nd, the General Office of the Shanghai Municipal Peoples Government issued a notice entitled "Several Opinions on Deepening the Construction of Shanghai as a Global Asset Management Center." The notice mentions promoting the optimization of the Qualified Foreign Institutional Investor (QFII) system and orderly expanding the range of futures and options products that qualified foreign investors can trade. It also calls for continuously optimizing the Shanghai Qualified Foreign Limited Partner (QFLP) pilot program, improving the "one-stop service" for entity establishment, and enhancing the level of facilitation for cross-border investment. Furthermore, it supports eligible asset management institutions in leveraging the Qualified Domestic Institutional Investor (QDII) business to orderly meet investors cross-border investment needs. Finally, it aims to improve the efficiency of the Qualified Domestic Limited Partner (QDLP) pilot quota utilization and promote the recycling of pilot quotas.On June 2nd, the General Office of the Shanghai Municipal Peoples Government issued a notice entitled "Several Opinions on Deepening the Construction of Shanghai as a Global Asset Management Center." The notice mentions supporting the listing and mergers and acquisitions of technology-based enterprises with strong scientific and technological innovation attributes to improve the technological content and asset quality of equity assets. It also calls for expanding the scale of free trade zone offshore bonds, magnolia bonds, panda bonds, and science and technology innovation bonds to promote the balanced development of bond assets. Furthermore, it supports qualified asset management institutions to participate in real estate investment trusts (REITs) business, aiming to make Shanghai the preferred location for REITs product issuance and trading nationwide. Finally, it promotes expanding the application of supply chain bills, accelerating the development of real estate trusts and equity trusts, and optimizing the supply of alternative assets.On June 2nd, the General Office of the Shanghai Municipal Peoples Government issued a notice entitled "Several Opinions on Deepening the Construction of Shanghai as a Global Asset Management Center." The notice states that, in order to further promote high-quality development in Shanghais asset management sector, strengthen the dual-engine drive of asset management and wealth management, accelerate the internationalization of the RMB, facilitate diversified allocation of domestic and overseas assets, enhance Shanghais global RMB asset allocation and risk management functions, and effectively strengthen the competitiveness and influence of Shanghai as an international financial center, the goal is to achieve Shanghais asset management scale of 55 trillion yuan by 2030, accounting for one-third of the national total.Turkish Automobile Manufacturers Association: May car sales fell 22.55% year-on-year, and sales from January to May fell 7.40% year-on-year.Switzerlands April trade balance will be released in ten minutes.

As Japan plans a Cabinet reshuffle, GBP/JPY is aiming for a two-week high near 169.00

Alina Haynes

Nov 22, 2022 15:03

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During the Tokyo trading session, the GBP/JPY pair has extended its recovery and is seeking to cross the 168.00 threshold. As market sentiment improves, the cross approaches a two-week high close to 169.00. Despite projections of a slower pace of rate hikes by the Bank of England, the British pound is expected to continue its upward trajectory (BOE).

 

The public is still arguing if the Autumn Statement has restored confidence and capability in the UK's economic prospects or has worsened the forecasted picture.

 

Shell, a provider of renewable energy and energy solutions, is reconsidering its expansion plans in the British energy market after the incoming UK government announced windfall taxes. Prime Minister Rishi Sunak and Chancellor Jeremy Hunt increased the tax rate from 25% to 35% in the long-awaited "memorial service for Trussonomics."

 

The expanded tax mentioned in the Chancellor's Autumn Statement is leading Shell to reconsider a number of ongoing projects, including North Sea investments and renewable energy programs, according to David Bunch, chairman of Shell UK.

 

UOB economists maintain their prediction of a 50 basis point (bps) change in the United Kingdom's interest rate at its monetary policy meeting in December. They feel the BOE still has work to do, given that Hunt has decided to delay the majority of the severe repercussions of fiscal consolidation, which means fiscal policy will do little to combat inflation."

 

Prime Minister Fumio Kishida of Japan told Mainichi that investors in Tokyo are becoming anxious because the Japanese government expects to reshuffle its Cabinet before the end of the year. This may result in a period of Japanese yen volatility. On the economic front, Thursday's release of the PMI results is anticipated by investors. The Jibun Bank Manufacturing PMI is considered stable at 50.7. While Services PMI is expected to decline significantly to 53.1%, Manufacturing PMI is expected to climb marginally to 54.2%.

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