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According to Saudi media Hadas, the Iranian Revolutionary Guard warned ships not to deviate from the "designated route" to South Lark Island.According to Al Arabiya satellite television: U.S. envoy Witkov has just arrived in Switzerland.On June 20th, according to the Suzhou Daily, on June 19th, Fan Bo, Secretary of the Suzhou Municipal Party Committee, and Wang Wei, Deputy Secretary of the Municipal Party Committee and Mayor, met with Liu Qiangdong, founder and Chairman of the Board of Directors of JD.com. Fan Bo stated that he hoped JD.com would play a leading role, continuously expand its business layout in Suzhou, deepen industrial collaborative innovation, help Suzhous high-quality products expand their market, and share development opportunities. Suzhou will continue to carry out the "Three Services" special campaign—serving enterprises, projects, industrial parks, and grassroots communities—to comprehensively create a first-class business environment that is market-oriented, rule-of-law based, and internationalized, providing optimal service guarantees for enterprise innovation and development, and jointly writing a new chapter of mutual benefit and win-win cooperation. Liu Qiangdong said that JD.com will fully leverage its comprehensive advantages in e-commerce logistics, artificial intelligence, digital technology, and health services, further increase its investment in Suzhou, actively contribute to Suzhous industrial transformation and upgrading and the improvement and expansion of its consumer market, and contribute more to Suzhous high-quality economic and social development.June 20th - According to Russian media reports, starting September 1st, the Russian government will impose an 8% export tax on certain diamonds in an effort to protect its domestic diamond cutting and processing industry. The policy stipulates that the Russian government will levy an 8% export tax on uncut and partially cut diamonds weighing between 0.45 carats and 10.8 carats, as well as diamonds of special sizes exceeding 10.8 carats. However, this measure will not apply to member states of the Eurasian Economic Union.On June 20, the Consulate General of the Peoples Republic of China in Mandalay issued a statement saying that recently, several Chinese citizens were arrested by Myanmar police after entering Myanmar through Mandalay Airport for illegally traveling to areas prohibited or restricted to foreigners. Simultaneously, several Chinese citizens using entry and exit permits to enter northern Myanmar through relevant land border crossings were also arrested by Myanmar police for suspected illegal entry while en route to other inland areas. The Consulate General of the Peoples Republic of China in Mandalay reminds Chinese citizens traveling to Myanmar to fully understand Myanmars national conditions and laws and regulations, and not to travel to areas prohibited or restricted to foreigners. They should also strictly abide by the scope of use of their travel documents, especially those entering Myanmar through China-Myanmar border crossings with entry and exit permits, who are limited to activities in relevant border cities on the Myanmar side and should not cross the border into inland areas to avoid violating Myanmar law.

As a result of hawkish RBA minutes, AUD/JPY surges to around 93.00

Alina Haynes

Feb 21, 2023 15:20

As the Reserve Bank of Australia's minutes revealed a hawkish stance, the AUD/JPY pair surged to near 93.00 during the Tokyo session (RBA). The RBA minutes make it plainly clear that higher interest rates are essential because robust consumer demand prevents the Australian inflation rate from decreasing from its peak.

 

According to the minutes, RBA members considered a 50 basis point (bps) increase in interest rates in light of the persistence of inflation. Members of the RBA also remarked that the unemployment rate is at its lowest point in the past fifty years and that the number of job opportunities is astronomically high, which is a source of happiness for consumers who are injecting surplus income into the economy.

 

Aside from this, the Australian economy benefited from improved trade terms and would benefit more from China's openness than a number of other countries. The Chinese government's relaxation of pandemic laws has expanded Australia's trading potential.

 

Philip Lowe, governor of the Reserve Bank of Australia, anticipates that the cash rate will climb to 3.75 percent over time, with headline inflation decreasing to 4.75 percent by the end of 2023 and returning to approximately 3 percent by the middle of 2025.

 

Previously, S&P Global reported upbeat preliminary Australian PMI (Feb) data. The Manufacturing PMI hit 50.1, above both the consensus forecast of 49.9 and the prior figure of 50.0. The Services PMI increased from 48.4 (estimated) and 48.8 to 49.2. (previously released).

 

About the Japanese Yen, Bank of Japan (BoJ) Governor Haruhiko Kuroda stated, "Due to labor demand and inflation, wage growth is predicted. The Japanese Yen has not notably reacted to the preliminary Jibun Bank PMI (Feb) statistics, which were mixed. The Services PMI has risen to 53.6, surpassing both the consensus expectation of 51.5 and the prior figure of 51.1. While the Manufacturing PMI has declined to 47.4 compared to expectations and the previous reading of 48.9, it remains above the 50-point threshold indicating expansion.


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