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On April 15th, the National Energy Administration (NEA) held a meeting on April 10th to advance the regional hydrogen energy pilot program. The meeting comprehensively reviewed the pilot programs progress, focused on key challenges and difficulties, and outlined key tasks for the next stage to accelerate the development of the future hydrogen energy industry. Song Hongkun, member of the NEAs Party Leadership Group and Deputy Director, attended the meeting and delivered a speech. The meeting emphasized the need to strengthen technological innovation, promote the transformation of advanced technological achievements and the demonstration application of the first (set) of equipment. It also stressed the importance of accelerating institutional reforms and boldly promoting innovation in mechanisms such as hydrogen energy trading and green certification. Furthermore, the meeting called for increased policy support and strengthened resource guarantees. It emphasized the need to enhance coordination and collaboration among pilot projects, adopt a holistic approach, solidify responsibilities among all parties, and consolidate development efforts. The goal is to leverage the solid achievements of the regional hydrogen energy pilot programs to provide strong support for ensuring national energy security, promoting the green and low-carbon transformation of energy, and accelerating the construction of a modern industrial system.On April 15, the State Council Taiwan Affairs Office held a regular press conference. In response to Lai Ching-tes recent remarks concerning the US, spokesperson Chen Binhua stated that faced with our powerful strength to safeguard national sovereignty and territorial integrity, no matter how much budget the Lai Ching-te administration allocates or how many weapons it purchases, it is overestimating its own capabilities and attempting to break a rock with an egg. It cannot change, and will even accelerate, the inevitable defeat of "Taiwan independence."On April 15th, the General Office of the State Council issued the "Opinions on Improving the Drug Price Formation Mechanism." This morning, the State Council Information Office held a policy briefing. Shi Zihai, Deputy Director of the National Healthcare Security Administration, stated that the healthcare security department will continue to emphasize the primary responsibility of enterprises for ensuring supply and quality. Enterprises experiencing supply or quality problems will have their winning bids disqualified and be included in a list of violators, with their bidding eligibility restricted for a period of time. We will also continue to cooperate with drug regulatory authorities to strengthen quality supervision of drugs selected through centralized procurement. We also welcome medical institutions and medical personnel to report adverse drug reactions through formal channels, ensuring safer and more reliable medication for the public.On April 15th, HarmonyOS announced that its spring new product launch event will be held on April 22nd, and pre-orders for its first MPV model, the Zhijie V9, will begin on the same day.Toyota and Isuzu have reached an agreement to jointly develop small fuel cell trucks.

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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