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On June 4th, Shi Xiaolin, Deputy Secretary of the Sichuan Provincial Party Committee and Governor of Sichuan Province, met with Shi Dai, General Manager of China Merchants Group, and his delegation in Chengdu. Both sides discussed implementing the "15th Five-Year Plan" development requirements, seizing major opportunities such as the construction of the Chengdu-Chongqing economic circle, leveraging the advantages of China Merchants Group as an international, comprehensive central enterprise, and actively planning a new round of strategic cooperation in areas such as technological innovation, industrial upgrading, open hub development, and peoples livelihood. They exchanged views and discussed key areas of cooperation, including promoting the transformation of scientific and technological achievements, the integration of transportation, logistics, and digital networks, urban renewal and the construction of "good houses," and the development of science and technology services. They also discussed jointly addressing five key areas of financial development, enhancing the ability to serve the real economy, helping Sichuan enterprises to "go global," and achieving more practical cooperation results. The goal is to jointly serve national strategies and promote high-quality development in Sichuan.On June 4, Ministry of Commerce spokesperson He Yong, in response to a question about the USs proposed tariffs on economies accused of forced labor, stated at a regular press conference that Chinas position on the Section 301 investigation is consistent. China opposes all forms of unilateral restrictive measures, including a series of trade restrictions imposed on China under the pretext of "forced labor," and has repeatedly expressed its firm stance on this matter. We urge the US to work with China to jointly safeguard the stability of China-US economic and trade relations.On June 4, at a regular press conference held by the Ministry of Commerce, spokesperson He Yongqian, in response to a question regarding the U.S. Department of Commerces efforts to close so-called "regulatory loopholes" in the semiconductor industry, stated that in recent years, the U.S. has repeatedly abused export controls under the pretext of national security, severely damaging the legitimate rights and interests of Chinese enterprises, seriously disrupting international trade and economic order, and severely impacting the stability of the global semiconductor industry chain and supply chain. China has consistently opposed this. China urges the U.S. to correct its erroneous practices as soon as possible, cease discriminatory measures against China, and safeguard the stability of the global industry chain and supply chain.Futures News, June 4th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes on June 4th: 1. Pulp futures warehouse receipts: 232,741 tons, an increase of 5,623 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,520 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 36,160 tons. 6. Petroleum asphalt futures warehouse receipts: 21,120 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 96,220 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, a decrease of 2,000 tons from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.Spains unadjusted industrial production rose 4.2% year-on-year in April, up from 2.10% in the previous month.

As investors await BOJ involvement, the EUR/JPY exchange rate rises toward 143.00

Daniel Rogers

Oct 13, 2022 14:46

截屏2022-10-13 上午10.04.03.png 

 

The EUR/JPY pair is clinging to the nearby 142.60 barrier during the Tokyo session. The asset, which is up for auction between 142.25 and 142.60, is poised for an upward breakout as the risk-off drive begins to wane. The European Central Bank (ECB) President Christine Lagarde's hawkish remark has energized the shared currency's bulls, pushing the cross closer to the significant hurdle of 143.00.

 

The Governing Council is debating Quantitative Tightening (QE), according to an ECB policymaker, who also underlined that the interest rate is the best tool for the current economic environment. It is likely that restrictive policy measures will remain as long as prices in the trading bloc keep rising and show no signs of slowing.

 

The possibility of a second intervention by the Bank of Japan (BOJ) in the currency markets is growing on the Tokyo front. The current value of the yen, according to Japanese authorities, does not accurately reflect economic realities. The USD/JPY pair has significantly beyond the area where the BOJ intervened last month.

 

Hirokazu Matsuno, chief cabinet secretary of Japan, said: "We are actively watching FX movements with a high sense of urgency and will take appropriate measures on excessive FX swings." Despite declining to comment on daily variations in the FX sector. The declaration was made following the USD/JPY pair's multi-year peak at roughly 146.40.


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