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On April 3, the Ministry of Civil Affairs released six newly formulated and revised industry standards in the funeral sector, including the "Specifications for Data Sharing and Exchange in Funeral Management Service Information Systems" and the "Public Satisfaction Evaluation of Funeral Services." These standards stipulate measures to promote the informatization of the funeral sector, optimize the service quality of funeral service institutions, and strive to improve the management level of funeral services and solidify the institutional guarantee of "a peaceful passing." The series of standards will take effect on April 5 this year.The Russian Ministry of Finance reported that revenue from oil and gas sales in the Russian state budget was 617 billion rubles in March, compared to 432.3 billion rubles in February.On April 3, it was reported that on April 1, the State Financial Regulatory Commission (SFC) held an enlarged collective study session of its Party Committee Theoretical Learning Center Group. Li Yunze emphasized the need to focus on core financial business, promote the construction of a financial service system adapted to the financing needs of future industries throughout their entire lifecycle, and use fintech to precisely serve the development of future industries such as artificial intelligence, injecting new momentum into Chinas modernization. He stressed the importance of balancing development and security, deeply understanding and grasping the development trend of artificial intelligence, steadily and orderly promoting the pilot application of artificial intelligence in the financial industry, establishing and improving the governance architecture for the safe development and application of artificial intelligence, and promoting the high-quality development of digital finance. He also emphasized strengthening technological empowerment, launching the "Financial Regulatory Project" with high quality, consolidating the technological support for financial regulation, continuously improving the level of digital and intelligent regulation and the ability to penetrate regulation, and effectively enhancing the quality and efficiency of strong and strict regulation.Government officials: Greek prime minister will reshuffle cabinet amid EU agricultural fraud scandal investigation.On April 3, the Ministry of Industry and Information Technology and nine other departments issued a notice on the "Trial Measures for the Review and Service of Artificial Intelligence Technology." The notice outlines several key points regarding fairness and impartiality, including: the selection criteria for training data; the rationality of the design of algorithms, models, and systems; and whether measures have been taken to prevent bias, discrimination, and algorithmic exploitation, ensuring objectivity and inclusivity in resource allocation, opportunity acquisition, and decision-making processes. Regarding transparency and explainability, the notice examines whether information such as the purpose, operating logic, interaction methods, and potential risks of algorithms, models, and systems are reasonably disclosed; and whether effective technical means are employed to enhance the explainability of algorithms, models, and systems. Finally, regarding privacy protection, the notice addresses whether sufficient measures have been taken to ensure the effective protection of privacy data in data collection, storage, processing, use, and research and development of new data technologies.

As the BoJ ponders a YCC expansion, EUR/JPY continues to decline, falling below 142.60

Alina Haynes

Apr 06, 2023 11:52

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After plunging below 142.60 during the Asian trading session, the EUR/JPY pair's three-day losing trend was extended. Renewed rumors of an expansion of the Bank of Japan's (BoJ) Yield Curve Control (YCC) are exerting immense pressure on the cross.

 

The Japanese economy is experiencing gradual wage growth, and inflation is expected to respond to recent increases in crude oil prices. Analysts at Wells Fargo believe the BoJ will take advantage of a tactical opportunity to further modify its policy settings in the fourth quarter of 2022, and are inclined toward a meeting in October. They added that this timeframe is optimal for a smooth policy adjustment, as monetary easing from the Federal Reserve (Fed) and other major central banks should alleviate yield pressure.

 

In particular, the Bank of Japan (BoJ) will raise the target yield for 10-year Japanese government bonds (JGBs) from 0% to 0.25% and increase the tolerance interval surrounding this target to +/- 75 basis points.

 

Accelerating PMIs in the Eurozone provide support for the European Central Bank's sustained rate hikes. (ECB). S&P Global reported a Composite PMI of 53.7 on Wednesday, which was higher than the previous release of 52.0 but below expectations of 54.1, the highest level in the past ten months.

 

According to Reuters, S&P Global issued the following statement: "Manufacturing production increased slightly, but the service sector had the greatest impact on March's accelerated growth."

 

Wednesday, ECB policymaker Boris Vuji stated regarding interest rate forecasts, "The majority of the rate-hiking cycle has passed." He added, "We may require additional rate increases to address core inflation."