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On June 14th, a special meeting to promote the construction of the Cross-Strait Integrated Development Demonstration Zone was held in Xiamen, Fujian Province on the 13th. Wang Huning, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Chairman of the National Committee of the Chinese Peoples Political Consultative Conference, attended and delivered a speech. He stated that it is necessary to thoroughly implement the spirit of the Fourth Plenary Session of the 20th CPC Central Committee, implement General Secretary Xi Jinpings important expositions on Taiwan-related work and the Partys overall strategy for resolving the Taiwan issue in the new era, and build a high-quality Cross-Strait Integrated Development Demonstration Zone to promote greater achievements in cross-strait integrated development during the 15th Five-Year Plan period. Wang Huning stated that during the 15th Five-Year Plan period, deepening cross-strait integrated development and building the Cross-Strait Integrated Development Demonstration Zone will usher in broad development opportunities and prospects. Support should be given to Fujian to explore new mechanisms, new paths, and new models for cross-strait integrated development, promote higher-quality, deeper, and broader integration, and further leverage the leading role of the Cross-Strait Integrated Development Demonstration Zone.June 14th - This morning, the Songjiawan Downward Tunnel and the Pujia Gou Upward Tunnel, two key connecting tunnels located at Lezhi Station in Ziyang, Sichuan Province, were successfully completed, marking a crucial breakthrough in the hub connection project between the Chengdu-Chongqing Central Line High-Speed Railway and the Chengdu-Dazhou-Wanzhou High-Speed Railway. Lezhi Station is a newly built station and the only hub station connecting both high-speed railways simultaneously. The two connecting tunnels link the main lines towards Chengdu and Chongqing respectively, providing convenient conditions for trains to cross lines and turn around for traffic congestion relief.June 14th - According to US sources on the 13th, a US military fighter jet crashed on a mountain in Washington state, triggering a wildfire. The pilot ejected safely. It is understood that the F/A-18 Super Hornet fighter jet, belonging to the US Marine Corps, was conducting "routine training" before the crash.On June 14, it was reported that on June 13, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, held talks with Mongolian Foreign Minister Battsetseg in Ulaanbaatar. Wang Yi emphasized that China is willing to work with Mongolia, under the strategic guidance of the two heads of state, to continue efforts towards building a community with a shared future of peaceful coexistence, mutual assistance, and win-win cooperation. Chinas foreign policy has always maintained continuity and stability, and China is willing to continue to be a trustworthy and reliable partner for Mongolia, providing sustainable support for Mongolias development and revitalization. Chinas 15th Five-Year Plan provides a comprehensive plan for high-quality development over the next five years and also offers the world a list of opportunities. The Chinese and Mongolian economies are highly complementary, and strengthening the alignment of development strategies is conducive to expanding cooperation areas, tapping cooperation potential, and promoting the economic and social development of both countries. China is willing to work with Mongolia to jointly build the Belt and Road Initiative with high quality, expand economic and trade cooperation, promote the improvement and increase of cooperation in various fields, and achieve more tangible results.June 14th - According to the China State Railway Group, from January to May this year, the national railway system transported a total of 1.67 billion tons of freight, with daily loading volume reaching a record high. Data released by the China State Railway Group shows that in the first five months, the national railway system transported a total of 1.67 billion tons of freight, a year-on-year increase of 1.8%; the average daily loading volume was 186,300 wagons, a year-on-year increase of 2.8%, with 202,400 wagons loaded on May 2nd, setting a new record for daily loading volume.

Before BOE/ECB policy statements, EUR/GBP crosses 0.86; UK inflation is the main topic

Alina Haynes

Dec 14, 2022 11:32

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The EUR/GBP pair is circling the significant resistance level of 0.8600 in the early Tokyo session. Following a test of the previous week's low near 0.8560 on gloomy UK Employment data, the cross significantly recovered on Tuesday.

 

Market participants had predicted a decline of 13,500 claimants in November, but instead the number of claimants unexpectedly surged by 30,500. In addition, the 6.1% increase in average earnings supported inflation forecasts since rising household incomes will stimulate strong retail consumption. Increased salaries will undoubtedly help people offset higher payments brought on by inflation-adjusted prices, but they will also leave them with more money to spend elsewhere, which will increase retail demand.

 

The Consumer Price Index (CPI) data for the UK will be important in the future. The consensus predicts that annual headline inflation will decrease from 11.1% to 10.9%. The core CPI is anticipated to stay at 6.5%.

 

The Bank of England's decision on interest rates will have the greatest impact on the British economy this week (BOE). In an effort to lower inflation, Bank of England Governor Andrew Bailey is likely to raise interest rates further. The announcement of a rate increase of 50 basis points (bps) is expected, according to analysts at Danske Bank.

 

The BOE forecast that financial limitations on UK businesses, particularly smaller ones, will worsen in 2023 in its most recent Financial Stability report. Additionally, there are still no significant signs of financial distress among British households.

 

Investors are paying close attention to the European Central Bank's monetary policy decision on the Eurozone front (ECB). Interest rates are anticipated to rise by 50 basis points (bps) to 2.5% under Christine Lagarde's leadership as head of the European Central Bank. The expected terminal rate for the ECB is 3 percent.


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