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On February 11, the General Office of the State Council issued the "Implementation Opinions on Improving the National Unified Electricity Market System." The document proposes to open up market-based trading channels between the State Grid and China Southern Power Grid operating areas, unify trading organization methods, promote information exchange, and achieve regular cross-operating area trading as soon as possible. It also calls for building a more capable and rationally structured transmission channel and power grid backbone, continuously increasing the scale of inter-provincial and inter-regional power transmission and the proportion of clean energy transmission. Under the premise of ensuring safety, it advocates for scientifically arranging priority power generation plans for inter-provincial and inter-regional power generation, reasonably expanding the scale of inter-provincial independent market-based power transmission, and strengthening multi-channel centralized optimization. The document further calls for the integrated construction and operation of the Southern Regional Electricity Market, improving power mutual assistance in the Yangtze River Delta, and exploring regional synchronous grid power mutual assistance trading within the framework of inter-provincial trading.On February 11, the General Office of the State Council issued the "Implementation Opinions on Improving the National Unified Electricity Market System." The document proposes to comprehensively build a spot market that better discovers prices and regulates supply and demand. It emphasizes fully leveraging the important role of the spot market in discovering real-time prices and accurately reflecting supply and demand, thereby better guiding the optimal allocation of electricity resources. The document aims to ensure the spot market is basically operational by 2027. It encourages all types of operators on both the generation and consumption sides to participate in the electricity market by submitting volume and price quotations. While clearly defining and implementing the electricity supply responsibilities of all parties, it also calls for steadily promoting user participation in inter-provincial spot transactions. Furthermore, it emphasizes strengthening the connection between the spot market and other markets in terms of transaction timing, prices, and settlement, using time-of-use price signals to better guide operators to optimize their generation and consumption behavior and stimulate the flexible adjustment potential of the power system.On February 11, the General Office of the State Council issued the "Implementation Opinions on Improving the National Unified Electricity Market System." The document proposes that by 2030, a national unified electricity market system will be basically established, with all types of power sources and electricity users (excluding those providing guaranteed services) directly participating in the electricity market. Market-based trading will account for approximately 70% of total electricity consumption. Inter-provincial and inter-regional, as well as intra-provincial, joint trading will be implemented, the spot market will be fully operational, basic market rules and technical standards will be fully unified, the market-based electricity pricing mechanism will be basically sound, and a fair and unified market supervision system will be basically formed. By 2035, a fully unified national electricity market system will be established, with market functions further matured and improved, and the proportion of market-based trading volume steadily increasing.February 11 - On February 11, Hu Zhenjiang, Deputy Director of the Civil Aviation Administration of China, met with Rick Deyru, President of Pratt & Whitney Commercial Engines, in Beijing. The two sides exchanged views on issues such as safe operation, fleet management, and airworthiness certification, and expressed their intention to continue to strengthen exchanges and cooperation.On February 11, the General Office of the State Council issued the "Implementation Opinions on Improving the National Unified Electricity Market System." The document proposes promoting equal and widespread participation of various operating entities in the electricity market, further encouraging participation from the generation side, the user side, and new operating entities. It calls for building a unified national electricity market system, unifying electricity market rules, improving the electricity market governance system, refining the electricity pricing mechanism, unifying electricity market technical standards, and establishing a unified national electricity market credit system. The document also emphasizes strengthening policy coordination, enhancing the connection and coordination between electricity planning and the electricity market, strengthening the construction of emergency response and risk prevention and control systems, and establishing an electricity market evaluation system.

GBP/JPY Nears Two-Week Low Below 161.00 as Risk-Aversion Pauses During Quiet Session

Alina Haynes

May 10, 2022 10:13

Tuesday's sluggish Tokyo open makes it difficult for GBP/JPY bears to maintain control. As US Treasury yields decline from a multi-month high, the cross-currency pair advances to the fourteenth round.

 

After a spectacular display of risk aversion, global markets are idle on Tuesday morning as US bond yields look for fresh indications to extend the earlier flight to safety. Mixed comments from Fed members and China's determination to continue a "zero covid" policy may have also contributed to the correction.

 

In doing so, the cross-currency pair pays some attention to Brexit-negative headlines as well as the most recent decline in prices to its intraday low, primarily owing to market consolidation. Thus, British Foreign Secretary Liz Truss abandoned Brexit negotiations with the European Union (EU). The Times also reports that the British ambassador is preparing for the elimination of a significant portion of the NI protocol. According to Reuters, "officials working for Truss have drafted legislation that would unilaterally eliminate the need for all checks on products sent from Britain for use in Northern Ireland."

 

Michael Saunders, an external member of the Bank of England's (BOE) Monetary Policy Committee, bolstered rate-hike fears on a different page by saying that a neutral rate may be between 1.25 percent and 2.5 percent. The policymaker said that UK interest rates may need to rise above neutral if inflation expectations rise, which appeared to have supported the GBP/JPY exchange rate recently.

 

US Treasury rates fall seven basis points (bps) to 3.008 percent, after reaching their highest levels since November 2018, while S&P 500 Futures increase 0.10 percent as of press time.

 

Moving forward, a light calendar and Brexit concerns may test GBP/JPY traders. However, the bearish impulse is likely to persist amid a widespread risk aversion wave. In addition, Prime Minister Boris Johnson's address to the House of Commons will be vital to follow.

Analytical Techniques

GBP/JPY bears maintain control unless the pair breaches a downward-sloping trend line from late April around 162.25. Nonetheless, the 50-day simple moving average and a six-week-old ascending support line at 160.00 and 159.85 appear to be significant supports to watch throughout the pair's subsequent drops.

 

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