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USD/CNY reported 7.1889, up 96 points (RMB depreciation); EUR/CNY reported 7.8414, up 588 points; HKD/CNY reported 0.92353, up 8.6 points; GBP/CNY reported 9.3903, up 740 points; AUD/CNY reported 4.5185, down 188 points; CAD/CNY reported 5.0650, up 142 points; JPY/CNY reported 4.8767, up 543 points; RMB/RUB reported 11.6222, down 103 points; NZD/CNY reported 4.1367, up 77 points; RMB/RMB reported 0.61947, up 27.1 points; CHF/CNY reported 8.1915, up 424 points; SGD/CNY reported 5.3478, down 143 points.Hang Seng Index futures opened down 2.64% at 22,600 points, 624 points below the water level.On April 3, James Surowiecki, a famous financial journalist, wrote that he had just figured out where these false tariff rates in the United States came from. They dont actually calculate tariff rates + non-tariff barriers as they say. Instead, for each country, they just divide the US trade deficit with that country by the countrys exports to the United States. So the United States has a $17.9 billion trade deficit with Indonesia, and its exports to the United States are $28 billion, $17.9/$28 = 64% (the United States imposes a 32% reciprocal tariff on Indonesia), and Trump claims that this is the tariff rate imposed by Indonesia on the United States. What a ridiculous thing. Netizens found that similar calculations apply to the European Union and Vietnam.According to a CNN interview: U.S. Treasury Secretary Bessant said that other countries are advised not to retaliate against U.S. tariffs to avoid (tariff) escalation.April 3, recently, Loongson 2K3000 (3B6000M) completed preliminary function and performance surveys, and all indicators met expectations. Loongson 2K3000 and Loongson 3B6000M are different packaging versions based on the same silicon wafer, targeting industrial control applications and mobile terminals respectively. The successful tape-out of 2K3000/3B6000M indicates that after more than 20 years of accumulation, Loongson Zhongke has systematically mastered the key core technologies of general-purpose processors, graphics processors, AI processors and their basic software design. Loongson processor research and development has entered a new era of vigorously developing AI processors on the basis of consolidating general-purpose processors and graphics processors, and has reached a new level on the road to building the foundation of an independent information technology system. With the successful tape-out of Loongson 2K3000/3B6000M, Loongson general-purpose CPU has formed a complete series of three lines of products: desktop, server and terminal, which can provide high-performance and cost-effective CPU chip products for different fields.

GBP/JPY struggles close to 159 as focus turns to Japan's Inflation

Alina Haynes

Jan 19, 2023 15:10

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In early Asian trade, the GBP/JPY pair is behaving erratically close to the critical level of 159.00. Following a fall from Wednesday's high above 161.50, the cross is now rangebound. Despite Governor Haruhiko Kuroda's dovish statements, the asset saw a significant decrease as GBP/JPY gave up the Bank of Japan's (BoJ) policy-driven gains.

 

After maintaining the interest rate at -0.10% and the 10-year Japanese Government Bonds (JGBs) around 0%, BoJ Kuroda claimed that there is "no need to further extend bond target band," causing the GBP/JPY exchange rate to decline. He continued by stating that Japan's economy is continuing on the road to recovery from the epidemic, and that the Bank of Japan intends to achieve its inflation target of 2% in tandem with wage growth.

 

The nearing end of Governor Kuroda's term at the end of April will continue to fuel rumors of a policy shift under new leadership, according to analysts at MUFG who predict that the Yen sell-off will be limited and maintain an optimistic stance for the JPY in the coming year. They remarked, "We expect market participants to maintain their skepticism regarding the long-term viability of YCC policy settings."

 

The release of the National Consumer Price Index (CPI) on Friday will offer further guidance for the Japanese Yen. According to the consensus, the annual headline CPI (Dec) is expected to rise from 3.8% to 4.4%. It is anticipated that the core inflation rate, which includes oil and food prices, would rise to 2.9% from the previously reported 2.8%.

 

The Bank of England (BoE) will be dissatisfied by the United Kingdom's headline inflation decelerating to 10.5% from 10.6%, as the current CPI is much over the median rate. The market expects Andrew Bailey, governor of the Bank of England, to hike interest rates somewhat more than anticipated.