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On April 10th, a spokesperson for the China Securities Regulatory Commission (CSRC) answered reporters questions regarding the "Opinions on Deepening the Reform of the ChiNext Market to Better Serve the Development of New Productive Forces." The spokesperson mentioned that, regarding refinancing, to meet the needs of growth-oriented innovative and entrepreneurial enterprises that have long R&D cycles and high requirements for the flexibility and timeliness of fundraising, the CSRC will promote the implementation of the shelf registration system for refinancing on the ChiNext market, allowing for "one-time registration, multiple issuances." At the same time, the CSRC will improve the simplified refinancing procedure system, simplify company decision-making procedures, and improve refinancing efficiency. Regarding mergers and acquisitions (M&A), the CSRC will fully leverage the positive role of M&A in promoting industrial integration and transformation and upgrading, and continue to promote the implementation of the "Six Measures for M&A" on the ChiNext market.On April 10th, a spokesperson for the China Securities Regulatory Commission (CSRC) answered reporters questions regarding the "Opinions on Deepening the Reform of the ChiNext Market to Better Serve the Development of New Productive Forces." The spokesperson mentioned optimizing the trading system. This includes introducing a market maker system to promote the diversification of participants and trading strategies in the ChiNext market, reduce price volatility, and enhance market resilience. Negotiated block trades will be adjusted to real-time confirmation, improving the efficiency of investors securities and capital utilization, enhancing transaction certainty, and increasing the willingness of medium- and long-term funds to participate. An after-hours fixed-price trading mechanism for ChiNext-related ETFs will be introduced to better meet the diversified trading needs of investors and help reduce the impact of large transactions on the secondary market.The Hang Seng Index closed up 141.14 points, or 0.55%, at 25,893.54 on Friday, April 10; the Hang Seng Tech Index closed up 38.59 points, or 0.8%, at 4,860.26; the H-share Index closed up 43.21 points, or 0.5%, at 8,655.04; and the Red Chip Index closed up 31.31 points, or 0.74%, at 4,287.51.On April 10th, a spokesperson for the China Securities Regulatory Commission (CSRC) answered reporters questions regarding the "Opinions on Deepening the Reform of the Growth Enterprise Market (GEM) to Better Serve the Development of New Productive Forces." The spokesperson stated that this reform adds a fourth set of listing standards for the GEM, combining growth and innovation indicators such as compound annual growth rate of revenue and R&D investment with market capitalization and revenue indicators to better support high-growth potential and outstanding innovation capabilities of high-quality enterprises. Specifically, there are two indicators: First, "expected market capitalization of not less than 3 billion yuan, operating revenue of not less than 200 million yuan in the most recent year, and a compound annual growth rate of revenue of not less than 30% in the past three years," primarily applicable to companies in emerging industries; second, "expected market capitalization of not less than 4 billion yuan, operating revenue of not less than 200 million yuan in the most recent year, and cumulative R&D investment of not less than 100 million yuan in the past three years, accounting for not less than 15% of revenue," primarily applicable to companies in future industries.On April 10th, a spokesperson for the China Securities Regulatory Commission (CSRC) answered reporters questions regarding the "Opinions on Deepening the Reform of the ChiNext Market to Better Serve the Development of New Productive Forces." The spokesperson mentioned enriching the product and service system, optimizing the compilation of ChiNext-related indices, launching more ChiNext-related ETFs and options, introducing ChiNext stock index futures in due course, supporting fund investment advisors in allocating ChiNext ETFs, and including ChiNext ETFs in the Fund Connect platform for trading, to better meet the asset allocation and risk management needs of different investors and enhance investment convenience and attractiveness.

NZDUSD consolidates near 0.6100, closing below Friday's two-month peak

Alina Haynes

Nov 14, 2022 18:54

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The NZDUSD pair struggles to capitalize on last week's breakthrough momentum through the 100-day Simple Moving Average, bouncing between moderate gains and slight losses throughout Monday's early European session. The pair is currently trading slightly below the 0.6100 level, practically flat on the day, and remains close to Friday's two-month high.

 

A convergence of variables permits the US Dollar to stabilize at its lowest level since mid-August, acting as a headwind for the NZDUSD pair. In response to Christopher Waller's more hawkish remarks on Sunday, U.S. Treasury bond yields rise. It is expected that this, along with a softer tone on equity markets, will benefit the safe-haven dollar and exert some downward pressure on the risk-averse New Zealand dollar.

 

Waller indicated during a conversation in Sydney, Australia, that the markets had overreacted to October's weaker-than-expected consumer price inflation numbers. Waller stated that the Federal Reserve was not lessening its fight against inflation and that a string of moderate CPI readings would be required for the US central bank to soften its approach. This increases US Treasury bond yields and helps support USD demand, notwithstanding the lack of confidence in the intraday rise.

 

A greater possibility that the Federal Reserve will slow the pace of its policy tightening discourages USD bulls from placing risky trades. Moreover, optimism surrounding a likely rollback of COVID-19 measures in China supports the NZD/USD pair and restricts its downside. Therefore, the subdued intraday price movement can be characterized as a bullish consolidation phase, meaning that any significant pullback is likely to be purchased and remain confined.

 

The United States is not slated to provide any market-moving economic data on Monday, leaving the USD at the mercy of US bond yields. Traders will also consider Lael Brainard's anticipated Fed governor address. Together with the broader risk sentiment, this will be analyzed for short-term trading opportunities in the NZDUSD pair prior to the release of Chinese economic data on Tuesday.

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