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On September 22nd, Li Yunze, Director of the Financial Regulatory Administration (FSRA), stated that during the 14th Five-Year Plan period, the FSRA will crack down on financial chaos, focusing on addressing manipulation by major shareholders and insider control. The FSRA has also severely investigated and punished those who illegally transferred profits through related-party transactions, and removed over 3,600 shareholders who violated laws and regulations. A number of illegal financial groups have been dealt with in accordance with the law. The focus has been on resolutely curbing the shift from the real economy to the virtual economy, strengthening oversight of capital penetration, addressing nested financial activities and idle arbitrage, and strictly regulating cross-financial products to guide financial flows towards the real economy.Li Yunze, Director of the Financial Regulatory Administration: Over the past five years, the industrys total risk-management capital and provisions have exceeded 50 trillion yuan, providing a stronger foundation, greater resilience, and greater confidence in coping with various challenges.Farben Information: Oracle Corporation has not yet become a customer of the company.Li Yunze, director of the State Administration of Financial Supervision: Since the 14th Five-Year Plan, financial operations have been generally stable, and major regulatory indicators such as non-performing loans, capital adequacy, and solvency have been stable and improving, and are all in a healthy range.Malaysias Trade Minister: Regional Comprehensive Economic Partnership (RCEP) leaders will consider admitting new members and discuss improvements to the trade agreement in October. RCEP aims to uphold the principle of multilateralism and involve all countries, including the United States.

NZD/USD finds support near 0.6220; a decline appears more probable due to China's Covid concerns

Alina Haynes

Nov 28, 2022 15:04

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China's anti-Covid shutdown protests have weakened commodity-linked currencies, resulting in a gap-down start of roughly 0.6220 for the NZD/USD pair. During the previous week, the New Zealand dollar dropped after failing to surpass the round-level barrier of 0.6300.

 

Individuals have taken to the streets in China to demonstrate their opposition against the zero-tolerance policy, leading to a rise in civil unrest. Due to Chinese leader Xi Jinping's conservative posture and authoritarian framework, global markets have become more risk-averse. This has created an economic expansion risk and may worsen the already shaky housing market. Increasing apprehensions about societal risks may also result in political instability, which may have long-lasting detrimental effects on economic structure.

 

Notably, New Zealand is one of China's most important trading partners, and instability in China could damage the New Zealand Dollar.

 

In the meantime, the US Dollar Index (DXY) is profiting from investors' liquidity as the demand for safe-haven assets surges. The USD Index is hovering around 106.20 and attempting to reduce volatility as China's anti-locking protests restrict the upside and predictions of a slowdown in the Federal Reserve's larger rate hike cycle limit the downside (Fed).

 

S&P500 futures are under heavy pressure from market players due to a risk-averse market mentality. In anticipation of Fed chief Jerome Powell's address on Wednesday, yields on 10-year US Treasuries have decreased to approximately 3.68 percent. The Fed Chair's speech could dispel suspicions about a pause to the Fed's current rate-hiking program.