EUR/USD
1.16485
-0.026%
Gold
4598.80
-0.062%
Oil
82.616
-0.418%
USD/JPY
159.642
0.159%
GBP/USD
1.35908
-0.012%
GBP/JPY
216.954
0.148%
Real-time News
August 28 – The 24th session of the Standing Committee of the 14th National Peoples Congress concluded at the Great Hall of the People in Beijing on the afternoon of August 28. The session adopted the Medical Security Law, the Farmland Protection and Quality Improvement Law, the newly revised Agricultural Law, the newly revised National Defense Mobilization Law, and a decision to amend the Lawyers Law; it also decided to remove Lu Zhiyuan from the post of Minister of Civil Affairs and appoint Li Changguan as Minister of Civil Affairs. President Xi Jinping signed Presidential Decrees No. 80, 81, 82, 83, 84, and 85 respectively. Chairman Zhao Leji presided over the closing session. The session also decided to remove Zhang Youxia from the post of Vice Chairman of the Central Military Commission of the Peoples Republic of China and Liu Zhenli from the post of Member of the Central Military Commission of the Peoples Republic of China.According to Axios: U.S. officials say the memorandum of understanding signed on June 17, which includes parts concerning the Strait of Hormuz, is outdated, and they also consider the negotiations between Oman and Iran on new arrangements for managing the strait as irrelevant background noise.On August 28, the 73rd meeting of the Standing Committee of the 14th National Peoples Congress (NPC) was held at the Great Hall of the People in Beijing. Chairman Zhao Leji presided over the meeting. The meeting heard reports from Xin Chunying, Chairman of the NPC Constitution and Law Committee, on the deliberations of the draft amendments to the Medical Security Law, the draft amendments to the Farmland Protection and Quality Improvement Law, the draft amendments to the Agricultural Law, the draft amendments to the National Defense Mobilization Law, and the draft amendments to the Lawyers Law. The meeting also reviewed the relevant draft resolutions. The meeting heard a report from Liu Qi, Secretary-General of the NPC Standing Committee, on the deliberations of other matters to be submitted for voting. The meeting decided to submit the aforementioned draft resolutions to the closing session of the 24th meeting of the 14th NPC Standing Committee for a vote.According to Axios: U.S. officials say the goal is to restore oil exports from the Strait of Hormuz to 60% to 70% of pre-war levels by mid-September.August 28th - Since the outbreak of war in late February, the Strait of Hormuz has been Irans most powerful bargaining chip. However, US officials say that over the past two months, the US military has gradually weakened Irans control over this crucial waterway. US officials stated that the US military has reversed the situation in the Strait of Hormuz and believes this could be a turning point in the war, not only gradually easing global economic tensions but also potentially leading to a better agreement with Iran. US President Trump, in a telephone interview with Axios on Thursday, said, "Its open there (the Strait of Hormuz), and Irans response has been very mild. They dont want us to do anything to them again. Thats the whole key. Nothing else matters." It is understood that after the breakdown of the US-Iran memorandum, the US military began unilateral actions to try to reopen the Strait of Hormuz. This action included several aspects: a US-UAE joint task force began guiding ships through the southern channel of the Strait of Hormuz, providing air cover for ships, and intercepting Iranian drone and cruise missile attacks. A two-week US bombing campaign significantly weakened the Iranian Revolutionary Guards ability to attack ships passing through the strait. A mine-clearing operation involved Navy divers, SEALs, underwater and surface drones, and private contractors to detect and remove mines. The blockade of Iranian ports has been reinstated.
