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On November 10th, the National Development and Reform Commission and the National Energy Administration issued guiding opinions on promoting the consumption and regulation of new energy sources. The opinions emphasize optimizing the integrated development and consumption of hydropower, wind power, and solar power bases. Relying on large-scale hydropower bases in Southwest China, and fully considering the regulatory characteristics of hydropower, the opinions call for optimizing the allocation of new energy sources. For existing hydropower transmission channels with suitable conditions, the opinions recommend rationally increasing the allocation of new energy sources and improving the utilization level of these channels. The opinions also call for optimizing and demonstrating new energy allocation and transmission/consumption schemes in conjunction with the development of the Yaxia hydropower base.On November 10th, the National Development and Reform Commission and the National Energy Administration issued guiding opinions on promoting the consumption and regulation of new energy. The opinions emphasize the need to coordinate the transmission of new energy from desert and Gobi areas with local consumption. They call for the full implementation of the Party Central Committees decisions and plans for desertification control and the development and layout of new energy bases in these areas, promoting both external transmission and local consumption. The opinions prioritize the rational layout of transmission bases in desert, Gobi, wasteland, sandy areas, and salinized areas to improve their economic viability. A responsibility system for implementing national strategies will be established at both the transmitting and receiving ends, strengthening the responsibility of receiving end users for new energy consumption. Through integrated development of new energy, the gradient transfer of industries from eastern regions, and tapping the consumption potential of western regions, the opinions aim to promote large-scale local consumption of new energy from desert and Gobi areas.On Monday, November 10, the Hang Seng Index closed up 407.23 points, or 1.55%, at 26,649.06; the Hang Seng Tech Index closed up 78.2 points, or 1.34%, at 5,915.56; the H-share Index closed up 175.68 points, or 1.9%, at 9,443.24; and the Red Chip Index closed up 86.73 points, or 2.07%, at 4,267.71.UK long-term government bond yields rose to their highest level since October 21 in early European trading, gaining about 3 basis points on the day.November 10th - According to data from the China Passenger Car Association (CPCA), wholesale sales of new energy passenger vehicles reached 1.621 million units in October, a year-on-year increase of 18.5% and a month-on-month increase of 8.5%; cumulative wholesale sales from January to October reached 12.058 million units, an increase of 29.9%. (For comparison: wholesale sales of conventional fuel passenger vehicles reached 1.31 million units in October, a year-on-year decrease of 3% and a month-on-month increase of 1%; cumulative wholesale sales from January to October reached 11.7 million units, a decrease of 2%).

Once the RBA minutes are made public, it is anticipated that AUD/NZD will once again test the day's low near 1.1110

Daniel Rogers

Oct 18, 2022 14:11

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The AUD/NZD pair lost its intraday rally after tumbling to roughly 1.1106 during the early session in Tokyo. The Reserve Bank of Australia's (RBA) minutes' release has weighed on the cross. According to the monetary policy minutes from October, concerns about domestic and international growth risks led to the announcement of a rate increase of 25 basis points (bps), which was less than expected.

 

Additionally, RBA policymakers think the central bank has raised interest rates quickly, which could have an impact on household expenditure.

 

Australia has had the lowest unemployment rate in its economic history, at 3.5% during the past 50 years, thanks to a healthy labor market. While core inflation has remained high because of rising service prices, the drop in oil prices has put downward pressure on headline inflation.

 

Moving forward, attention will be focused on the employment statistics for Australia. The consensus predicts that the Employment Change will drop from 33.5k to 25k. At 3.5%, the unemployment rate won't change.

 

The cross declined in early Tokyo after the announcement of higher-than-expected inflation data for New Zealand. The annual Consumer Price Index (CPI) came in at 7.2%, which was much higher than expected but marginally lower than the 7.3% reported in the prior report. While the quarterly inflation rate came in at 2.2%, exceeding both the 1.6% estimate and the 1.7% reading from the previous quarter, it was below the 1.7% figure from the previous quarter.

 

Given that price pressures have not abated as anticipated, it is now more likely that the Reserve Bank of New Zealand (RBNZ) will continue to raise interest rates at the current pace. 3.5% is the Official Cash Rate (OCR).


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