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On June 23, Advanced Computing Technology announced that its next-generation self-developed interconnect bus, N200, has officially completed development. The N200 interconnect bus will be used in Advanced Computing Technologys next-generation computing chips, along with the general-purpose CPU core X200 and the intelligent computing AI core A200, and is expected to enter mass production in 2027.Market news: Abu Dhabi-based investment group MGX has raised approximately $50 billion to accelerate artificial intelligence transactions.On June 23, Russian Foreign Minister Sergey Lavrov stated that Russia is ready to resume negotiations with Ukraine from where they were interrupted, noting that the terms of a solution to the conflict were discussed and agreed upon nearly a year ago in Anchorage. However, he believes that this consensus has been shelved to buy time for Ukraine to rearm. Russian Deputy Foreign Minister Sergey Ryabkov also pointed out on the same day that Washingtons position has recently shown signs of deviating from the Anchorage consensus, but Russias position remains unchanged, and dialogue between Russia and the United States on the Ukraine issue has not been interrupted and will continue.On June 23, the National Artificial Intelligence Application Pilot Base (Industrial Software) officially commenced construction in Jinan, Shandong Province. This national-level public "driving school" and "testing ground" for "AI + industrial software" is a unified platform, featuring simulated workshops, computing power pools, and industrial datasets. This allows AI software to practice and be tested repeatedly under real-world conditions before being deployed in factories. The base focuses on three types of industrial software: R&D design, production control, and business management. It has identified over 100 industrial application scenarios and established partnerships with more than 20 companies, aiming to bridge the final gap between "usable in the laboratory" and "safe for use in factories."On June 23, Premier Li Qiang met with South Korean Prime Minister Kim Min-seok in Dalian. Kim was in China to attend the Summer Davos Forum. Li Qiang pointed out that China-South Korea trade cooperation has enormous potential, and China is willing to work with South Korea to make good use of mechanisms such as the bilateral economic ministers meeting to accelerate the second phase of negotiations on the bilateral free trade agreement and promote the expansion and improvement of bilateral trade. China and South Korea each have their strengths in innovation, and their industrial and value chains are deeply integrated. They can further promote alignment and mutual integration, fully leverage complementary advantages, consolidate and optimize cooperation in traditional industries, expand cooperation in emerging industries such as semiconductors, artificial intelligence, new energy, and biomedicine, and jointly seize new opportunities for innovative development. Both sides should deepen exchanges and cooperation in tourism, education, local affairs, youth, media, and think tanks to continuously enhance the friendship between the two peoples. Kim Min-seok stated that South Korea looks forward to working with China to implement the important consensus reached by the two heads of state, strengthen high-level exchanges and dialogues at all levels, expand cooperation in areas such as trade and economy, and high technology, accelerate the second phase of negotiations on the bilateral free trade agreement, and strengthen people-to-people exchanges in culture, tourism, and youth. South Korea welcomes Chinese enterprises to invest and do business in South Korea and is willing to deepen supply chain cooperation with China.

The AUD/JPY exchange rate fluctuates below 90.00 as investors await BoJ action

Alina Haynes

Jan 18, 2023 15:03

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In the early Asian session, the AUD/JPY currency pair is bouncing violently in a narrow range below the resistance level of 90.00. Before the Bank of Japan introduces its first monetary policy of CY2023, the risk barometer indicates a sideways auction (BoJ). The AUD/JPY exchange rate reflects the consolidation of the AUD/USD, indicating an uncertain risk profile.

 

Investors anticipate that the Bank of Japan (BoJ) will not alter its policy stance on Friday, as doing so would increase financial market risk and hinder efforts to boost inflation. Previously, the Bank of Japan (BoJ) announced that the central bank will review the negative side effects of the decade-long ultra-loose monetary policy, generating the impression that the central bank is eager to abandon the easy policy.

 

The experts at Standard Charted expect the Bank of Japan to hold both the policy balance rate and the 10-year yield goal at their present levels of -0.1% and 0%, respectively. The recent decision to expand the 10-year JGB band to +/-50 bps (from +/-25 bps) will be evaluated by policymakers at the December meeting.

 

The replacement of current Governor of the Bank of Japan Haruhiko Kuroda will be widely followed. The next BoJ governor nominee is anticipated to be presented to the Japanese parliament on February 10, Reuters reported on Tuesday. Amamiya, Nakaso, and Yamaguchi are regarded as leading C.banking candidates.

 

Thursday is the expected publication date for Australian employment statistics, which investors are monitoring. The Unemployment Rate is expected to remain constant at 3.4%, according to the majority of economists. Aside from this, the Australian economy must have added 22,500 new jobs to the labor market in December, a down from the prior rises of 64K.

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