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February 25th - The draft law on national fire and rescue personnel was submitted to the Standing Committee of the National Peoples Congress for its first review on February 25th. The draft law consists of 7 chapters and 47 articles, regulating the management of national fire and rescue personnel, clarifying recruitment and exit systems, and protecting the legitimate rights and interests of national fire and rescue personnel, specifying funding guarantees and salary benefits.February 25 – Foreign Ministry Spokesperson Mao Ning held a regular press conference on February 25. A reporter from RIA Novosti asked, “US Republican Senator Ted Cruz said on Tuesday that the governments of Venezuela, Cuba, and Iran could be replaced by pro-US regimes within the next six months. Given China’s close relations with these three countries, what is China’s comment on this?” Mao Ning stated that China opposes interference in other countries’ internal affairs under any pretext and opposes any actions that violate the purposes and principles of the UN Charter or infringe upon the sovereignty of other countries.February 25 – On February 25, Foreign Ministry Spokesperson Mao Ning hosted a regular press conference. A reporter from the German Press Agency (dpa) asked: Before departing for Beijing, German Chancellor Merz outlined five guidelines for his trip to China. Unlike the previous government, Merz did not refer to China as a "systemic rival," a term previously included in the previous governments so-called "China strategy." What is Chinas comment on this? Mao Ning stated that China and Germany are comprehensive strategic partners, having accumulated successful practices in healthy competition and integrated development. Sino-German cooperation is mutually beneficial, bringing tangible benefits to the people of both countries. Both sides should uphold the principles of mutual respect, equality, and win-win cooperation to promote greater development of Sino-German relations and jointly make greater contributions to world peace and prosperity.February 25th - The draft amendment to the Certified Public Accountants Law was submitted to the Standing Committee of the National Peoples Congress for its first review on February 25th. This amendment further regulates professional conduct, improves regulatory measures, and strengthens accountability.According to the latest data from the Fujairah Oil Industrial Zone in the UAE, as of the week ending February 23, total refined product inventories at the port of Fujairah were 20.528 million barrels, a decrease of 19,000 barrels (0.1%) from the previous week, marking the third decline in four weeks. Specifically, light distillate fuel oil inventories decreased by 148,000 barrels to 9.737 million barrels, falling from the six-month high reached the previous week; middle distillate fuel oil inventories decreased by 106,000 barrels to 2.921 million barrels, a three-week low; and heavy residual fuel oil inventories increased by 239,000 barrels to 7.87 million barrels, the first increase in four weeks.

The AUD/NZD exchange rate has dropped below 1.0300 on hawkish RBNZ bets

Alina Haynes

Aug 12, 2022 12:09

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The AUD/NZD exchange rate dropped from 1.0500 to 1.0400, and has since been trading sideways. For the asset to record a new weekly bottom, the kiwi bulls would have to push the cross below the immediate support of 1.0300. Bullish expectations for the New Zealand dollar were supported by the publication of a strong Business New Zealand PMI.

 

Greater than both the predicted 52.5 and the prior figure of 50, the Business NZ PMI has now reached 52.7. Because of this, the Reserve Bank of New Zealand (RBNZ) will be pleased with its efforts to reduce inflation. The RBNZ's monetary policy meeting next week will result in an interest rate announcement. The Official Cash Rate (OCR) is expected to be increased by Governor Adrian Orr for the fourth time in a row, by 50 basis points (bps). The OCR will go up to 3% after a comparable notification is made.

 

An OCR hike by the RBNZ to 4.00% by mid-2023 is predicted by a Reuters poll. It is forecasted that inflation will drop to levels below the 2%-3% target during the first half of 2023. At last, the RBNZ's goal of price stability appears to be within reach.

 

There was little relief for the Aussie bulls despite statistics showing that Australian consumers expect inflation to be lower than it actually is. The Reserve Bank of Australia will become less hawkish if the Australian Consumer Inflation Predictions, which reflect consumer predictions of future inflation over the next 12 months, fall.


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