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Israel Defense Forces: Lieutenant General Eyal Zamir, Chief of the General Staff of the Israeli Army, met with U.S. Air Force Commander General Kenneth Wilsbach and Air Force Commander Major General Omer Tishler last Sunday. They discussed regional situation assessments, lessons learned from joint operations, and areas for future cooperation.On August 26, Iranian Parliament Speaker Mohammad Qassem Ghalibaf, during a meeting with Iraqi Supreme Judicial Council Chairman Faik Zidaun, stated that Iran and Iraq play a crucial role in establishing regional order and emphasized the need for further cooperation between the two countries. Regarding the war between Iran and the United States, Ghalibaf stated that the US launched the war against Iran with the aim of overthrowing the Iranian government and expanding its hegemony in West Asia and the Muslim world. However, he asserted that thanks to the courageous resistance of the Iranian people and the efforts of the resistance front, the US has clearly failed to achieve this goal, a fact acknowledged by the entire world. He stated that the US has failed in its military and political war against Iran, and its economic actions will also end in failure. On the issue of Iraq, Ghalibaf stated that the withdrawal of the US-led coalition from Iraq was a historic achievement for the Iraqi government and people. He expressed his belief that Iran and Iraq can play a decisive role in regional order, especially in the Persian Gulf region.On August 26, Australian Prime Minister Barnes stated that he has secured the agreement of regional leaders, including Queensland, which had previously opposed the proposal, to push forward with new regulations on energy use for artificial intelligence (AI) data centers, with the goal of enacting them next year. The Australian National Cabinet has agreed to establish minimum requirements for data center electricity, water, and land use. The government stated that it plans to draft the new regulations by the end of this year and legislate them in early 2027. Barnes stated, “We have reached a consensus on national AI law for Australia. We want to ensure that while attracting investment, we don’t end up with eight different regulations running simultaneously across the country.” Queensland and the Northern Territory initially opposed Barnes’ proposal, which included requirements for high-energy-consuming data centers to use renewable energy. Queensland officials previously argued that this would give Canberra greater control and could hinder investment.On August 26th, the Shanghai Municipal Government General Office issued the "Shanghai Strategic Emerging Industries Development 15th Five-Year Plan". It mentions focusing on key areas to strengthen forward-looking planning and further comprehensively enhance the integrated circuit industrys capabilities. Key development areas include: 1. High-end chips and AI-enabled design. Accelerate the R&D and industrialization of high-end chips; build vertical models and intelligent agents for chip design, and achieve design process reshaping and simulation acceleration through AI empowerment. 2. Advanced packaging. Promote the R&D and mass production application of new technologies such as advanced packaging, and support the R&D of packaging equipment and materials. 3. New devices and new architecture chips. Support the R&D of new material devices such as two-dimensional materials, and promote the design and tape-out of three-dimensional stacked architecture chips.On August 26th, the Shanghai Municipal Government General Office issued the "Shanghai Strategic Emerging Industries Development 15th Five-Year Plan". It mentions strengthening the cultivation of new intelligent terminals, focusing on application scenarios such as next-generation mobile internet, smart homes, and smart factories, creating internationally competitive consumer-grade new intelligent terminal brands, and launching a number of blockbuster terminal products. Key development areas include: 1. Key Hardware: Accelerating breakthroughs in key technologies such as edge AI chips, next-generation new displays, and flexible material sensors, and promoting technological iteration in areas such as micro-LEDs, waveguide lenses, and high-performance rendering engines. 2. Edge Models: Creating lightweight, multimodal edge vertical models, optimizing iterative model compression algorithms, and achieving performance levels of edge models that are basically comparable to large cloud models in various application scenarios. 3. Intelligent Consumer Terminals: Developing new AI consumer terminals such as AI computers, AI phones, AI glasses, bionic robots, and intelligent wearable devices, supporting a new manufacturing model of "product design + standard parts assembly".

The USD/CNH Exchange Rate Fluctuates Around 6.9000 As Focus Shifts To PBoC Policy

Daniel Rogers

Mar 17, 2023 13:53

Throughout the Asian session, the USD/CNH has maintained a range near 6.9000. Before taking action on the main, investors are awaiting the People's Bank of China's (PBOC) interest rate decision on Monday.

 

After a strong recovery on Thursday, S&P500 futures are exhibiting minimal losses in the Asian session, indicating a rise in market participants' risk appetite. The US Dollar Index (DXY) has escaped the tight consolidation between 104.30 and 104.60. Investors' skepticism regarding the Federal Reserve's (Fed) prospective monetary policy has diminished the appeal of the USD Index in the wake of a decline in U.S. inflation and escalating banking turmoil.

 

Following an optimistic recovery in 500-US stock basket futures, lethargic demand for US government bonds has increased the returns on the same. The yields on 10-year Treasury notes have surpassed 3.59 percent.

 

In the future, emphasis will be placed on the release of the PBoC's monetary policy decision. Economists from the UOB Group speculate that the PBoC may reduce the Loan Prime Rate (LPR) at its March 20 meeting. The 1Y loan prime rate (LPR) could fall to 3.55 percent and the 5Y loan prime rate (LPR) could fall to 4.20 percent after the National People's Congress (NPC). This is due to the need for additional measures to support the actual economy and the wish to increase housing demand.

 

In addition, an upward revision of China's projected Gross Domestic Product (GDP) would strengthen the Chinese Yuan. Goldman Sachs has increased its GDP forecast for China for 2023 from 5.5% to 6%.