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On May 22, the National Development and Reform Commission (NDRC) held a press conference. Li Chao, Deputy Director of the NDRCs Policy Research Office, stated that the NDRC is currently planning to release supporting documents to accelerate the implementation of artificial intelligence (AI) and further strengthen resource guarantees. Simultaneously, the NDRC will continue to promote the opening up of high-value application scenarios by central and state-owned enterprises, creating benchmark AI applications across various industries, sectors, and regions, and accelerating the integration of AI into all aspects and stages of business management.On May 22, the National Development and Reform Commission (NDRC) held a press conference. Li Chao, Deputy Director of the NDRCs Policy Research Office, stated that Aprils prices continued the moderate upward trend seen since the second half of last year, sending a positive signal of improved supply and demand and optimized market order. Although the trend of international energy prices remains uncertain, the foundation for maintaining overall price stability in my country is solid. With the in-depth implementation of a series of macroeconomic policies, market supply and demand are expected to improve further, and prices are projected to continue operating within a stable range.On May 22, the State Council Information Office held a press conference to introduce the 4th China International Supply Chain Promotion Expo. The 4th Expo will be held from June 22 to June 26 at the Shunyi Hall of the China International Exhibition Center in Beijing, hosted by the China Council for the Promotion of International Trade (CCPIT) and organized by the China International Exhibition Center Group Co., Ltd., with the theme "Connecting the World, Creating the Future." Five international organizations—the United Nations Conference on Trade and Development, the United Nations Commission on International Trade Law, the World Intellectual Property Organization, the International Trade Centre, and the International Chamber of Commerce—continue to serve as supporting units. Australia will be the guest of honor country for the 4th Expo, marking its first official participation at the national level. This year marks the first time that foreign guest provinces have been designated: the Auvergne-Rhône-Alpes region of France and the Liguria region of Italy. The domestic guest provinces are Anhui Province and Hainan Province.On May 22, the National Development and Reform Commission (NDRC) held a press conference. Li Chao, Deputy Director of the NDRCs Policy Research Office, stated that opening up to the outside world is a fundamental national policy of China. We support Chinese enterprises in integrating into the global innovation network and conducting mutually beneficial international exchanges and cooperation. We have never required Chinese technology companies to refrain from accepting foreign investment. At the same time, foreign investment must also comply with Chinese laws and regulations and must not harm Chinas national security and interests. Chinas door to opening up will only open wider. We will continue to thoroughly implement the Foreign Investment Law and its implementing regulations, continuously create a market-oriented, law-based, and internationalized business environment, and effectively prevent and control risks.On May 22, Li Chao, Deputy Director of the Policy Research Office of the National Development and Reform Commission (NDRC), stated at a press conference that the NDRC will focus on the following three aspects in its next steps: First, it will expedite the issuance of relevant plans and implementation schemes to further coordinate the construction of the "six networks," clarify investment priorities in various sectors, break down targets and tasks into annual targets, and specify timelines and schedules. Second, it will intensify efforts to promote the construction of major projects, improve the dynamic promotion mechanism of "implementing a batch, preparing a batch, reserving a batch, and planning a batch," adhere to both quality and efficiency, accelerate the transformation and implementation, and promote the formation of more tangible work. Third, it will strengthen the guarantee of funding elements, make good use of various government funds and new policy-based financial instruments, stimulate private investment, strengthen the guarantee of land, environmental impact assessment, and other factors, and continuously unleash the investment potential of major infrastructure networks.

USD / NZD Bulls Arrive At The Highs And Apply Pressure Below 0.6250

Daniel Rogers

Mar 02, 2023 16:17

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NZD/USD is down roughly 0.27 percent, falling from a high of 0.6257 to a low of 0.6238, wiping out some of the gains made in the middle of the week in reaction to information indicating a recovery in China demand, which raised commodity prices.

 

This came after Australia released a disappointing report, where GDP growth fell to 0.5% quarter-over-quarter from 0.7% earlier and fell short of consensus forecasts of a 0.8% rise. The information raised the chance that the Reserve Bank of Australia would stop raising rates sooner than anticipated, which originally hurt both currencies.

 

However, the kiwi profited from speculative buying after China's non-manufacturing activity expanded at a faster pace in February and the Caixin/S&P Global manufacturing PMI report for last month also exceeded expectations. The offshore yuan rose 1.3% to 6.8683 per dollar, recording its largest one-day rise since late November.

 

The New Zealand currency outperformed most of its peers, according to ANZ Bank analysts, and did well on crosses, especially NZD/AUD. "After the strong German CPI report, the EUR was a strong performer, and the Kiwi followed suit. This trend may have been worsened by stop-loss buying in the NZD/AUD pair because there was no clear NZD catalyst. This may result in muted price action in the coming days.

 

The USD mood is also changing. Bond yields climbed as a result of strong data last week, which caused the DXY to soar. However, last night's solid data dragged on the dollar in a "good news is bad news" way, probably due to worries that the Fed will orchestrate a recession. Is the strength of the NZD a tardy acknowledgment of the economy's resilience and post-cyclone recovery? Has performed admirably."