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January 1st - According to the China Development Bank (CDB), in 2025, CDB issued RMB 1.16 trillion in loans for urban construction, serving the improvement of urban functions and quality and the living environment. As of the end of 2025, CDBs outstanding loans in the urban construction sector reached RMB 6.3 trillion.January 1st - The National Data Work Conference was held in Beijing from December 29th to 30th. Zheng Shanjie, Secretary of the Party Leadership Group and Director of the National Development and Reform Commission (NDRC), attended the conference and delivered a speech. Liu Liehong, member of the Party Leadership Group of the NDRC and Director of the National Data Bureau, delivered a work report. Zheng Shanjie pointed out that in 2026, it is crucial to accurately grasp the new situation and requirements of data work, seize development opportunities, and focus on the goals and tasks of building a digital China, solidly promoting the high-quality development of the data sector. It is imperative to fully tap the potential of the digital economy, promote innovation in digital technology and services, optimize the software and hardware environment for digital consumption, and cultivate and strengthen the data industry. It is essential to adhere to both policy support and reform and innovation, emphasize planning guidance, improve and perfect the legal and regulatory system in the data field, and accelerate the cultivation of an open, shared, and secure national integrated data market. It is necessary to adhere to the close integration of investment in things and investment in people, take multiple measures to stimulate investment vitality, and accelerate the training of digital talent. It is essential to achieve both "flexible deregulation" and "effective management," coordinating high-quality development and high-level security in the data field. It is crucial to strengthen internal capabilities to meet external challenges and create a favorable external environment for data development.January 1st - President Trump has postponed tariff increases on upholstered furniture, kitchen cabinets, and bathroom vanities, slowing the pace of his tax increases, as voter discontent over price levels continues to escalate. On Wednesday evening, as Trump hosted his New Years Eve party at his Mar-a-Lago resort in Florida, the White House released a fact sheet regarding the presidential proclamation. According to the list, the higher tariffs, originally scheduled to take effect this Thursday, have been postponed until January 1, 2027. According to a proclamation released in September, Trump originally planned to raise tariffs on "certain wood-based upholstered products" from 25% to 30% and significantly increase tariffs on kitchen cabinets and bathroom vanities from 25% to 50% starting January 1st. The White House stated that the proclamation signed on Wednesday delayed this move, and the existing 25% tariffs will remain in place. The fact sheet indicates that the United States "continues productive negotiations with its trading partners regarding trade reciprocity and national security concerns regarding timber product imports," suggesting that these negotiations may reach an agreement, further delaying the imposition of the new tariffs.January 1st - According to Shenzhen Metro Group, data shows that by December 31, 2025, the total passenger volume of Shenzhens 18 urban rail transit lines will reach 13.05 million, exceeding 13 million for the first time. This represents a significant increase of 1.165 million passengers compared to the previous record set on the same day in 2024, a year-on-year increase of 9.8%.The White House: President Trump has adjusted import policies for timber, lumber, and their derivatives entering the United States.

While traders focus on US/UK PMI, the GBP/USD establishes a floor around 1.1250

Daniel Rogers

Sep 23, 2022 14:19

截屏2022-09-23 上午9.44.16.png 

 

The GBP/USD pair is displaying a dissatisfying performance after breaking below the important 1.1350 resistance level early in the Asian session. In the run-up to tomorrow's PMIs report, the cable has been trading in a tight range of 1.1250 to 1.1266. At one point in the past, after experiencing intense buying interest close to 1.1200, the asset price rebounded rapidly. After the current corrective drop from 1.1350 ends, the rising trend should resume.

 

The pound bulls' wild volatility increased after the Bank of England's interest rate decision was made public (BOE). Andrew Bailey, governor of the Bank of England, recently announced a 50-basis-point (bps) interest rate hike and a new terminal rate of 2.25%. The interest rate is now higher than it was in 2008.

 

However, the UK has not taken an assertive monetary policy approach, so investors should be aware that the economy is facing headwinds from rising pricing pressures. Reasons to keep a level head include the economy's weak foundations, precarious labor market conditions, and a terrible labor market index. Borrowing Cost of Britain (BOE) authorities did not hesitate when boosting interest rates because they were not given any support from domestic economic factors.

 

The S&P Global PMI data for the UK will soon be the most talked about stories in the media. Assuming the latest economic data is as accurate as the previous edition, we should expect to see a rise in Manufacturing PMI to 47.5 from 47.3. In spite of this, the Services PMI is predicted to fall from 50.9 to 50.0.

 

Meanwhile, demand for the US dollar index (DXY) is falling as the Federal Reserve's (Fed) unusually aggressive attitude loses some of its sway. Investors' attention has shifted to the PMI data, which is expected to show a lackluster performance overall. Preliminary estimates place the Manufacturing PMI at a gentle 51.1, while the Service PMI surges sharply to 45.


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