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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

Due to China's higher-than-expected inflation, the USD/CNH exchange rate falls below 6.95

Daniel Rogers

Dec 09, 2022 15:28

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During the Asian session, the USD/CNH pair broke below the narrow consolidation created near 6.9600. The downward pressure on the main currency is a result of the higher-than-anticipated release of China's inflation data and investors' increased risk appetite.

 

China's yearly Consumer Price Index (CPI) has hit 1.6%, which is greater than the projected 1.0% but less than the prior announcement of 2.1%. While the monthly figure indicates a 0.2% decline, the annual rate is up 0.4%. The yearly Producer Price Index (PPI) data has decreased by 1.3% compared to the consensus estimate of a 1.5% decline. The economists at TD Securities projected that the annual inflation rate would decline from 2.1% to 1.5%.

 

The People's Bank of China (PBOC) may be required to provide additional stimulus packages to stimulate the pace of economic activity, despite the fact that the release is greater than anticipated but in a phase of decline.

 

In the interim, the removal of Covid-19 restrictions will stimulate economic activity in China. Previously, the administration imposed limits on the movement of personnel, goods, and machines in an effort to prevent the spread of disease. Now, the reopening of the economy after domestic demonstrations will improve economic prospects.

 

As investors anticipate a delay in the Federal Reserve's interest rate hike, the US Dollar Index (DXY) has fallen dramatically to near 104.56. (Fed). In addition, markets have shrugged considerable uncertainties around the Fed's peak interest rate guidance.