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On May 26th, Guangzhou held a press conference to announce a series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Qian Zhe, Deputy Secretary of the Party Committee and General Manager of Guangzhou Anju Group, introduced that to support residents in improving their housing conditions and facilitate the exchange of new and used housing, Anju Group will immediately launch a pilot program to support residents in "selling old homes and buying new ones." The pilot program will run until December 31, 2026, and will acquire second-hand residential properties through market-oriented methods, adhering to the principles of "government guidance, market operation, and voluntary participation." The pilot program targets second-hand residential properties with a total price of less than 3 million RMB, a building area of less than 70 square meters, located within the Guangzhou Ring Expressway, with no age limit on the buildings. The acquired properties will be prioritized for use in affordable housing, talent apartments, and other purposes, primarily serving the housing needs of new urban residents, young people, and residents relocating from urban renewal projects.On May 26, it was reported that on May 25, the Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) held an enlarged meeting and a collective study session of the Party Committees theoretical learning center group. The meeting emphasized that state-owned enterprises should continue to improve the institutional mechanisms for carrying out statistical work in a standardized manner, further tighten and implement the responsibility for preventing and combating statistical fraud, and hold those responsible for statistical fraud accountable. It stressed the need to firmly safeguard the lifeline of statistical data quality, effectively prevent and rectify the problem of false financial and accounting information, and strictly prevent and crack down on financial fraud. It also emphasized the need to establish and improve a comprehensive, full-process, and all-element penetrating supervision mechanism to achieve real-time monitoring and dynamic early warning of data from central enterprises.Japanese Finance Minister Satsuki Katayama: Fluctuations in the oil market are affecting foreign exchange and financial markets.On May 26th, Guangzhou held a press conference for a series of supporting documents related to the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Mai Shaoming, Deputy District Mayor of Huadu District, Guangzhou, introduced that after the implementation of the "Guangzhou Eight Measures," Huadu District took the lead in the city by issuing its own "Huadu Eight Measures." Following the implementation of the new policy, the real estate market in Huadu District has seen a continuous rebound in activity and a surge in transaction activity. Project visits, subscriptions, policy inquiries, and secondary market transactions have all increased significantly. Policy inquiries focused on core aspects such as pre-sale school placement, online contract signing for school enrollment, and subsidies for trade-ins, resulting in an overall positive trend of "increased volume, stable prices, and active transactions."On May 26, the State Council Information Office held a press conference on the 2026 Qingdao Summit for Multinational Corporation Leaders. Vice Minister of Commerce Yan Dong stated that efforts will be strengthened to provide full-cycle services and create a "new benchmark" for the business environment. We will implement a series of policies to encourage reinvestment by foreign-invested enterprises in China, fully implement national treatment for foreign-invested enterprises, and support their participation in activities such as boosting consumption, government procurement, and bidding on an equal footing. We will continue to hold roundtables for foreign-invested enterprises, continuously update the list of key foreign investment projects, and carry out "service and support for foreign-invested enterprises" activities to ensure that foreign-invested enterprises are "willing to come, able to stay, and thrive."

GBP/USD seeks to regain 1.2300 as higher UK CPI strengthens the case for a rate hike by the Bank of England and the USD retreats

Alina Haynes

Mar 23, 2023 15:00

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During the Asian session, the GBP/USD pair attempts to reclaim the resistance level at 1.2300. Following a vertical correction, the Cable has recovered to near 1.2260 as the market anticipates that the absence of hawkish interest rate guidance from Federal Reserve (Fed) chair Jerome Powell while addressing the economy at the monetary policy meeting indicates that the Fed is close to ending its policy-tightening spell.

 

S&P500 futures have generated some gains in the Asian session following a decline on Wednesday as a result of Fed Powell's confirmation that the fight against intractable U.S. inflation will continue. Chairman of the Federal Reserve Jerome Powell has ruled out rate cuts in 2023, citing the difficulty of controlling inflation. In addition, US Treasury Secretary Janet Yellen's statement that the government "does not plan to insure all uninsured bank deposits" heightened fears of a banking sector collapse.

 

Following a recovery move, the US Dollar Index (DXY) has retreated on expectations that additional credit tightening to protect banking institutions will reduce overall demand, economic activity, and inflation. In the interim, the demand for US government bonds has increased as a result of expectations that US Janet Yellen will end further policy restrictions and reduce support for all bank deposits.

 

On the front of the United Kingdom, the Pound Sterling is likely to maintain its strength as the Bank of England (BoE) is scheduled to raise rates for the eleventh consecutive time. Governor Andrew Bailey of the Bank of England is expected to raise interest rates by 25 basis points (bp) in response to rising food and non-alcoholic beverage prices, as well as rising energy costs, which have contributed to inflation in the United Kingdom.

 

In the midst of global banking turmoil, the Bank of England's (BoE) interest rate decision will be difficult, as policymakers were divided over whether to raise rates further or maintain them at their present level.


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