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September 18th - Data from multiple travel platforms shows that the inbound tourism market continued its growth trend during this years Mid-Autumn Festival and National Day holidays, exhibiting new characteristics of diversified tourist source structure and deeper destination penetration. Ctrip data shows that inbound tourist arrivals will maintain double-digit growth during the combined Mid-Autumn Festival and National Day holiday. The expansion of the tourist source map is a prominent feature of this years inbound tourism during the holidays. Russia jumped to become the number one source country with a growth rate of 173%, followed by markets such as the UK, Malaysia, and Canada with growth rates exceeding 50%. The source structure of inbound tourism is rapidly expanding from traditional East Asian neighbors to Europe and Oceania. The continued buzz surrounding "ChinaTravel" on global social media has provided a foundation for this change. Industry analysts believe that the growth momentum of the inbound tourism market is shifting from policy dividends to a dual-engine approach of "policy + content." For local areas, the ability to transform local cultural resources into experiential and shareable cultural tourism products will affect their competitiveness in the inbound tourism market.Engineers India: is in talks with Saudi Arabia and the UAE regarding the construction of oil facilities.On September 18, Li Qiang chaired an executive meeting of the State Council. The meeting emphasized the need to comprehensively strengthen the protection and management of traditional Chinese medicine (TCM) knowledge to safeguard the foundation for its survival and development. It stressed the importance of coordinating the protection and utilization of TCM resources, continuously deepening research and interpretation of TCMs basic theories, diagnostic and treatment principles, and mechanisms of action, increasing the promotion and application of traditional TCM knowledge, and strengthening international exchange and cooperation to enhance my countrys international influence in traditional medicine through mutual learning. The meeting discussed and approved in principle the draft amendments to 15 laws, including the "Emergency Response Law of the Peoples Republic of China," and decided to submit the drafts to the Standing Committee of the National Peoples Congress for deliberation.On September 18, Premier Li Qiang chaired an executive meeting of the State Council. The meeting emphasized the need to strengthen the medical rehabilitation and nursing service system, focusing on grassroots levels, and to extend rehabilitation and nursing resources to communities and families to enhance the accessibility of rehabilitation and nursing services for urban and rural residents. The meeting stressed the importance of relying on technological innovation to improve the level of medical rehabilitation and nursing, developing more intelligent rehabilitation technologies and equipment, and enriching service scenarios. It also emphasized strengthening support and guarantees for medical rehabilitation and nursing, dynamically adjusting the catalog of rehabilitation medical and long-term care services, deepening price reforms for medical rehabilitation and nursing services, improving talent training policies, and continuously enhancing the attractiveness of the profession.The Russian Ministry of Agriculture stated that the supply of fuel and lubricants to agricultural producers has not been interrupted, and the situation is being continuously monitored.

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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