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The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.0 occurred at 16:02 on August 7 near Gao County, Yibin City, Sichuan Province (28.56 degrees north latitude, 104.69 degrees east longitude). The final result is subject to the official rapid report.On August 7, the Cyberspace Administration of China issued a notice soliciting public comments on the "Draft Regulations on the Protection of Personal Information by Large Personal Information Processors." The draft stipulates that large personal information processors should adopt measures such as encryption, de-identification, access control, and anonymization to ensure the security of the personal information they process. They may utilize national public network identity authentication services and are encouraged to use data tagging technology and personal information protection certification to improve the level of personal information protection. The draft also encourages large personal information processors to innovate in personal information protection technologies, products, and services, actively participate in the formulation of international standards and rules related to personal information protection, and promote the harmonization and mutual recognition of personal information protection rules and standards with other countries and regions.August 7th - In order to regulate the personal information processing activities of large-scale personal information processors, protect the legitimate rights and interests of personal information, and promote the lawful and reasonable use of personal information, in accordance with the "Personal Information Protection Law of the Peoples Republic of China," the "Regulations on the Administration of Network Data Security," and other laws and administrative regulations, the Cyberspace Administration of China has integrated and improved the previously publicly solicited opinions on the "Regulations on the Establishment of Personal Information Protection Supervision Committees for Large-scale Network Platforms (Draft for Solicitation of Opinions)" and the "Regulations on Personal Information Protection for Large-scale Network Platforms (Draft for Solicitation of Opinions)," forming the "Regulations on Personal Information Protection for Large-scale Personal Information Processors (Draft for Solicitation of Opinions)," which is now open for public comment.Taiwans imports rose 37.4% year-on-year in July, below the expected 48.35% and the previous months 51.80%.Taiwans exports rose 32.9% year-on-year in July, below the expected 40.7% and the previous months 40.30%.

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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