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July 23 – The "15th Five-Year Plan for the Revitalization and Development of Traditional Chinese Medicine" was released today, comprehensively outlining the work plan for traditional Chinese medicine during the 15th Five-Year Plan period. The plan clarifies the guiding principles, development goals, and indicators for comprehensively promoting the development of traditional Chinese medicine during this period. The plan proposes that by 2030, a more complete traditional Chinese medicine service system covering the entire population and the entire life cycle will be established; new breakthroughs will be achieved in the prevention and treatment of major diseases using traditional Chinese medicine; the quality of grassroots services will be improved and upgraded; basic research capabilities will be significantly enhanced; the innovation and creativity of the traditional Chinese medicine industry will be greatly strengthened; and the cultural and international influence of traditional Chinese medicine will be further enhanced. The revitalization and development of traditional Chinese medicine will reach a new level, ensuring that everyone has access to traditional Chinese medicine services.On July 23, according to Qichacha APP, Chengdu Jisu Engine Technology Co., Ltd. was recently established, with a business scope including natural science research and experimental development; engineering and technology research and experimental development; and agricultural science research and experimental development. Qichachas equity penetration analysis shows that the company is indirectly wholly owned by Douyin Co., Ltd.July 23 – Mizuho Securities economist Yusuke Matsuo stated that Bank of Japan Governor Kazuo Ueda is expected to reiterate his stance of seeking further interest rate hikes at next weeks press conference, but this is unlikely to reverse the yens weakening trend. "The market has largely priced in the Bank of Japans expectation of raising interest rates every six months, so such a statement alone is unlikely to significantly boost the yens exchange rate. Given market expectations that the central bank will clarify the timing and magnitude of the next rate hike, any stance interpreted as dovish could exacerbate the yens weakness in an environment of overall dollar strength." The market widely expects the Bank of Japan to keep its policy rate unchanged at 1% next week to assess the impact of the previous rate hike.On July 23, the China Federation of Logistics and Purchasing released the "2026 Digital Procurement Development Report." According to the report, the penetration rate of digital procurement among Chinese enterprises continues to increase, creating conditions for full-cycle digital management from bidding and tendering to procurement and contract fulfillment. Overall, my countrys total digital procurement volume reached 23.2 trillion yuan in 2025, with a digital penetration rate of 11.8%, an increase of 0.3 percentage points from the previous year. Since 2022, the penetration rate of digital procurement has increased year by year. Enterprise surveys show that in terms of large-scale models and intelligent agent applications, AI applications in 20 scenarios across eight stages of bidding and tendering are gradually being implemented, and the penetration rate of AI applications in procurement e-commerce exceeds 50%.Southern Securities double-leveraged long position in Hynix (07709.HK) surged over 10%, while Southern Securities double-leveraged long position in Samsung Electronics (07747.HK) rose over 8%.

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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