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On May 14th, He Yongqian, spokesperson for the Ministry of Commerce, stated at a regular press conference that, in accordance with the work deployment of the "Special Action Plan for Boosting Consumption" issued by the General Office of the CPC Central Committee and the General Office of the State Council, the Ministry of Commerce, together with the Ministry of Finance and the State Taxation Administration, will fully launch the prize-winning invoice campaign before the 2026 Spring Festival, conducting pilot programs in 50 cities including Beijing and Shanghai. Currently, all work is progressing steadily, and the pilot programs effectiveness is rapidly becoming apparent, mainly in three aspects. First, the campaigns popularity continues to rise. As of May 13th, over 2.6 million merchants from eight major industries, including retail and catering, participated in the prize-winning invoice pilot program, with over 520 million people uploading invoices for the lottery. "Issuing invoices for consumption" and "lottery with invoices" have become hot topics. Second, the campaign experience is constantly being enriched. Third, the effect of boosting consumption is significant. The prize-winning invoice policy effectively promotes sales growth and stimulates offline consumption by increasing customer traffic and attracting customers. As of May 13th, the 50 pilot cities have invested 4.89 billion yuan in prize money, with invoices totaling 208.82 billion yuan participating in the campaign.Turkish central bank governor: The current account deficit as a percentage of GDP will be lower than the long-term historical average in 2026.According to the Financial Times, British manufacturers have warned that changes to steel tariffs will cause serious problems.On May 14th, He Yongqian, spokesperson for the Ministry of Commerce, stated at a regular press conference that, according to the latest data released by the General Administration of Customs, in the first four months of 2026, my countrys total import and export value of goods reached 16.23 trillion yuan, a year-on-year increase of 14.9%, continuing its positive growth trend. Among them, imports and exports of machinery and electronic products increased by 19.5%, demonstrating strong economic activity. Currently, the external environment remains complex and volatile, and factors such as the slowdown in global economic growth and the escalation of geopolitical conflicts may still have some impact on my countrys foreign trade. However, overall, the fundamental trend of my countrys long-term positive foreign trade outlook remains unchanged, and the basic foundation remains solid. We firmly believe that, with the joint efforts of all parties, my countrys foreign trade can maintain a steady and progressive development momentum with improved quality and efficiency throughout the year, continuing to make positive contributions to global economic and trade development.On May 14, Foreign Ministry Spokesperson Guo Jiakun hosted a regular press conference. A reporter asked about the Taiwan issue. Guo Jiakun stated that the Taiwan issue is the most important issue in China-US relations. Handling it well will maintain overall stability in bilateral relations; handling it poorly will lead to clashes or even conflict, pushing the entire China-US relationship into a very dangerous situation. "Taiwan independence" and peace across the Taiwan Strait are incompatible. Maintaining peace and stability across the Taiwan Strait is the greatest common denominator between China and the US. The US must handle the Taiwan issue with utmost caution.

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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