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On August 31, seven departments, including the Ministry of Commerce, released an implementation opinion on promoting the expansion and upgrading of commodity consumption. The opinion points out the need to strengthen the research and development of key technologies and core components, and expand the application of technologies such as brain-computer interfaces and artificial intelligence in areas such as age-friendly products and rehabilitation assistive devices. It also calls for increased promotion of high-quality products listed in the "Catalogue of Products for the Elderly," promoting the entry of products such as exoskeleton robots, electric wheelchairs, and smart mattresses, as well as equipment for health monitoring, bowel and bladder care, patient transfer, and bathing assistance into elderly households. The opinion explores the establishment of a certification system for silver-haired products. It encourages commercial and trade enterprises to set up dedicated sales areas for age-friendly products, promoting their entry into supermarkets, hotels, communities, hospitals, pharmacies, and elderly care institutions.On August 31, seven departments, including the Ministry of Commerce, issued an implementation opinion on promoting the expansion and upgrading of commodity consumption. The opinion points out that home appliance sales companies are encouraged to collaborate with manufacturers and recycling companies to conduct promotional activities. It also calls for making good use of support funds from pilot cities for the modern commercial and trade circulation system to promote professional and standardized home appliance recycling services in streets, communities, and villages, facilitating the dismantling and recycling of used home appliances and the delivery and installation of new products, and upgrading home appliance sales networks, warehousing and distribution centers, and after-sales service outlets.On August 31, seven departments, including the Ministry of Commerce, released an implementation opinion on promoting the expansion and upgrading of commodity consumption. The opinion points out the need to accelerate the promotion of smart home applications, cultivate a number of large home decoration companies and platforms with honest operations and standardized services, guide enterprises to launch personalized and diversified product and service packages, vigorously develop customized, order-based, and appointment-based services, support enterprises in establishing smart home experience centers, and support families in carrying out whole-house smart renovations. It also calls for improving the waste furniture recycling system and supporting enterprises in carrying out "new delivery + old collection" and "Internet + recycling" services.On August 31, seven departments, including the Ministry of Commerce, released an implementation opinion on promoting the expansion and upgrading of commodity consumption. The opinion points out the need to deepen the pilot reform of automobile circulation and consumption, accelerate the removal of unreasonable restrictive measures in the automobile circulation and consumption sector, innovate automobile use management models, and expand automobile consumption across the entire chain. It also calls for relevant regions to optimize automobile purchase restrictions to better meet residents car-buying needs. Furthermore, it emphasizes cultivating and expanding the automotive aftermarket, supporting the development of automobile modification, maintenance, motorsports, and RV camping, and establishing a system for the identification and management of classic automobiles. The opinion also calls for improving inter-departmental information sharing mechanisms and establishing an information exchange system covering the entire lifecycle of automobiles, including sales, registration, repair, insurance, and scrapping. Finally, it calls for improving the management system for used car circulation, promoting the mutual recognition of unified invoices for used car sales, and implementing tiered and classified management of used car dealers.The Hong Kong Monetary Authority (HKMA) reported that Hong Kong dollar money supply M2 and M3 both rose by 1.0% in July, up 5.6% and 5.5% respectively compared to the same period last year. Seasonally adjusted Hong Kong dollar money supply M1 fell by 0.5% in July, down 0.6% compared to the same period last year, partly reflecting investment-related activity. Total money supply M2 and M3 both rose by 1.1% in July, and both increased by 10.2% compared to the same period last year.

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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