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On January 13th, Zhou Haibing, Vice Chairman of the National Development and Reform Commission (NDRC), stated at a regular press conference that it is necessary to clarify the boundaries of responsibility between the government and enterprises, adhere to the principle of "whoever pollutes, cleans up," and prevent situations where "enterprises make money but leave behind pollution," making the government and the public pay the price. Going forward, the NDRC will work with relevant departments to improve supporting systems, issue management measures for the comprehensive utilization of power batteries for new energy vehicles, revise the guidance catalog for industrial restructuring, and intensify restrictions and elimination of outdated technologies and equipment.On January 13, Zhou Haibing, Vice Chairman of the National Development and Reform Commission (NDRC), stated that this year the NDRC will lead the formulation of the 15th Five-Year Plan for the Development of the Circular Economy, clarify the development goals and tasks for the circular economy in key areas, deploy key measures for the recycling and utilization of traditional renewable resources, rare and precious metals, and "new three types" of solid waste, improve the guarantee system, further improve resource utilization efficiency, strengthen resource security, support green and low-carbon transformation, and promote new achievements in the high-quality development of the circular economy.On January 13th, the Ministry of Civil Affairs held a special press conference. Jiang Wei, Deputy Director of the Trademark Application and Promotion Department of the State Intellectual Property Office, stated that the office will strengthen guidance and services for trademark use, continuously regulate irregular trademark use such as "brand imitation," strengthen trademark and brand protection, and support elderly care service operators in cultivating trademark brands for elderly care services. Going forward, the State Intellectual Property Office will further strengthen communication and cooperation with the Ministry of Civil Affairs to fully support the implementation of the "Several Measures on Cultivating Elderly Care Service Operators and Promoting the Development of the Silver Economy," vigorously promote the in-depth implementation of trademark and brand strategies by elderly care service operators, leverage the leading role of trademarks and brands, cultivate more well-known trademark brands supported by technology, quality, and reputation, increase publicity and promotion of elderly care service brand image, and enhance the social benefits and market value of elderly care services.On January 13th, Alibaba Cloud announced the completion of a further strategic investment in ZStack, achieving a controlling stake. According to reports, the two companies will leverage the "Apsara + ZStack" full-stack ecosystem to create an integrated cloud-edge solution.On January 13th, the Ministry of Civil Affairs held a special press conference. Li Qiang, Deputy Director of the Consumer Goods Department of the Ministry of Industry and Information Technology, stated that the Ministry will focus on key areas such as elderly care service robots, with manufacturers and downstream application companies jointly conducting research on core technologies and product development. The focus will be on promoting the large-scale application of humanoid robots, health monitoring equipment, and rehabilitation assistive devices in homes, communities, and elderly care institutions. The Ministry will also implement a high-end medical equipment promotion and application project, supporting clinical trials, technological iterations, and market promotion of products such as cochlear implants and rehabilitation training systems, enabling more elderly people to benefit from high-end medical equipment and share the dividends of modern technological innovation.

GBP/USD to Test 1.2260; Downside Remains Favored Due to Rising US CPI; UK GDP Watched

Daniel Rogers

May 12, 2022 10:13

The GBP/USD pair has broken to the negative from its week-long consolidation between 1.2260 and 1.2400. The asset may test the lower range of consolidation to confirm the bears' strength, but the downside remains intact as rising US inflation data has increased the likelihood of a massive rate hike by the Federal Reserve (Fed) in June.

 

Wednesday's 8.3 percent reading for the US Consumer Price Index (CPI) surpassed the 8.1 percent forecast by theștiindștiind. Market analysts anticipated that the Fed's June monetary policy would include a 50 basis point (bps) interest rate hike in response to the US CPI reading of 8.1%. Now, a higher-than-anticipated US inflation rate has increased the likelihood of a 75 basis point rate hike. This has shook the foreign exchange market, and investors are selling risky assets like there is no tomorrow.

 

In the meantime, the US dollar index (DXY) is trying to maintain its position above 104.00, although the upside remains intact. Regarding the British pound, investors anticipate the announcement of Gross Domestic Product (GDP) figures. The quarterly GDP estimate for the United Kingdom is predicted to be 1 percent, compared to the previous estimate of 1.3%, while the annual estimate is projected to be 9 percent, compared to the previous estimate of 6.6%. A higher-than-anticipated UK GDP may protect the pound from additional losses, whilst a weaker-than-anticipated figure would accelerate the asset's decline.

GBP/USD

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