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January 23 - According to the Guangdong Branch of the Peoples Bank of China, by 2025, Guangdongs cross-border RMB settlement volume will rank among the top three provinces in China, with a year-on-year increase of 21.5%, accounting for more than 50% of total cross-border receipts and payments in both local and foreign currencies, both of which are record highs.On January 23, Tencent Group released an anti-fraud report, stating that throughout 2025, Tencents anti-fraud investigation department discovered and investigated more than 70 cases of violations of Tencents "red lines," and more than 90 people were dismissed for violating Tencents "red lines." Among them, more than 20 people were transferred to the public security organs for suspected crimes, and more than 30 external personnel involved in the cases were also arrested by the public security organs.Bank of Japan: Regarding the US economy, it is necessary to pay attention to factors such as the impact of tariffs on employment and income formation through deteriorating corporate profits.On January 23, the Bank of Japan (BOJ) kept its benchmark interest rate unchanged to observe the impact of last months rate hike on the economy. The statement said the BOJ kept the benchmark interest rate at 0.75% on Friday, consistent with the forecasts of all economists surveyed. Borrowing costs are at their highest level in 30 years. The BOJ will monitor its impact on prices and the economy and consider the timing of its next move accordingly. Just days earlier, Japanese Prime Minister Sanae Takaichi pledged to suspend the consumption tax on food, a move that triggered turmoil in financial markets. BOJ Governor Kazuo Ueda will elaborate on the reasons for the banks decision, possible interest rate trends, and the inflation outlook at a press conference this afternoon. His comments could influence the yens exchange rate, and any comments he makes about the recent surge in long-term yields will be closely watched.Bank of Japan: The output gap is expected to improve along with the trend and widen moderately.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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