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June 17 – The expansion plan for the comprehensive reform pilot program of offshore trade and financial services in the Lingang New Area was officially released in Shanghai today. Based on the successful experience of the previous pilot program, the Peoples Bank of China approved a comprehensive expansion and upgrade of the pilot program. The scope of pilot business has been expanded from a single scenario of offshore trade to all scenarios of offshore business. This supports pilot enterprises in deeply integrating into the global supply chain and industrial chain, participating in various global production, sales, and service activities at a deeper level and in a wider range of fields. It also more precisely supports the strategic positioning of the Lingang New Area to "coordinate the development of onshore and offshore businesses," enabling Shanghais offshore financial services to serve the forefront of the national economy and cutting-edge industries. Accordingly, the pilot programs name has been upgraded from "Comprehensive Reform Pilot Program for Offshore Trade and Financial Services in the Lingang New Area" to "Comprehensive Reform Pilot Program for Offshore Business Financial Services in the Lingang New Area."EU officials: The EU is not a mediator, but supports Ukraines efforts to achieve a just and lasting peace.EU officials: The EU has interests to defend under any circumstances in the future, therefore establishing diplomatic channels with Russia is crucial.French President Macron: This G7 summit demonstrates a genuine shift in the US attitude toward Ukraine.The French National Institute of Statistics and Economic Studies (INSEE) predicts that French HICP inflation will rise from 2.4% in June to 3.0% in December.

The AUD/JPY exchange rate fluctuates below 90.00 as investors await BoJ action

Alina Haynes

Jan 18, 2023 15:03

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In the early Asian session, the AUD/JPY currency pair is bouncing violently in a narrow range below the resistance level of 90.00. Before the Bank of Japan introduces its first monetary policy of CY2023, the risk barometer indicates a sideways auction (BoJ). The AUD/JPY exchange rate reflects the consolidation of the AUD/USD, indicating an uncertain risk profile.

 

Investors anticipate that the Bank of Japan (BoJ) will not alter its policy stance on Friday, as doing so would increase financial market risk and hinder efforts to boost inflation. Previously, the Bank of Japan (BoJ) announced that the central bank will review the negative side effects of the decade-long ultra-loose monetary policy, generating the impression that the central bank is eager to abandon the easy policy.

 

The experts at Standard Charted expect the Bank of Japan to hold both the policy balance rate and the 10-year yield goal at their present levels of -0.1% and 0%, respectively. The recent decision to expand the 10-year JGB band to +/-50 bps (from +/-25 bps) will be evaluated by policymakers at the December meeting.

 

The replacement of current Governor of the Bank of Japan Haruhiko Kuroda will be widely followed. The next BoJ governor nominee is anticipated to be presented to the Japanese parliament on February 10, Reuters reported on Tuesday. Amamiya, Nakaso, and Yamaguchi are regarded as leading C.banking candidates.

 

Thursday is the expected publication date for Australian employment statistics, which investors are monitoring. The Unemployment Rate is expected to remain constant at 3.4%, according to the majority of economists. Aside from this, the Australian economy must have added 22,500 new jobs to the labor market in December, a down from the prior rises of 64K.

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