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On August 24, Foreign Ministry Spokesperson Lin Jian held a regular press conference. According to media reports, regarding the meeting between Chinese Vice Foreign Minister Miao Deyu and Iranian Deputy Foreign Minister Gharibabadi in Beijing, could the Foreign Ministry provide details? Considering the economic ties between China and Iran, what is Chinas view on the US plan to isolate Iran? Lin Jian stated that China provided details of the meeting in its press release, which you can refer to; I have nothing further to add. China closely monitors the situation in the Middle East Gulf, actively promotes peace talks, and is willing to uphold the spirit of President Xi Jinpings four-point proposal on maintaining and promoting peace and stability in the Middle East, continuing its efforts to restore peace and tranquility to the region as soon as possible. "Regarding your second question, we have previously addressed this," Lin Jian said.Russian authorities say a Ukrainian drone strike in Russia’s Belgorod region has killed two people and injured two others.On August 24, Foreign Ministry Spokesperson Lin Jian held a regular press conference. US Treasury Secretary Bessenter threatened to impose secondary sanctions on countries trading with Iran. China is a major buyer of Iranian oil. If the US implements secondary sanctions, what will Chinas response be? Lin Jian stated that sanctions and pressure will not help resolve the issue; they will only exacerbate tensions and escalate the situation, which is not in the interest of any party. Lin Jian said that China calls on all parties to exercise rationality and restraint, avoid taking measures that could further intensify conflicts and impact global economic development and financial stability, and return to the correct track of dialogue, negotiation, and political settlement as soon as possible. China will closely monitor relevant developments and take necessary measures to safeguard its legitimate rights and interests.Iranian Foreign Ministry spokesman: Ghalibafs trip to Iraq is very important.Iranian Foreign Ministry spokesman: Iran will decide the fate of the Iranian pilot detained in Qatar. Efforts are underway to secure the immediate release of the four detained Kuwaiti citizens.

The EUR/GBP is fluctuating close to 0.8750 as focus shifts to UK inflation and BoE policy

Alina Haynes

Mar 20, 2023 13:22

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The EUR/GBP pair is exhibiting a lackluster performance around 0.8750 during the Asian session. As investors prepare for the release of the Bank of England's (BOE) interest rate decision and the United Kingdom's Consumer Price Index (CPI) this week, the cross has moved sideways.

 

Despite the fact that the headline asserts that UBS has revitalized Credit Suisse, the cross appears to be weak. Credit Suisse shareholders will receive one share of UBS for every 22.48 Credit Suisse shares they own, valuing the bank at $3.15 billion (£2.6 billion), according to BBC News. The Swiss National Bank (SNB) stated that the agreement was the most effective means of restoring market confidence and mitigating economic risks. Additionally, the BoE endorsed the "comprehensive set of actions."

 

The consensus opinion on the street is that Governor Andrew Bailey of the Bank of England (BoE) will provide a pessimistic outlook for the interest rate decision amidst concerns of banking turmoil, which will be his top priority.

 

Rabobank analysts also anticipate a 25 basis point (bps) rate hike and caution that the market has not fully factored in this scenario. Andrew Bailey, governor of the Bank of England, would raise rates by 25 basis points to 4.25 percent.

 

Prior to that, the UK inflation data released on Wednesday will be attentively monitored. The annual headline CPI is expected to decline from 10.1% to 9.8%, according to projections. At 5.8%, the core CPI, which excludes the cost of fuels and food, would not change. It should be aware that persistent inflation in the United Kingdom is due to rising food prices and a labor shortage.

 

After the European Central Bank (ECB) raised interest rates by 50 basis points (bps) last week, Gediminas imkus, a member of the ECB Governing Council, stated on Friday that "the terminal rate has not yet been reached" For further deflation, extremely persistent inflation in the Eurozone requires higher interest rates.


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