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On August 29, during a visit to Kyrgyzstan on August 28 by a delegation of Chinese entrepreneurs organized by the China Council for the Promotion of International Trade (CCPIT), the China-Kyrgyzstan Business and Investment Forum was held in Bishkek, the capital of Kyrgyzstan. Ren Hongbin, Chairman of the CCPIT, stated that the CCPITs organization of this visit, involving over 100 entrepreneurs and the holding of the forum, aims to implement the important consensus reached by the two heads of state and promote more practical results in cooperation between Chinese and Kyrgyz enterprises. The CCPIT is willing to actively play its role as a bridge and link, organizing more targeted trade promotion activities to support enterprises from both sides in creating new growth points in service trade, digital trade, and cross-border e-commerce, and expanding new spaces for trade cooperation; to make good use of the China International Supply Chain Promotion Expo platform, inviting more Kyrgyz enterprises and institutions to participate, continuously strengthening precise matching of production and supply chains, and stimulating new momentum for supply chain cooperation; and to deepen cooperation with Kyrgyz counterparts within the framework of mechanisms such as the China-Central Asia Business Council, amplifying the functions of multilateral and bilateral business cooperation mechanisms, and contributing to the high-quality joint construction of the Belt and Road Initiative.August 29th - After a night of intense gun battles, Niamey, the capital of Niger, briefly returned to calm around 7:00 AM local time on August 29th. However, gunfire resumed after 9:00 AM, escalating the security situation in the capital and plunging local residents into panic. The armed standoff in Niamey continues, and the situation in the capital remains uncontrolled. Since the early hours of August 29th, continuous gunfire and explosions have been reported in multiple areas of Niamey.According to an AFP report citing a Nigerien security source, the Republican Guard clashed with rebels near the Palace of the Republic, and the conflict is ongoing.August 29th - According to the Tianjin Gas Storage Branch of Dagang Oilfield, as of now, the cumulative gas injection volume of the Dagang Oilfield gas storage group in this injection cycle has exceeded 2 billion cubic meters, completing 90% of the overall gas injection plan, an increase of 8% compared to the same period last year. The gas injection volume of this cycle has once again broken the historical record, providing sufficient "confidence" for the winter natural gas supply in the Beijing-Tianjin-Hebei region.On August 29th, the Nanjing Housing Provident Fund Management Center announced that, in order to better leverage the role of the housing provident fund system and further meet the cross-regional housing consumption needs of homebuyers, the scope of inter-city housing provident fund loans has been expanded to the entire country. Housing provident fund contributors nationwide can apply for housing provident fund loans from the Nanjing Housing Provident Fund Management Center when purchasing a home in Nanjing. This notice will take effect on September 1, 2026.

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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