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On April 27, the draft revision of the Law on State-Owned Assets of Enterprises was submitted to the 22nd session of the Standing Committee of the 14th National Peoples Congress for its first review. The revision adheres to the leadership of the Party, a problem-oriented approach, the principle of balancing development and security, and the principle of seeking progress while maintaining stability. The draft revises 71 articles and adds 32 new articles, comprising nine chapters and 109 articles, comprehensively revising the existing law. Major revisions include improving the modern enterprise system with Chinese characteristics, improving the management and supervision system for state-owned assets of enterprises, clarifying the principle of classified management, and improving the management system for state-owned capital gains. The Law on State-Owned Assets of Enterprises stipulates the basic system for the management and supervision of state-owned assets of enterprises in my country. Since its implementation on May 1, 2009, it has provided strong legal protection for the reform and development of state-owned assets and enterprises. During the 15th Five-Year Plan period, my countrys development environment faces profound and complex changes. Revising and improving the Law on State-Owned Assets of Enterprises, using legislation to guide and guarantee the reform and development of state-owned assets and enterprises, and strengthening the rule of law in the management and supervision of state-owned assets, is of great significance for ensuring the sustained and healthy development of the state-owned economy.On April 27th, it was reported that on April 21st, Shan Zhongde, member of the Party Leadership Group and Vice Minister of the Ministry of Industry and Information Technology, and Director of the China National Space Administration, chaired a roundtable meeting on the high-quality development of commercial aerospace. The meeting emphasized the need to strengthen strategic planning and standard guidance, improve the policy, regulatory, and standard system for commercial aerospace, fully leverage the role of the Civil and Commercial Aerospace Professional Standardization Technical Committee and related standardization organizations and professional institutions in the "rocket, satellite, field, frequency, and network" sectors, accelerate the development of urgently needed standards, build a public service platform for commercial aerospace, innovate the "one-stop" approval model, and create a favorable development ecosystem, ensuring both "flexible" and "effective" regulation. The meeting stressed the importance of significantly enhancing the level of industrial development, comprehensively strengthening key technology research, focusing on building a high-quality cadre and talent team, proactively planning new business models such as space computing power and space manufacturing, deeply expanding commercial application scenarios, and striving to achieve a closed-loop business model. It also emphasized the need to vigorously promote the integrated development of "rocket, satellite, field, frequency, and network" sectors, and the integrated development of technology, products, and standards, jointly creating a new pattern of high-quality development for commercial aerospace, and empowering the accelerated construction of a space power.On April 27, Foreign Ministry Spokesperson Lin Jian held a regular press conference. A Bloomberg reporter asked about the US sanctions imposed on a Chinese private oil refinery due to its ties to Iran, with the US Treasury Department announcing last Friday that the company had been blacklisted. What is the Foreign Ministrys comment on this? Lin Jian stated that China consistently opposes illegal unilateral sanctions lacking a basis in international law and urges the US to cease its erroneous practices of abusing sanctions and exercising long-arm jurisdiction. China will resolutely safeguard the legitimate rights and interests of its enterprises.On April 27, local time, a member of the Energy Committee of the Iranian Islamic Parliament stated that Irans oil industry chain possesses sufficient resilience and pressure resistance in the face of US threats. Even at the height of the maritime blockade, Irans oil exports not only did not cease but actually increased. The member stated that the US has long relied on pressure and threats to advance its strategy, but has so far failed to achieve the desired results.On April 27th, a delegation led by Jens Eskelund, President of the European Union Chamber of Commerce in China, visited Shenyang on April 24th and held a closed-door meeting with Xu Kunlin, Secretary of the Liaoning Provincial Party Committee. The meeting focused on key issues including EU SME financing support, electricity costs, subsidy disbursement, and the upcoming China-EU Cultural Tourism Food and Wine Festival to be held in Shenyang this June. Xu Kunlin expressed his gratitude to the European Union Chamber of Commerce in China and its member companies for their support of Liaonings revitalization and development. He listened attentively to and responded to the delegations opinions and suggestions, and stated that Liaoning will strive to create a first-class business environment that is market-oriented, rule-of-law based, and internationalized, and improve the service and support system for foreign investment, creating better conditions for foreign-invested enterprises to develop in Liaoning. He hoped that the European Union Chamber of Commerce in China would fully leverage its role as a bridge and link to guide more EU companies to "take root" in Liaoning.

USD/TRY reestablishes its annual high on route to 17.00, notwithstanding Erdogan's expectation of future inflation moderation

Alina Haynes

Jun 06, 2022 15:25

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In spite of Turkish currency (TRY) traders' inflation worries and President Erdogan's efforts to appease TRY purchasers, the USD/TRY continues to trade near $16.36, the highest level since 2022. The pair's upward momentum is influenced by Friday's high Turkish inflation data for May, as well as the US dollar's comeback over the last week, not to mention expectations of the Fed's faster/more aggressive rate rises.

 

According to Reuters, "Turkish President Tayyip Erdogan stated on Sunday that inflation numbers from the month of May, when annual consumer prices soared to a 24-year high, indicate that inflation is now on the down." It is noteworthy that the May inflation rate for Turkey increased to 73.5 percent in the most recent report.

 

Reuters also reported that the lira fell by 44 percent last year and has been the poorest performer in emerging markets for several consecutive years, mostly owing to economic and monetary policy worries under the administration of President Tayyip Erdogan.

 

In contrast, the odds supporting a 0.50 percent rate hike by the Federal Reserve in September have lately increased to 75 percent from 35 percent a week earlier, which emphasizes this week's US Consumer Price Index (CPI) data and favors US dollar purchasers. In spite of this, the US Dollar Index (DXY) reversed a two-week downward trend at Friday's close, trading down 0.14 percent intraday near 102.000 as of press time.

 

US Nonfarm Payrolls (NFP) for May came in at 390K, above expectations of 325K but falling short of the upwardly revised prior readings of 428K. In addition, the unemployment rate stayed constant at 3.6% against predictions of a minor reduction to 3.5%. In addition, the US ISM Services PMI dropped to 55.9 in May, compared to the market estimate of 56.4 and the flash reading of 57.1 in April. Following the release of the statistics, Loretta Mester, president of the Federal Reserve Bank of Cleveland, stated that the Fed's only worry is inflation. The officials underlined that the likelihood of a recession has increased.

 

Wall Street benchmarks finished in the negative and US 10-year Treasury rates saw their first weekly increase in three weeks to reflect the risk-averse sentiment of the previous day. However, S&P 500 Futures increased by 0.5 percent to 4,126 and US 10-year Treasury rates fell by 1.3 basis points (bps) to 2.942 percent as per the most recent data available.

 

Amid a pre-Fed blackout for Fed officials and in anticipation of Friday's US CPI, USD/TRY traders should pay attention to risk drivers moving forward.

Technical Evaluation

A successful breach of the prior resistance line from early January, about 16.45 at the time of publication, would lead USD/TRY values toward the $17.00 mark before testing the late 2021 top at $18.36.


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