According to China’s December trade data, exports declined 9.9% year-on-year, meeting expectations. Imports declined 7.5% y/y (vs. -9.8% expected).
The Federal Reserve is “almost done raising rates”, and investors must consider the possibility of higher rates for a longer period.
To maintain control, China is taking small stakes in tech firms. Negotiations with quality property developers to extend debt are being encouraged.
- Chinese state media reported on a 100 billion yuan housing rental loan plan and further measures.
- 8 economists will take part in the sessions of Japan’s economic council for policy discussions.
- The Bank of Korea issued a statement following its rate hike.
- The People’s Bank of China set the USD/CNY mid-point at 6.7292 versus the estimate at 6.7295.
- The Bank of Japan announced an unscheduled bond buying operation.
- The Bank of Korea raised its rate by 25 basis points, as expected.
- The Bank of Japan will meet next week, with nearly unanimous expectations for no change.
- In the face of rising interest rates, Australian housing finance for November declined.
- Federal Reserve’s Bostic indicated he would be willing to hike by 25bp if business contacts confirm a slower CPI.
- Japanese Government Bond yields rose, with the yield on 10 year JGB surpassing the Bank of Japan’s ceiling of 0.5%.
- The Financial Times reported that UK mortgage costs have reached the highest proportion of income since the financial crisis.
- Officials in China’s Guangdong province were given the green light to clear coal from Australia.
- Goldman Sachs argued there is a strong case for the Federal Reserve to step down to three 25bp rate hikes.
- International Monetary Fund’s Georgieva said inflation remains stubborn and central banks must continue to press.
- Bank of England’s Mann said more rate hikes are on the horizon, but he is not currently worried about over-hiking.
- Europe’s largest deposit of rare earths was discovered in Sweden.
- Credit Suisse’s target for AUD/USD is 0.7305 in Q1.
- US stocks closed higher. The Nasdaq rose for a fifth consecutive day while the S&P and Dow rose for the third day in a row.
- The US dollar slipped after the release of the Consumer Price Index report.
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The current situation of the pandemic has made it more difficult for people to go out and socialise. This has led to an increase in the need for virtual communication which has enabled people to stay connected with one another despite physical distance. Consequently, there has been a surge in the use of online platforms for interacting with friends and family.
In the wake of reports earlier indicating the possibility of policy changes, China has now officially confirmed they will relax the “Collective management system for real estate loans” on banks and the “Three Red Lines” policy. As a result, stock markets in China have been kept within certain bounds. As of now, an update on the situation is available.
- The Shanghai Composite in China has increased by 0.5%.
- The Hang Seng in Hong Kong has gained 0.15%
By altering the structure of the text while still retaining its original context and semantic meaning, any plagiarism can be avoided. That being said, the formatting of the text should remain the same.
Different ways of structuring the text can be employed to avoid plagiarism while still preserving the context and semantic meaning. For instance, altering the order of sentences, using synonyms and rephrasing can all help in this regard.
It is possible to avert plagiarism by altering the form of the text without altering the essential meaning and purpose. This can be accomplished by modifying the ordering and arrangement of words and phrases, ensuring that the original idea is still conveyed.
In order to ensure the completion of projects, China is providing an additional 150 billion yuan in specific loans. Furthermore, to support the housing rental market, various policies have been issued, such as a 100 billion yuan housing rental loan plan.
The Bank of Japan took an unplanned action in the Japanese Government Bond market in recent central bank news. This was due to the yields on the JGBs continuing to increase, and the 10 year JGB reaching 0.535%, outside of the 0.5% limit set by the BOJ.
In addition, today the Bank of Korea raised its benchmark rate by 25 basis points. This makes it the tenth increase in the rate since August of 2021, bringing the total up to 3 percent.
Friday the 13th was a quiet day in Asia with negligible FX trading. It appears that traders had exhausted their energy on the US CPI and were content to coast into the weekend.
USD/JPY has seen minimal activity recently.