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US Vice President Vance: If Iran is allowed to control shipping through the Strait of Hormuz, global energy supplies will be constrained, and gasoline prices will rise. We will see gasoline prices fall after this conflict ends. The US military is ensuring the smooth passage of oil through the Strait of Hormuz.On October 18, the Saudi-led coalition stated that an AH-6I helicopter crashed in the Najran region of Saudi Arabia due to a "technical malfunction," killing both crew members. The Houthi rebels in Yemen had previously issued a statement on the evening of October 17 claiming to have shot down a Saudi Apache helicopter in the Najran region.The Saudi-led coalition said an AH-6I helicopter crashed in the Najran region due to a technical malfunction, killing both crew members.On October 18th, Canadian Defense Minister John McGuinty confirmed on the evening of October 17th that a serious accident occurred at the Canadian Armed Forces Wainwright Air Base in Alberta, resulting in casualties. According to a senior military journalist in Canadian media, based on his 20 years of direct military reporting experience, "such a major accident has never occurred before" during training exercises. Reports indicate that a live-fire exercise was underway at the base when the incident occurred, causing a fire that spread with the wind to an area storing large quantities of ammunition. Canadian Prime Minister Mark Carney stated that evening that a "serious accident" had occurred at Wainwright Air Base, resulting in a large fire. A Member of Parliament representing an Alberta riding also stated that, to his knowledge, an explosion and fire occurred at the base, causing serious casualties.On October 18th, Venezuelan media reported on the 17th that Venezuela, in a joint operation with the French Navy, seized nearly 3 tons of drugs and arrested four people in the Caribbean Sea. The report cited a government statement released by the Venezuelan Ministry of the Interior, Justice and Peace on the evening of the 16th, stating that a special anti-drug team under the Venezuelan National Guard, sharing intelligence with the French Navy, seized approximately 2,900 kilograms of drugs in a drug raid in the Caribbean. The statement indicated that the seized drugs comprised 166 packages, including 1,173.5 kilograms of cocaine and 1,727.4 kilograms of marijuana, totaling 2,900.9 kilograms. The four arrested individuals have been transferred to the Venezuelan prosecutors office.

As the value of the U.S. dollar drops significantly, the value of the Chinese Yuan appreciates

Daniel Rogers

Aug 23, 2022 14:56

 截屏2022-08-23 上午10.28.09.png

 

As Beijing increased its easing measures in response to an economic crisis and the resurgence of COVID-19, which has resulted in economically damaging lockdowns, the yuan dropped to its lowest level since July on Monday. However, bears are battling the bulls across all US dollar pairs on Tuesday, and CNH is making a comeback.

 

As of this writing, the USD/CNH exchange rate is 6.8650, which is stable from the previous session but lower than its highs. From a peak of 6.8743 in January of 2018, the price has fallen to its current low of 6.8625. The rumor mill is busy turning forth new predictions about impending budget cuts. In its most recent monthly meeting, the PBOC decided to lower the prime rate on one-year loans by 5 basis points, to 3.65% from 3.7%, and the rate on five-year loans by 15 basis points, to 4.3% from 4.45%, so reducing the cost of existing loan payments. When hearing that interest rates have been lowered by authorities, however, the general consensus was that this was a positive development, despite the economy's overall decline.

 

We also do not expect any of these cuts to have an effect on the economy, with GDP growth still on track to fall below the official "around 5.5 percent" aim. Analysts from TD Securities have suggested that far more substantial governmental intervention is required to reverse the existing pressures on the housing market.

 

To make up for MLF maturity, China may reduce RRR this year, according to a report in today's Securities Times of China. The study suggests that if the RRR is lowered, prime lending rates will fall as a result. Take note that this is a government agency reporting on such concepts. Such words from the state-run news agency could continue to weigh on the yuan and provide support for the dollar in light of growing policy divergence between the United States and China and worries over eroding economic fundamentals.

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