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☆ China's Xi clinches third term, packs leadership team with loyalists
▼ + stars: | 2022-10-23 | by ( Yew Lun Tian | ) www.reuters.com time to read: +3 min

REUTERS/Tingshu WangBEIJING, Oct 23 (Reuters) - China's Xi Jinping secured a precedent-breaking third leadership term on Sunday and introduced a new Politburo Standing Committee stacked with loyalists, cementing his place as the country's most powerful ruler since Mao Zedong. Shanghai Communist Party chief Li Qiang followed Xi onto the stage at the Great Hall of the People as the new leadership team was introduced, meaning he is likely to succeed Li Keqiang as premier when he retires in March. The other members of the seven-man Standing Committee, China's top governing body, are Zhao Leji and Wang Huning, who return from the previous committee, and newcomers Cai Qi, Ding Xuexiang and Li Xi. Li Qiang is also new to the Standing Committee. Xi Jinping also has total control over the larger Politburo and Central Committee," he said.

Three of the four new Standing Committee members owe their political rise to Xi, and the fourth is believed to be closely aligned with him. All but Guangdong party chief Li Xi worked under Xi in the 2000s, either in affluent Zhejiang province or in Shanghai. By excluding Li Keqiang and Wang Yang, both 67, from the party Central Committee and Standing Committee, Xi broke with the "seven-up/eight-down" rule that those aged 67 or under would remain for another five years. No woman has ever made it onto the Standing Committee. NOT TROUBLE-FREEThe run-up to the party congress was hardly smooth, with China facing sharp economic slowdown, frustration over zero-COVID and worsening relations with the West.

☆ Japan's central bank can 'certainly spend a lot more' to defend the yen, says strategist
▼ + stars: | 2022-10-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJapan's central bank can 'certainly spend a lot more' to defend the yen, says strategistAlvin Tan of RBC Capital Markets says Japan has yet to intervene again despite the yen trading well above the 146 level, so it's quite clear that Tokyo "is not drawing the line in the sand" on dollar-yen.

The dollar strengthened 0.22% to 146.18 yen in Asian trading, after pushing as high as 146.39 for the first time since August 1998. The Japanese currency is particularly sensitive to the gap between U.S. and Japanese long-term bond yields. Japanese authorities staged their first yen-buying intervention since 1998 on Sept. 22, when the yen tumbled to as low as 145.90 per dollar. Elsewhere, sterling which earlier touched $1.0925, marking a fresh low since Sept. 29, bounced 0.4% to $1.1008 after the FT report. The euro slumped to its weakest since Sept. 29 overnight at $0.9670 and remained not far from that level, trading 0.08% lower than Tuesday's close at $0.96975.

☆ As the pound tanks, Goldman and others reveal the UK stock market's likely winners and losers
▼ + stars: | 2022-09-27 | by ( Zavier Ong | ) www.cnbc.com time to read: +4 min

The British pound continued its slide against the U.S. dollar this week, hitting a new record low against the greenback Monday. Goldman Sachs European strategist Sharon Bell said the bank expects the pound to trade at around $1.05 over the next three months. Winners Secker is overweight the blue-chip FTSE 100 , which he believes is "arguably the ultimate 'weak FX' play." "The losers in the U.K. are the small-and-mid cap companies that are importing raw materials, which has now become more expensive. The FTSE 250 , which is more domestic than the FTSE 100, will also tend to suffer, all else equal, as sterling falls," Bell said.

☆ Dollar-yen could reach the 150 level by early 2023, says strategist
▼ + stars: | 2022-09-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDollar-yen could reach the 150 level by early 2023, says strategistAlvin Tan of RBC Capital Markets says there could be further upside to the dollar-yen as "the fundamentals will continue driving it higher."

☆ Bank of Japan keeps ultra-low rates, dovish policy guidance
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +11 min

Sept 22 (Reuters) - The Bank of Japan maintained ultra-low interest rates and dovish policy guidance on Thursday, reassuring markets that it will continue to swim against a global tide of central banks tightening monetary policy to combat soaring inflation. "However, we believe that the BOJ will never allocate monetary policy for the FX rate adjustment and will stick to the YCC policy. "The most important thing is how the foreign-exchange rate reacts to that contrast in monetary policy between the U.S. and Japan. It also leaves the impression there will be no change in monetary policy during Kuroda's remaining term." He has said lesser about any merit of the weak yen recently out of consideration towards public sentiment against rising costs of living."

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