Herd instinct is the human nature to follow the crowd and act collectively – and market expectation always does not change smoothly but t
上海乌托邦ends to over-react to new information. The current market expectation of the US Federal Reserve’s rate cuts is a case in point.
On June 20, the latest meeting of the Fed’s policy-setting Federal Open Market Committee shrugged off the market’s high expectation of rate cuts and gave no clear policy signal confirming a cut.
We believe the market had overreacted in forming its expectation of rate cuts after the Fed swiftly adopted a dovish tone from the end of last上海乌托邦
year. Specifically, we believe market expectation – it has formed since May – of a change in policy stance, as well as the timing and degree of rate cuts, may not fully materialize.
We will elaborate on this now. It should be noted the misconceived expectation of Fed rate cuts could ind上海乌托邦
uce a drastic reversal in investor sentiment and asset price fluctuations, if the Fed’s moves miss expectation.
Firstly, the market may have overestimated the degree of the Fed’s policy stance change. A clear rate cut signal may not emerge until the end of this month.上海乌托邦
According to Bloomberg, the Fed funds futures market has recently priced in a 98.5-percent chance that the Fed will lower rates at least once this year.
上海乌托邦品茶微信However, the Fed’s earlier forward guidance only indicated the end of monetary policy n
ormalization, which does not necessarily point to the beginning of a rate cut cycle. Also, the Fed h
as removed the word “patient” from the latest FOMC meeting statement but did not confirm a rate-cut stance.
We believe that because of the following two reasons, the Fed is still on cautious lookout, and t
here will not be any clear rate cut signal or plan until the next FOMC meeting at the end of this month.上海乌托邦品茶微信
Externally, the Fed is expected to stand pat until trade dispute uncertainties ease, to give itself an advantage in its game with the US Administration.
The Fed would put itself in an unfavorable position if it initiated a rate cut before majo上海乌托邦品茶微信
r uncertainties over the China-US trade dispute are removed, because the pre-emptive move may enc
ourage the US Administration to escalate the trade dispute, which will in turn pose a dilemma to the Fed.
That’s because any escalation in trade tensions will, on the one hand, d
ssipate and even offset the easing boost from rate cuts and force the Fed to accelerate the上海乌托邦品茶微信
rate cut pace. On the other hand, the escalation could further fuel imported inflation, which will significantly reduce the
Fed’s room for rate cuts. The Fed will then face a policy-making dilemma of whether to further cut rates.
d Road Initiati上海会所品茶微信ve to Africa, he said, adding that both partners should respect market pri
nciples and ensure economic and social benefits to improve the continent’s capacity for sustainable development.
Wang said more than 880 cooperation projects will be carried out in the next three years.
In a news conference on Tuesday afternoon, Vice-Minister of Com
merce Qian Keming said that in their next step, China and Africa will carry out capacity-buil
ding cooperation and promote infrastructure, trade and investment cooperation. China will increase imports fro
m Africa to ensure the continent shares in the huge Chinese market, he added.
Ugandan President Yoweri Museveni said the eight major initiatives have helped address the de
velopment challenges facing African countries and will help guide their cooperation in the right direction.
Xi and his wif上海会所品茶微信g Liyuan, were greeted by Kim and
his wife, Ri Solju, at Pyongyang Sunan International Airport upon their arrival.
Under Chinese and DPRK national flags and large welcome banners, nearly 10,000 people
lined up at the airport, waving flowers and chanting cheerful slogans to greet the Chinese guests.
Following a grand welcoming ceremony complete with a 21-gun salute, Xi headed to the square of
the Kumsusan Palace of the Sun, where he became the first foreign leader to receive a salute at the hi
ghly symbolic site. Hundreds of thousands of people lined up along the road from the airport, waving flags and flo
wers and chanting “Long Live the China-DPRK Friendship” and other slogans to welcome Xi.
The country’s first 上海后花园女神会所100-megawatt molten salt solar thermal power plant in Dunhuang, Northwest China’s Ga
nsu province, has successfully generated power while operating at full capacity on Monday morning, Chinanews.com reported.
Nearly 20 hours of operating records on Monday show the systems at the power plant have been normal and stable. The facility also s
et a new record by generating over 1.8 million kilowatt-hours of power day and night, with all indicat
ors suggesting it has reached or exceeded its designed values. This marks another important step after the plant cr
eated 1.67 million kWh of power over 34 hours of continuous operations in mid-April.
Huang Wenbo, vice-chairman of Beijing Shouhang, said the power plant has withstood the test of runni
ng under the harshest environmental conditions in different seasons, which means it can be widely used in northwestern areas.
The power station is among China’s first batch of solar thermal power generation demonst
ration projects. With an investment of 3 billion yuan ($433.1 million), it was built by Beijing Shouhang IHW Re
sources Saving Technology Co Ltd, which wholly owns the power station’s intellectual property rights.
Eight life-size Terracotta Warriors from China are among the works sho
wn as part of a rare exhibition being hosted by the National Gallery of Victoria in Melbourne.
The exhibition, Terracotta Warriors: Guardians of Immortality/Cai Guo-Qiang: The Transient Landscape, runs from May 24 to Oct 13.
It offers a new perspective on China’s traditional culture with more than 160 exhibits
on show, including the Qin emperor’s Terracotta Warriors, which were discovered in 1974 in China’s nor
thwestern Shaanxi province, and are widely described as one of the wonders of the world.
The exhibition features eight warriors and two life-size horses from the im
perial army, as well as two half-size replicas of bronze chariots, each drawn by four horses.
authority intervention in foreign exchange markets over the past se
veral months, according to the US Treasury’s semiannual foreign-exchange report to Congress.
The May report summarized that China’s growth appears to be stabilizing on the back of recently enhanced supportive measures.
The report expanded the number of countries it scrutinizes for curre
ncy manipulation to 21 from 12. Countries with a current account surplus with the US
equivalent to 2 percent of GDP were put on the watch list, compared with 3 percent of GDP before.
China didn’t meet the “currency manipulator” criteria listed by the US Treasury, but Washington will continue asse
ssing the RMB’s performance given China’s large trade surplus with the US, the report said.
servatives to choose a new leader to campaign on a “no-deal” Brexit. But
this has little or no chance of being accepted by the British parliament, which means the B
rexit stalemate will continue until there is a general election or a second referendum. In any case, the normally pr
ofree trade voice of the UK will be reduced in the new European Parliament.
Beijing‘s first bikeway, which connects Huilongguan in Changping district and Shangdi in
Haidian district for cyclists, has finished the colored pavement and is about to open this week.
The bicycle-only road has a maximum speed of no more than 15 kilom
eters per hour and is forbidden to entry by pedestrians, electric bicycles and other vehi
cles, according to traffic rules on the bikeway released by the Beijing Municipal Commission of Transport.
anghai, before moving to the US in 1935. He studied at the Massachusetts Institute of Technology and Harvard’s design s
chool, and spent the early years of his career designing buildings for a real estate developer in New York.
Pei is known for his affection towards precise geometry and design details. He also ha
d a strong reverence for light, as shown in the famous pyramid of the Louvre Museum.
His significant works include the Jacob K Javits Convention Center in Manhattan (1979 to 1986), the Morto
n H Meyerson Symphony Center in Dallas (1982 to 1989), the Bank of China Tower in Hong K
ong (1982 to 1989), and the Museum of Islamic Art in Doha, Qatar (2003 to 2008).
skiing training and the number will continue to rise, with expectations of 70,000 enrolled by the end of this year, he added.
He also said Yanqing has built more ski runs over the last two years, based on seasonal features and site conditions.
Some important events and testing activities are expected to be he
ld in Yanqing – for example, the 14th National Winter Games Alpine skiing speed events in 2020.
Zheng, the deputy commissioner, said schools in Yanqing also created some outdoor ice rinks when winter weather cond
itions allowed, while in summer, manmade ice would be a good choice for campuses to open up skating practice.
Yanqing will put more effort into increasing the number of qua
lified winter sports instructors, improving school curriculum and hastening constr
uction of winter sports venues to add more flavor to the upcoming Winter Olympics in China, he said.
lliance on international disaster risk reduction, which included around 30 institution