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Hong Kong Financial Secretary: Cutting stamp duty won't boost stocks.

TraderKnows
TraderKnows
05-15

The central bank, Financial Regulatory Bureau, and others made strong statements. HK's Financial Secretary said cutting stamp duty won't boost stocks. Russia's central bank extends cash forex limits.

Market Review

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Focus News

Chinese Market

1. The Financial Regulatory Authority integrates green transformation progress into regular supervisory evaluations

Currently, China's economic and social development has entered a stage of high-quality development that accelerates green and low-carbon initiatives. The banking and insurance industries will balance development with emission reduction, and the overall with the particular, as well as the present with the long term, to provide high-quality financial services for the green low-carbon transformation. The Financial Regulatory Authority will mainly carry out work in the following aspects: improving rules and standards, innovating products and services, strengthening risk management, perfecting regular supervision, and advancing international cooperation.

2. The Securities Regulatory Commission pledges to boost investor confidence

The Securities Regulatory Commission will endeavor in five aspects to boost investor confidence through a sound legal system and strong regulatory enforcement. These include continually improving the legal system of the capital market, perfecting the regulatory and enforcement system of the capital market, innovating supervisory methods, enhancing the level of regulatory science and technology, and constantly strengthening investor protection.

3. The People's Bank of China ensures its management capacity matches the level of openness

The People's Bank of China stated that in promoting a higher level of financial openness, it will focus on three areas of work. These are perfecting the management model of pre-entry national treatment plus a negative list, creating a systematic and institutionalized opening-up situation, optimizing the business environment by broadening market access and improving policy arrangements after entry, and ensuring that the financial management capability matches the level of openness.

4. The State Administration of Foreign Exchange claims the foundation of the forex market's robust operation is solid

The State Administration of Foreign Exchange has stated that in the first half of the year, the stability and resilience of China's foreign exchange market have continuously strengthened, and cross-border capital flows have been stable and orderly. The trade surplus in goods has remained at a high level, continuing to play a stabilizing role in the basic balance of international payments. The export momentum of green products such as new energy vehicles, lithium batteries, and photovoltaics is strong, supporting China's current account to maintain a reasonable surplus scale. The structure of the international balance of payments is more robust, the rational level of market entities continues to improve, and the foundation of the forex market's robust operation remains solid.

5. Hong Kong's Financial Secretary states that reducing stamp duty cannot fundamentally boost the stock market

Objective data repeatedly show that reducing stock transaction stamp duty is insufficient to structurally and long-term stimulate stock market transactions. The Hong Kong Group for Promoting Stock Market Liquidity will hold its first meeting this week to comprehensively review different internal and external factors, attract more high-quality companies to list in Hong Kong, activate product innovation and diversification, improve the price discovery mechanism, and enhance transaction efficiency.

Overseas Market

1. Mixed U.S. non-farm payrolls data for August

Data from the U.S. Department of Labor shows that non-farm employment increased by 187,000 in August, exceeding expectations. The labor participation rate rose to 62.8%, the highest level since the outbreak of COVID-19 in February 2020. However, the unemployment rate unexpectedly surged by 0.3 percentage points to 3.8%, a new high since February last year. August's average hourly earnings year-on-year were 4.3%, below the previous value of 4.4%; month-on-month was 0.2%, not meeting the expected 0.3% and the previous value of 0.4%.

Participation Rate

2. Iran’s Foreign Minister says all parties have received the latest negotiation plan for the Iran nuclear deal

In an interview with the media, Iran's Foreign Minister stated that the United States and all parties to the Iran nuclear deal have received a document known as the "September Document," related to the latest negotiations on the Iran nuclear deal. Under the framework of this document, Iran has had indirect talks with the United States. In May 2018, the United States unilaterally withdrew from the Iran nuclear deal and restarted a series of sanctions against Iran. Since April 2021, the parties involved in the Iran nuclear deal have held multiple rounds of talks in Vienna, but no significant progress has been made.

3. The Russian Central Bank plans to extend foreign exchange cash transaction restrictions

The Governor of the Russian Central Bank, Nabiullina, stated that given that the sanctions on Russian banks' foreign exchange cash disbursements have not been lifted, the Central Bank plans to extend the foreign exchange cash transaction restrictions initially set to expire on September 9. Due to the more attractive foreign exchange rates since last spring, the inflow of foreign exchange cash into Russian banks currently exceeds demand.

Today's Focus

Today, investors need to pay attention to economic data such as Germany's seasonally adjusted trade balance, the Eurozone Sentix Investor Confidence Index, and Switzerland's GDP for the second quarter. In addition, speeches by the President of the European Central Bank, Lagarde, and the Chief Economist of the European Central Bank, Lane, should also be closely monitored by investors.

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Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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Fundamental Analysis

Fundamental analysis, also known as basic analysis, refers to the method of assessing the intrinsic value and price movement trends of an asset by examining various factors related to the economic, financial, and market environment, using both qualitative and quantitative approaches.

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