China recently devalued its currency, the yuan, against the US dollar by 1.9%, the largest single-day depreciation since 2005. This move signals China's goal of achieving a floating exchange rate for the yuan and increased internationalization of the currency. In the short-term, a weaker yuan will help Chinese exporters but hurt competitors in other Asian countries. Long-term, as China transforms to a more consumer-driven economy, manufacturers in countries like South Korea and Taiwan that export to China should benefit from the trend appreciation of the yuan. The devaluation may cause volatility for the yuan exchange rate in the near future as markets adjust to the changes.
• Spread sectors continued to rally as investors focused more on opportunities than on risks.
• The Fed maintained its stance, but new questions emerged about how much further influence the central bank can exert.
• With tax rates fixed for the near term, policymakers turned their attention to spending cuts.
• Despite tighter valuations in corporate credit, we foresee continued solid demand and fundamentals.
• Spread sectors continued to rally as investors focused more on opportunities than on risks.
• The Fed maintained its stance, but new questions emerged about how much further influence the central bank can exert.
• With tax rates fixed for the near term, policymakers turned their attention to spending cuts.
• Despite tighter valuations in corporate credit, we foresee continued solid demand and fundamentals.
Non-Japan Asia currencies, led by led by the CNY, IDR and THB, have staged a mini comeback in the past ten days. This is broadly in line with my expectations that precedent suggested that NJA currencies would stabilise and possibly appreciate gradually after a month of relative weakness. NJA central banks are seemingly comfortable with this modest currency rebound…for now.
What Impact Would Tighter Monetary Policy Have on Your Investments?InvestingTips
http://profitableinvestingtips.com/investing-tips/what-impact-would-tighter-monetary-policy-have-on-your-investments
What Impact Would Tighter Monetary Policy Have on Your Investments?
A new president is about to take office. Successful investors will be the ones who anticipate how the next administration and congress will affect the economy and how the various factors at play will affect investments. In the case of Trump and a Republican controlled congress we expect tax cuts, an attempt to bring corporate cash back from overseas and increased spending on U.S. infrastructure. If these plans come to fruition there will be at least short and medium term stimulus to the economy. A predictable result will also be increased interest rates, namely a tighter monetary policy. The value of the dollar will rise versus other currencies. Our concern today is what impact would tighter monetary policy have on your investments? Bloomberg writes about the outlook on the Fed, Trump and the dollar.
PKO Bank Polski, which topped Bloomberg’s overall accuracy rankings for the final quarter of 2016, sees the dollar’s rise pushing the euro to 95 U.S. cents or even lower by the end of June, a level not seen in 15 years. That’s the lowest call for the pair among 53 forecasters, according to data compiled by Bloomberg.
The forecast is based on the prospects of a tighter monetary policy from the Federal Reserve, coupled with markets expecting President-elect Donald Trump’s fiscal measures to “translate into higher growth and inflation,” said Jaroslaw Kosaty, the chief FX strategist at the bank, Poland’s biggest.
Will the impact of tighter monetary policy be solely because of a stronger dollar? How will inflation be affected if the Fed does not raise rates rapidly enough?
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Non-Japan Asia currencies, led by led by the CNY, IDR and THB, have staged a mini comeback in the past ten days. This is broadly in line with my expectations that precedent suggested that NJA currencies would stabilise and possibly appreciate gradually after a month of relative weakness. NJA central banks are seemingly comfortable with this modest currency rebound…for now.
What Impact Would Tighter Monetary Policy Have on Your Investments?InvestingTips
http://profitableinvestingtips.com/investing-tips/what-impact-would-tighter-monetary-policy-have-on-your-investments
What Impact Would Tighter Monetary Policy Have on Your Investments?
A new president is about to take office. Successful investors will be the ones who anticipate how the next administration and congress will affect the economy and how the various factors at play will affect investments. In the case of Trump and a Republican controlled congress we expect tax cuts, an attempt to bring corporate cash back from overseas and increased spending on U.S. infrastructure. If these plans come to fruition there will be at least short and medium term stimulus to the economy. A predictable result will also be increased interest rates, namely a tighter monetary policy. The value of the dollar will rise versus other currencies. Our concern today is what impact would tighter monetary policy have on your investments? Bloomberg writes about the outlook on the Fed, Trump and the dollar.
PKO Bank Polski, which topped Bloomberg’s overall accuracy rankings for the final quarter of 2016, sees the dollar’s rise pushing the euro to 95 U.S. cents or even lower by the end of June, a level not seen in 15 years. That’s the lowest call for the pair among 53 forecasters, according to data compiled by Bloomberg.
The forecast is based on the prospects of a tighter monetary policy from the Federal Reserve, coupled with markets expecting President-elect Donald Trump’s fiscal measures to “translate into higher growth and inflation,” said Jaroslaw Kosaty, the chief FX strategist at the bank, Poland’s biggest.
Will the impact of tighter monetary policy be solely because of a stronger dollar? How will inflation be affected if the Fed does not raise rates rapidly enough?
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A short presentation on what is preventing Barnes & Noble from being a social business. Created by Francisco Salazar, Brittney Johns, Fabiola Tavara Faya, Amanda Kok, Tara Baban.
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Based on data from 2015 the State of Destinations and Social Media reflects consumer behavior around planning, booking, and experiencing travel as well as how those consumers influence friends and family and how destination brands are using social media to connect.
El Presidente de la República, Profesor Salvador Sánchez Cerén, juramentó esta mañana a miembros del Consejo Directivo de la Superintendencia de Competencia, quienes han sido reelegidos para un nuevo período de cinco años.
LBS Asset Allocation August Update - July 28, 2017Mark MacIsaac
Global economic data continue to point to robust and synchronized economic growth with the release of stronger-than-expected ISM surveys, German IFO business climate survey and Chinese Q2 real GDP growth data.
U.S. MarketBeats provide an overview of quarterly CRE activity and trends, a snapshot of current economic and capital market conditions as well as market-level statistics on key metrics.
The U.S. economy in 2016 was characterized by steady growth in the face of uncertainty. The year began with steep declines in global equity markets in response to concerns about a slowdown in China, the Europe replaced Asia as the focal point of global anxiety after the Brexit vote. In the fourth quarter, the U.S. unexpectedly elected Donald Trump as President. Despite uncertainty, the economy continued to add an average of 180,000 jobs per month during 2016.
Dealing With Divergences - Blackrock 2015 OutlookJoão Pinto
2015 Investment Outlook
Economic growth and monetary policies are diverging across the world. Get ready for volatility spikes in 2015—and new opportunities.
We debated this at our 2015 Outlook Forum in mid-November in London. The semi-annual event, the seventh of its kind, was marked by intense investment debates in small and large groups.
The 20-page piece includes: our 2015 base case (see chart below); top investment ideas; in-depth sections on valuations, volatility and currencies; five interactive graphics; and spotlights on key regional investment trends.
Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
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𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
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Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
1. Investable Thinking®
Blog
CNY Depreciation: Side FX
Puay Yeong Goh
Senior Economist, Emerging Markets Debt
AUGUST 14, 2015
China is taking the long view with its recent currency depreciation, and on that basis the move should eventually be positive
for everyone. But it still looks set to cause short-term pain for its competitors and suppliers in the rest of Asia.
China’s central bank (PBOC) surprised the market on Tuesday, August 11, by devaluing the USD/CNY fix by 1.9%, the largest single day depreciation since the 2005 USD/CNY
de-pegging. More importantly, it announced that the USD/CNY fix will be largely determined by the previous day's close and overnight moves of its trading partners’ currencies.
If this is fully implemented, it implies that the USD/CNY would become a floating exchange rate with a four percentage point-wide trading band.
Another Step to Full Convertibility
We see this as another step towards Chinese policy makers' goal of achieving full convertibility and internationalization of the Chinese Yuan (CNY) and eventual liberalization
of the capital account.
Three factors may have motivated this week’s change:
We don't see this as the start of a competitive devaluation of the CNY. Rather, we think it is more about the PBOC managing the pace of appreciation in the trade-weighted
CNY. We think the PBOC will aim to keep the CNY close to the trend appreciation against its trading partners (Figure 1). Even after the adjustment over the past few days, the
CNY is still stronger than it was a year ago.
Figure 1. The Devaluation Brings the CNY Back to Trend Appreciation
China Real Effective Exchange Rate
Source: Bloomberg; Neuberger Berman
The desire to narrow the gap between the USD/CNY fix and the market exchange rate following the IMF suggestions for the CNY’s inclusion in the basket of currencies that
backs Special Drawing Rights (SDR);
1
The desire to shift the exchange rate regime from a semi-USD peg to a currency basket;2
The desire to further ease financial conditions and help China’s export sector.3
2. In the near term, the sharp appreciation of the USD since mid-2014 means that we may see further depreciation of the CNY versus the USD over the coming weeks. In addition,
we are likely to see more fluctuation in the CNY exchange rate than in the past as market makers adjust their quotation and trading practice.
While the authorities want a more market-determined CNY, we believe the PBOC is still going to manage, and smooth, the adjustment of the CNY against the USD. Given that
the PBOC can utilize its large foreign exchange reserves of over $3.6 trillion and its influence over the state-owned banks, we think the PBOC will have no problem maintaining
the CNY on the path that it desires.
Eventually, fundamental drivers should see the CNY return to the trend appreciation against its trading partners. China is still running a large external surplus, with a current
account surplus likely just below 3% of GDP in 2015, and close to a 2% surplus in net Foreign Direct Investment (FDI) balance. Moreover, the recent drop in oil prices and
decline in other commodities would lend further support to the current account. While capital outflows have been fairly large over the past six quarters (around $230bn), China
still has that $3.6 trillion in reserves and, as it continues to grow at a faster rate than other countries, capital inflows should resume. A more market-determined CNY would aid
this. Internationalization of the CNY and inclusion in the SDR plus liberalization of the capital account should also lead to more capital inflows.
Who is Vulnerable?
A cheaper CNY would help exporters and hurt importers. As most imports for domestic consumption are commodities, the recent decline in commodity prices would help to
offset the depreciation of the CNY. Average income is expected to rise 8-10% this year, and so a 3-4% decline in the CNY on a real effective basis would only partially erode
the purchasing power of the Chinese consumer.
China’s external debt rose by more than $600bn between 2009 and 2014, but that is less than the $1.4 trillion increase in foreign exchange reserves over the same period. As
most corporates are hedged on their external liabilities and external debt is in any case a small proportion of their overall debt, a gradual CNY depreciation should have limited
impact on overall debt-servicing ratios.
However, some sectors may come under pressure. In particular, many property developers raised a large proportion of their debt in foreign currencies, and most of these do not
hedge their FX positions. On the other hand, property companies have started to switch their funding to onshore markets and other channels such as crowd funding and REITs,
and this can help mitigate the rise in offshore funding costs. Furthermore, 2015-6 will only see a limited number of external debt maturities.
Implications for Asia
In the near term, continued depreciation of the CNY would lead to pressure for other Asian currencies versus the USD. North Asian economies appear most exposed, together
with Malaysia and Thailand. These are the economies that rely on exports to meet Chinese domestic demand, as well as competing with China to export to other countries.
These Asian exporters might be tempted to cheapen their currencies to mitigate the negative impact of CNY depreciation, and as a result we are taking a more cautious near-
term view on the Korean won, the Malaysia Ringgit, the Thai Baht and Taiwan dollars.
Figure 2. We Believe the Currencies of these Countries are Most Exposed
Asian economies ranked by exports to and potential competition with China
Source: OECD-WTO; UNCTAD; Neuberger Berman
Longer-term, the story should be significantly different. Eventually, as the CNY returns to trend appreciation and China transforms into a more balanced economy, with higher
levels of consumption, manufacturing exporters like Korea, Taiwan, and Singapore should be well-positioned to benefit. But the road to that destination will be bumpy, with its
fair share of potholes for investors to steer around.
Implications for the CNY
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