forex cross rate

The Hang Seng Index (HSI) opened 152.1 points lower, or 0.6%, at 25288.07 on Thursday, August 13th; the Hang Seng Tech Index opened 13.98 points lower, or 0.29%, at 4762.46 on Thursday, August 13th; the Hang Seng China Enterprises Index opened 45.39 points lower, or 0.54%, at 8400.88 on Thursday, August 13th; and the Hang Seng Red Chip Index opened 13.65 points lower, or 0.33%, at 4142.45 on Thursday, August 13th.

Hong Kong stocks opened lower, with the Hang Seng Index down 0.6%, the Tech Index down 0.29%, and Tencent Holdings (00700.HK) down 3.29% after its earnings release.

Kent's signal wasn't clearly dovish, but rather closer to a "hawkish pause," which can be summarized as follows: current interest rates are already limiting, the effects of rate hikes are becoming apparent, therefore the RBA has the means to observe for the time being; however, inflation risks remain skewed to the upside, and the door to further rate hikes is not closed. The RBA has raised interest rates by a cumulative 75 basis points this year, bringing the cash rate to 4.35%. Kent stated that current interest rates are close to the upper limit of the neutral interest rate range estimated by various models, while the housing market is clearly weakening, indicating that tightening is suppressing demand; the appreciation of the Australian dollar can lower import prices, further helping to cool inflation. This is consistent with the logic behind the RBA's decision this week to pause rate hikes and assess the effects of previous tightening. However, on the other hand, weak productivity is limiting the economy's supply capacity. The latest RBA data shows that core inflation remains at 3.6%, above the 2%-3% target range, and the RBA clearly believes that risks remain skewed to the upside.

Reserve Bank of Australia Assistant Governor Kent: We need to focus on historical average inflation data to concentrate on monthly CPI reports rather than quarterly data.

Reserve Bank of Australia Assistant Governor Kent: There is currently no urgent need to convert foreign exchange reserves into other currencies.

Reserve Bank of Australia Assistant Governor Kent: Valuations in some stock markets do indeed appear very generous.