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The China Earthquake Networks Center officially reported that a magnitude 3.8 earthquake occurred at 12:13 on February 11 in Gerze County, Ngari Prefecture, Tibet (33.04°N, 85.12°E), with a focal depth of 10 kilometers.On February 11th, the State Administration of Foreign Exchange (SAFE) published an article by Xiao Sheng, Director of the Capital Account Management Department. Xiao Sheng stated that the policy on RMB and foreign currency pooling for multinational corporations will be promoted and upgraded. In recent years, SAFE has promoted the iterative upgrading of multinational corporation pooling policies and increased the integration of various pooling methods, initially forming a policy framework for multinational corporation pooling that combines RMB and foreign currencies with different versions. Recently, the Peoples Bank of China and SAFE have promoted the integrated RMB and foreign currency pooling policy nationwide, applicable to large and super-large multinational corporations. In 2026, the policy will be extended to more medium-sized enterprise groups nationwide, implementing a centralized operation and management policy for cross-border RMB and foreign currency funds for multinational corporations, supporting more multinational corporations to conduct flexible and efficient cross-border fund operations, and contributing to the development of headquarters economy.On February 11, the State Administration of Foreign Exchanges monthly journal, *China Foreign Exchange*, published an article by Xiao Sheng, Director of the Capital Account Management Department. Xiao Sheng stated that in 2026, the two-way opening of the financial market will be promoted in an orderly manner. The policy on cross-border funds for Qualified Foreign Institutional Investors (QFII) will be studied and optimized to improve the convenience of foreign investment in the domestic capital market. The issuance of investment quotas for Qualified Domestic Institutional Investors (QDII) will continue in an orderly manner to meet the reasonable demand of domestic investors for overseas securities investment. The government will cooperate with relevant departments to promote the construction of interconnectivity mechanisms such as the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, and Bond Connect, continuously improving the level of two-way opening of the financial market.February 11th – At a regular press conference held by the State Council Taiwan Affairs Office on February 11th, spokesperson Zhu Fenglian stated in response to a reporters question that the DPP authorities are attempting to seek "independence" by relying on foreign powers, and are unprincipledly fawning over foreign countries and selling out Taiwan without any bottom line in the so-called Taiwan-US trade negotiations. If the relevant reports are true, Taiwans traditional industries will be severely impacted, and the food safety of the people will be completely unprotected. The DPP authorities are allowing the United States to take whatever it wants, sacrificing the prospects for Taiwans industrial development and harming the interests and well-being of the Taiwanese people, and will inevitably be rejected by the Taiwanese people.According to Punchbowl: The U.S. House of Representatives rejected a rule designed to prevent lawmakers from challenging Trumps tariff resolution.

Gold Price Prediction: XAU/USD anticipates additional gains ahead of China and U.S. inflation

Alina Haynes

Jan 11, 2023 11:54

Gold price (XAU/USD) demonstrates usual pre-data concern as it approaches $1,875 on Wednesday morning, exploring a three-day rally around the highest levels since May 2022. In doing so, gold demonstrates the market's faith in the traditional safe-haven, even if the US Dollar recovers from its multi-day low. The uncertainty surrounding the next steps of the US Federal Reserve (Fed) and the pessimistic economic forecasts of the World Bank (WB), not to mention cautious optimism towards China, may be to blame.

 

Federal Reserve (Fed) Chair Jerome Powell's remarks at Riksbank's International Symposium on Central Bank Independence were unable to provide additional clarification on the US central bank's monetary policy outlook, which prompted a stampede for gold in the face of uncertainty. In his most recent public appearances, the policymaker lauded the US central bank's latest steps while emphasizing the Fed's independence and lack of commitment to climate control. Notably, Federal Reserve Governor Michelle Bowman seemed hawkish when she stated that additional rate hikes are required to combat excessive inflation, which should have pressured the XAU/USD bulls in the aftermath.

 

Notably, the recent softening of hawkish bets on the Fed's next moves, as well as lower US data, appear to keep gold investors optimistic, despite the Federal Reserve's efforts to defend its tight monetary policy. Tuesday, the US NFIB Business Optimism Index for December fell to its lowest level since 2013 if various anxieties caused by the worldwide Covid wave are disregarded. In addition, US Wholesale Inventories for November stayed constant at 1.0% growth.

 

Alternatively, a rebound in the US Dollar Index (DXY) from the seven-month low appears to pose a threat to the Gold price, due to the inverse link between the XAU/USD and the dollar's index against the six main currencies. Tuesday marked the conclusion of a two-day downturn for the DXY as it rebounded from the multiday low to settle at 103.30. In doing so, the US Dollar Index tracked the firmer US 10-year Treasury note yields, which increased 10 basis points (bps) to 3.61 percent, falling one basis point (bp) to 3.60 percent at the latest.

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