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On February 28th, the Shenzhen Municipal Implementation Plan for Supporting the Replacement and Improvement of Consumer Goods with Ultra-Long-Term Special Treasury Bonds (2026) mentioned supporting car replacement and renewal. Individual consumers who transfer their passenger vehicles registered in their own name and purchase new energy passenger vehicles included in the "Catalogue of New Energy Vehicle Models Eligible for Vehicle Purchase Tax Reduction or Exemption" or fuel passenger vehicles with an engine displacement of 2.0 liters or less will receive a car replacement and renewal subsidy. Specifically, the subsidy for purchasing new energy passenger vehicles is 8% of the vehicle price (maximum 15,000 yuan), and the subsidy for purchasing fuel passenger vehicles with an engine displacement of 2.0 liters or less is 6% of the vehicle price (maximum 13,000 yuan).On February 28th, the Shenzhen Municipal Governments Implementation Plan for Supporting the Replacement and Improvement of Consumer Goods with Ultra-Long-Term Special Treasury Bonds (2026) mentioned supporting the scrapping and replacement of vehicles. Individual consumers who scrap their passenger vehicles registered in their own name and purchase new energy passenger vehicles included in the "Catalogue of New Energy Vehicle Models Eligible for Vehicle Purchase Tax Reduction or Exemption" or fuel-powered passenger vehicles with an engine displacement of 2.0 liters or less will receive a vehicle scrapping and replacement subsidy. Specifically, the subsidy for purchasing new energy passenger vehicles is 12% of the vehicle price (maximum 20,000 yuan), and the subsidy for purchasing fuel-powered vehicles with an engine displacement of 2.0 liters or less is 10% of the vehicle price (maximum 15,000 yuan).February 28th - According to the China State Railway Group, the national railway system is expected to transport 16.35 million passengers today (February 28th), with 1,060 additional passenger trains planned. Yesterday (February 27th), the national railway system transported 15.551 million passengers, an increase of 18% year-on-year, maintaining a level above 15 million passengers for eight consecutive days, with transportation remaining safe, stable, and orderly.February 28th - According to the Statistical Communiqué on National Economic and Social Development in 2025 released by the National Bureau of Statistics on February 28th, 25.74 million new business entities were established in my country in 2025, with an average of 26,000 new enterprises established per day.February 28 - According to the Statistical Communiqué on National Economic and Social Development in 2025 released by the National Bureau of Statistics on February 28, 30.08 million foreigners entered China visa-free in 2025, an increase of 49.5%.

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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