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According to the latest data from the General Administration of Customs, in August 2026, China exported 6 million tons of steel plates, a year-on-year increase of 6.6%; cumulative exports from January to August reached 44.26 million tons, a year-on-year decrease of 7.9%. In August, China exported 1.93 million tons of steel bars, a year-on-year increase of 18.1%; cumulative exports from January to August reached 13.86 million tons, a year-on-year increase of 13.1%.On September 18th, it was learned from the National Bureau of Data Science that the China-ASEAN Data Cooperation Professional Committee of the World Data Organization (WDC) was established on September 17th in Nanning, Guangxi. The WDC, headquartered in Beijing, is the worlds first professional international organization dedicated to promoting data development and governance practices. Its newly established China-ASEAN Data Cooperation Professional Committee focuses on cross-border data flows, inclusive intelligent computing power, joint development of rules and standards, member ecosystem building, and industrial cluster development within ASEAN, aiming to bridge the data gap, unlock the value of data, and promote the prosperity of the digital economy. The National Bureau of Data Science stated that it will actively participate in global data governance and support the WDC in fully leveraging the professional advantages of its members in global regions and industries to pragmatically promote international data cooperation in specific sectors.On September 18th, State Street Global Advisors stated that the Bank of Japan (BOJ) is likely to adopt a cautious approach after raising its policy rate to 1.25%. Economist Krishna Bhimavarapu noted that while policy adjustments are possible at every policy meeting, Governor Kazuo Ueda may avoid explicitly committing to further rate hikes given weak household consumption and relatively moderate inflation. Strategist Masahiko Loo expects Ueda to maintain a neutral-to-hawkish stance; he pointed out that resilient economic growth, persistent inflation risks, and accommodative real policy rates all support further policy normalization. The current focus of discussion is shifting from whether the BOJ will raise rates again to what level interest rates will ultimately rise to.According to Japans Kyodo News, a meeting between the leaders of Japan and the United States is scheduled for September 22.The yield on Japans 2-year government bonds fell 4 basis points to 1.820%, while the yield on Japans 5-year government bonds fell 3 basis points to 2.265%.

Forecasts for the price of gold: XAU/USD remains below $1,800 despite worries about the economy and optimism in China

Alina Haynes

Dec 07, 2022 14:52

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The current difficulty of the yellow metal to find direction increased as China's trade surplus decreased in November as both imports and exports fell during the aforementioned month. The gradual increase in US Treasury yields amid worries of a global economic downturn is on the same track.

 

It's important to note that numerous eminent business leaders and bank executives have recently expressed concern about a possible worldwide recession. Bloomberg Economics made comments along the same lines.

 

However, the gold price appears to be supported by China's willingness to announce responsible fiscal and monetary measures as well as indications that the three-year-old Zero-Covid policy may be progressively abandoned.

 

US stock futures post modest gains amid these plays, but stocks in the Asia-Pacific region trade in a mixed bag. However, during the pre-FOMC blackout, hawkish bets on the Fed's upcoming action were not supported by US inflation predictions.

 

Ahead of Thursday's China inflation data and Friday's preliminary US Michigan Consumer Sentiment Index readings, gold traders may find some amusement in China's probable risk-positive statements and secondary data.