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Li Yunze, director of the State Financial Regulatory Administration, said at a press conference held by the State Council Information Office on May 7 that the long-term reserves for pension and health insurance exceed 10 trillion yuan.The New Taiwan dollar turned from appreciating by more than 1 cent to depreciating against the U.S. dollar in early trading, closing at 30.285.Li Yunze, director of the State Financial Regulatory Administration, introduced the latest progress in capital replenishment at a press conference held by the State Information Office on May 7: large commercial banks are accelerating implementation, large insurance groups have put it on the agenda, and small and medium-sized financial institutions are replenishing in an orderly manner through multiple channels.Li Yunze, director of the State Financial Regulatory Administration, said at a press conference held by the State Council Information Office on May 7 that since the expansion of the policy of interest-only loan renewal, 4.4 trillion yuan of loans have been renewed for small, micro and medium-sized enterprises.The Hang Seng Index in Hong Kong opened on May 7 (Wednesday) up 507.12 points, or 2.24%, to 23,169.83 points. The Hang Seng Technology Index in Hong Kong opened on May 7 (Wednesday) up 142.59 points, or 2.72%, to 5,382.09 points. The CSI 300 Index opened on May 7 (Wednesday) up 183.21 points, or 2.22%, to 8,444.82 points. The H-share Index opened on May 7 (Wednesday) up 50.34 points, or 1.33%, to 3,838.86 points.

Gold Price Prediction: XAU / USD corrects to around $1,910 despite intensifying concerns of a global banking crisis

Alina Haynes

Mar 16, 2023 14:00

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After reaching a new six-week high at $1,937.39, the gold price (XAU/USD) displayed a corrective move during the Asian session. As gold's allure is extremely strong amid growing concerns about the global banking crisis, a correction in the precious metal appears to be short-lived. Credit Suisse's debacle following the failure of Silicon Valley Bank (SVB) has triggered the risk of global financial instability, and uncertainty over the Federal Reserve's (Fed) upcoming interest rate decision has bolstered the case for the Gold price.

 

S&P500 futures have shown a recovery move following Wednesday's sell-off as investors assess the banking sector's uncertainty. However, the motif of risk aversion has not yet completely subsided.

 

During the Asian session, the US Dollar Index (DXY) is fluctuating in a narrow range of around 104.60. It appears that the impact of banking sector turmoil is maturing for the USD Index, and investors are beginning to discount expectations for next week's monetary policy. According to the CME FedWatch instrument, the probability that Fed chair Jerome Powell will raise interest rates by 25 basis points (bps) has risen above 70%. While 30% of the probabilities support maintaining the current interest rate policy.

 

Increasing odds of a status quo monetary policy are supported by a declining Consumer Price Index (CPI), a rising Unemployment Rate, sluggish Retail Sales, and a declining Producer Price Index (PPI).


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