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On May 9th, the Ministry of Commerce held a special press conference to introduce the preparations for the APEC Trade Ministers Meeting. At the conference, Lin Feng, Director-General of the Department of International Trade and Economic Affairs of the Ministry of Commerce, stated that the digital economy is an important topic at this APEC Trade Ministers Meeting, and China hopes to work with all parties to deepen economic and trade cooperation in the digital field and promote digital development in the Asia-Pacific region and globally. Lin Feng pointed out that promoting pragmatic cooperation among APEC economies in the digital field has always been a priority for China. "We are working with all parties to study and promote several cooperation initiatives, including the cross-border e-commerce demonstration electronic port network, electronic bills of lading, paperless trade, artificial intelligence, and smart customs. We will also conduct a series of seminars during the APEC Trade Ministers Meeting to promote experience sharing, policy exchanges, and technological cooperation in related fields," Lin Feng revealed. He added that China will continue to make good use of the APEC cooperation mechanism to create a more open platform for all parties to participate in Asia-Pacific digital cooperation, allowing the benefits of digital economic development to reach more people.On May 9, Russian President Vladimir Putin said at a military parade commemorating the 81st anniversary of the victory in the Great Patriotic War that Russian troops participating in special military operations are fighting against "NATO-backed aggressive forces" and are still advancing.On May 9th, the Ministry of Commerce held a special press conference to introduce the preparations for the APEC Trade Ministers Meeting. At the conference, Lin Feng, Director-General of the Department of International Trade and Economic Affairs of the Ministry of Commerce, stated that this years ministerial meeting, held in Suzhou, has seen significant changes in both the topics discussed and Chinas role. Specifically, in terms of the topics discussed, Asia-Pacific economic and trade cooperation has entered a more complex and profound phase, with the topics further expanding into emerging areas such as the digital economy, green and low-carbon development, and the resilience of industrial and supply chains, aiming to help cultivate new economic drivers. Lin Feng pointed out that the current international situation is complex and severe, and the global economy urgently needs new growth momentum. Both globally and in the Asia-Pacific region, there are different views and perspectives on future development. Faced with difficulties and challenges, APEC economies have demonstrated a spirit of seeking common ground while reserving differences and a pragmatic attitude towards cooperation in the preparation process for this Trade Ministers Meeting. This reflects the confidence and expectations of all parties in the APEC mechanism, in Asia-Pacific cooperation, and in Chinas successful hosting of the meeting.On May 9th, Senior Colonel Jiang Bin, Deputy Director of the Information Bureau and Spokesperson for the Ministry of National Defense, issued a statement regarding recent military-related issues. Jiang Bin stated: "We strongly disapprove and resolutely oppose the false narratives and baseless smears against China by certain politicians in Japan and the Philippines on maritime issues. These parties disregard the common aspirations of regional countries for peace and development, ignore the opposition of their own people, and strengthen military collusion for their own selfish interests, exacerbating regional tensions. Japans deployment of troops to participate in joint exercises and its first-ever launch of an offensive missile overseas deliberately violate the principle of exclusively defensive defense. The Philippines attempt to enlist external forces to support its infringements and its attempt to shift blame onto China is a completely miscalculated move. The Chinese militarys determination to safeguard its territorial sovereignty and maritime rights is unwavering. We urge relevant countries to stop forming alliances and engaging in bloc confrontation, and instead do more to truly benefit regional peace and stability."On May 9th, Senior Colonel Jiang Bin, Deputy Director of the Information Bureau and Spokesperson of the Ministry of National Defense, released information on recent military-related issues. A reporter asked: It has been reported that the first "Kirin"-class conventional-powered submarine built by China for Pakistan was delivered in Sanya, with the Pakistani President, Chief of Naval Staff, and other high-ranking military and political officials attending the delivery ceremony. What is your comment on this? Jiang Bin stated: This is normal equipment cooperation between China and Pakistan, and a vivid manifestation of the all-weather strategic cooperative partnership between the two countries. In recent years, under the strategic guidance of the leaders of both countries, bilateral relations have continuously reached new heights and achieved new results. For many years, the two militaries have shown mutual support and assistance, achieving fruitful results in cooperation in areas such as strategic communication, joint exercises and training, personnel training, and equipment technology, playing an important role in maintaining the security of both countries and regional peace and stability. Going forward, the Chinese and Pakistani militaries will continue to consolidate strategic mutual trust, deepen pragmatic cooperation in various fields, and contribute to building a closer China-Pakistan community with a shared future and promoting world peace and development.

Gold Price Prediction: XAU / USD will continue to fluctuate above $1,900 despite a decline in US Inflation

Daniel Rogers

Mar 15, 2023 11:43

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Gold price (XAU / USD) is not in danger despite U.S. inflation figures meeting expectations. Since Monday, the precious metal has been fluctuating continuously between $1,895 and $1,913. The release of the US Consumer Price Index (CPI) failed to produce a significant reaction in the Gold price; however, the upside bias appears to be solidified as wagers on lesser rate increases from the Federal Reserve (Fed) have increased.

 

The US Dollar Index (DXY) is protecting the critical support at 103.50, but it appears vulnerable to further losses as investors' risk appetite has dramatically increased. As market participants purchased S&P500 futures in response to higher odds of a smaller rate hike from Fed chair Jerome Powell, a likely recession in the US economy was postponed, signaling an uptick in optimism.

 

Contrary to the risk-on sentiment, demand for US Treasury bonds remained weak, causing 10-year US Treasury yields to rise above 3.68 percent.

 

The headline As anticipated, the US CPI increased by 0.4% on a monthly basis, and the annual figure decreased from 6.4% to 6.0%. In addition, the core CPI, which excludes crude and food prices, decreased to 5.5% from 5.6% previously. The Fed appears to be pleased with the persistence of a declining trend in US inflation.

 

In the future, investors will closely monitor the US Retail Sales (Feb) data. Monthly Retail Sales data is anticipated to decline by 0.3% compared to the previous release of a 3.0% increase. This indicates that the consumer spending rebound is over and the Fed is on course to achieve its inflation target of 2%.