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On March 16, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Special Action Plan to Boost Consumption". The plan proposes to promote the transformation of the whole society to be suitable for the elderly, support local pilot exploration, and promote the installation of elevators in multi-story buildings and the development of elderly dining services. Actively develop industries such as anti-aging and silver tourism to release the potential of the silver consumption market. Encourage the development of community embedded childcare, employer-run childcare and integrated childcare services. Support and regulate social forces to develop elderly care and childcare services, and improve the price formation mechanism of elderly care services. Encourage places with conditions to provide site support and operation subsidies to universal childcare institutions based on actual conditions.On March 16, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Special Action Plan to Boost Consumption". The plan proposes to develop inbound consumption. Orderly expand the scope of unilateral visa-free countries, optimize and improve regional entry visa-free policies. Launch more high-quality inbound tourism routes and services, improve the convenience level of foreign tourists in China, and cultivate international medical, exhibition and other markets. Deepen the cultivation and construction of international consumption center cities. Support the opening of duty-free shops in urban ports that meet the conditions. Support more high-quality merchants to become departure tax refund stores, and promote the "buy now, refund now" service measures for departure tax refunds.On March 16, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Special Action Plan to Boost Consumption". The plan proposes to promote ice and snow consumption. Launch and implement the ice and snow tourism promotion plan, organize and carry out ice and snow consumption season and other consumption promotion activities, build a number of ice and snow theme high-quality tourist attractions and resorts, and support ice and snow resource-rich areas to build world-renowned high-quality ice and snow tourism destinations. Encourage all regions to enrich the supply of ice and snow venues and consumer products according to time and place.On March 16, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Special Action Plan to Boost Consumption". The plan proposes to strengthen credit support. Financial institutions are encouraged to increase the issuance of personal consumer loans under the premise of controllable risks, and reasonably set the amount, term and interest rate of consumer loans. Financial institutions are supported to optimize the repayment method of personal consumer loans in accordance with the principles of marketization and rule of law, and carry out loan renewal work in an orderly manner. In 2025, financial subsidies will be provided for eligible personal consumer loans and loans to service industry operators in the consumer field.On March 16, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Special Action Plan to Boost Consumption". The plan proposes to continuously optimize the business environment. Improve the negative list management model for market access, focus on environmental protection, sanitation, security, quality inspection, fire protection and other fields, thoroughly clean up and rectify various market access barriers, and create a stable, fair, transparent and predictable market environment. Encourage all regions to simplify the approval process for promotional activities, community markets, outdoor displays, signboard facilities, etc., and implement online reporting and immediate processing. Improve the efficiency of supervision and random inspections through cross-departmental joint efforts, and do not disturb public consumption places.

A Hawkish Federal Reserve Predicts A Recession, Boosting Gold Prices

Skylar Williams

Jan 09, 2023 10:27

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Gold prices continued to rise on Monday, holding a seven-month high, as evidence of a worsening job market raised expectations for a lower U.S. inflation estimate this week and a possible shift in the Federal Reserve's hawkish tone.


According to numbers provided by the U.S. Department of Labor on Friday, nonfarm payrolls in the United States grew at their slowest rate in a year in December. The results for the preceding two months were revised downwards, and wage growth also slowed.


The report soothed concerns that an overheated U.S. labor market will prevent inflation from falling further this year and increased the likelihood that the Federal Reserve will relax its hawkish stance sooner than expected, lessening pressure on gold and other non-yielding assets.


As of 19:35 E.T., spot gold rose 0.1% to $1,868.61 per ounce, while gold futures rose 0.2% to $1,871.15 per ounce (00:35 GMT). Following an almost two percent increase on Friday, the value of both assets reached its highest point since early June.


After reversing the entirety of last week's payrolls-related gains, the dollar and 10-year Treasury yields declined further on Monday.


The focus now switches to Thursday's U.S. consumer price index inflation data for fresh hints on the future direction of U.S. interest rates. Inflation, as measured by the CPI, is expected to have reached a one-year low in December, demonstrating that the Fed's series of sudden interest rate hikes in 2022 had had the desired impact.


Last year, these rate hikes crushed gold prices by increasing the opportunity cost of holding non-yielding assets. However, the yellow metal has experienced a resurgence in popularity over the past month, as safe-haven demand has returned due to fears of a possible recession in 2023.


The majority of traders predict that the Fed will not raise interest rates in February by more than 25 basis points. However, the central bank has cautioned that it may keep interest rates elevated for a longer period of time.


Copper prices slipped slightly on Monday, but remained near a seven-month high after the reopening of China's foreign borders prompted a large increase in the price of the red metal.


Following a 2.6% advance last week, copper futures dipped 0.4% to $3.9588 per pound.


As a result of China's additional easing of anti-COVID rules this month, markets anticipate a rapid economic recovery in the largest copper importer in the world.

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