Oil / Commodities - Industrial metals from copper to iron ore recouped some of Monday’s losses after China pledged more support to help revive an economy that has been imperilled by an escalating COVID outbreak. The PBOC has vowed to increase monetary support to the real economy, especially for industrial and small businesses hit hard by the pandemic. That is followed by the central bank’s decision to cut the amount of money banks need to have in reserve for their foreign currency holdings on Monday, an attempt to help limit the drop in the yuan. Strict lockdowns are wreaking havoc on consumer spending and snarling supply chains, putting China’s GDP growth target of 5.5% for the current year at risk.
Newsletter - April 26, 2022
Newsletter - April 26, 2022
Newsletter - April 26, 2022
Oil / Commodities - Industrial metals from copper to iron ore recouped some of Monday’s losses after China pledged more support to help revive an economy that has been imperilled by an escalating COVID outbreak. The PBOC has vowed to increase monetary support to the real economy, especially for industrial and small businesses hit hard by the pandemic. That is followed by the central bank’s decision to cut the amount of money banks need to have in reserve for their foreign currency holdings on Monday, an attempt to help limit the drop in the yuan. Strict lockdowns are wreaking havoc on consumer spending and snarling supply chains, putting China’s GDP growth target of 5.5% for the current year at risk.