China State Planner NDRC: Will guide and strengthen financing support for private-invested projects

Anil Panchal FXStreet

Early Monday in Asia, China state planner National Development and Reform Commission (NDRC) issued a notice to promote the high-quality development of private investment.

The Chinese State Planner also showed readiness to spur the activity of private investment, per Reuters. In doing so, the NDRC pledges to encourage participation in some projects of transport, water and clean energy, as well as in new infrastructure and modern agriculture.

China’s NDRC further detailed the plan to boost private investment while saying that it will select several sub-sectors with large market space, strong development potential, in line with major national strategies.

“We will guide and strengthen financing support for private-invested projects,” added the key decision body from China.

The NDRC also showed readiness to help the private enterprises make better investment decisions while also pushing for more private capital to participate in the construction of national major projects and projects for replenishment of key industry chain and supply chain projects.

Market reaction

AUD/USD remains pressured around 0.6730, pays a little heed to the news as market players remain cautious ahead of the key week.

Also read: AUD/USD bears approach 0.6700 on mixed Australia PMI, focus on US data, Fed for clear directions

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

GBP/USD remains offered below 1.3600

GBP/USD resumes its decline, reversing Tuesday’s bullish attempt and breaking below 1.3600 the figure on Wednesday. Cable’s marked pullback follows a firm advance in the Greenback as investors continue to assess latest US data as well as the geopolitical landscape.

EUR/USD remains on the back foot around 1.1650

EUR/USD comes under renewed selling interest, slipping back to the mid-1.1600s ahead of the opening bell in Asia. Spot loses momentum on the back of solid gains in the US Dollar in a context of unabated geopolitical tensions and steady caution ahead of key US data releases and Chair Warsh’s speech at the Jackson Hole Symposium on Friday. Looking ahead, the ECB will publish its Accounts on Thursday.

Gold puts $4,600 to the test amid USD gains

Gold now faces some renewed downside pressure and seems to challenge the key $4,600 mark per troy ounce on Wednesday. That said, the yellow metal’s correction comes after three daily upticks in a row, fading at the same time the recent move to fresh tops around $4,700. The stronger US Dollar and a decent rebound in US Treasury yields across the curve continue to weigh on bullion.

Bitcoin vs Gold Price Prediction: Rally cools as US PCE inflation holds steady

Bitcoin (BTC) is edging lower, trading slightly above $78,000 on Wednesday. This correction comes after last week’s rally and the subsequent rejection around $81,000. The decline reflects cooling sentiment amid overheated market conditions and increased profit-taking.

Nvidia: How will the company perform as its switches from a chip maker to an AI finance house?

The main event for markets this week takes place this evening, after US markets close. Nvidia, the AI giant, will report results for last quarter. Another monster report is expected. Revenues could come in above $92bn, and earnings per share could come in at $2.09.

Kevin Warsh’s Jackson Hole dilemma: Say too much, too little, or just enough

Kevin Warsh is preparing to deliver his first Jackson Hole speech as Federal Reserve (Fed) Chair on Friday, and expectations extend well beyond whether interest rates will be raised or left unchanged in September.