China’s Commerce Ministry: Coronavirus pandemic causes new negative impact on attracting foreign investment

Dhwani Mehta FXStreet

Coronavirus pandemic causes new negative impact on attracting foreign investment, business resumption of foreign-invested firms, said an official at the Chinese Commerce Ministry on Friday.

Additional quotes

Closely monitoring progress of key foreign investment projects.

Will encourage foreign investment to flow to areas such as advanced technology and energy conservation.

Asks local govts to attract foreign investment in Midwest China and northeast rustbelt region.

Will further reduce negative list for foreign investment.

Will minimize impact from coronavirus pandemic on foreign investment.

Separately, China’s Banking and Insurance Regulator Vice Head said that the risks of global economic recession are rising.

He added that China banks made new loans of 7 trillion yuan in Q1.

USD/CNH mildly positive around 7.1000 following China Caixin Services PMI

USD/CNH fails to cheer upbeat China data amid coronavirus resurgence risk. ADB cuts China’s GDP forecast for 2020. Risk-tone remains heavy, eyes US data/virus updates for fresh impulse.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD looks well bid above 1.1600

EUR/USD extends its recovery and climbs back above the 1.1600 mark in quite an auspicious start to the week. Improved risk appetite following the US-Iran agreement to reopen the Strait of Hormuz continues to weigh on the US Dollar, lending support to the risk complex. Looking ahead, investors are likely to remain on the sidelines ahead of Wednesday's FOMC meeting.

GBP/USD climbs to multi-day highs around 1.3460

GBP/USD remains comfortably in positive territory north of 1.3400 the figure on Monday. Cable continues to draw support from an improvement in market sentiment after reports that the US and Iran have reached a framework agreement aimed at ending the conflict and reopening the Strait of Hormuz.

Gold extends the recovery, targets $4,400

Gold rallies on Monday and climbs well above the $4,300 mark per troy ounce. The precious metal benefits from renewed selling pressure on the Greenback as investors reassess the implications of the US-Iran agreement to end hostilities and reopen the Strait of Hormuz. Market participants now turn their attention to Wednesday's FOMC gathering.