China’s Premier Li urges policy fine-tuning as economic woes mount – Bloomberg

Dhwani Mehta FXStreet

China’s Premier Li Keqiang said during a meeting with the State Council on Wednesday, fine-tuning of policies, as economic challenges grow amid resurgent coronavirus cases and power shortages, per Bloomberg.

“Li called for authorities to ensure the supplies of major agricultural goods and improve the capacity of reserves, Bloomberg reports, citing state broadcaster CCTV.

The comments by China’s No. 2 leader come shortly after he said the economy faces new downward pressures and called for cuts in taxes and fees to ease pressure on small and medium-sized companies.

Related reads

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: Gains remain capped by 1.1650

EUR/USD remains in recovery-mode following the closing bell in Euroland on Wednesday, hovering around the 1.1650 zone amid renewed downside pressure on the US Dollar and a marginal improvement in the global sentiment.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold struggles to surpass $5,200

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.