China’s President Xi pledges to meet growth target

In a keynote speech to a virtual BRICS Business Forum on Wednesday, Chinese President Xi Jinping vowed to meet economic targets for the year despite the country battling with the covid outbreaks and a weak housing market.

Key quotes

China will “strengthen macro-policy adjustment and adopt more effective measures to strive to meet the social and economic development targets for 2022 and minimize the impacts of Covid-19.”

“China’s approach to fighting Covid not only protected people’s lives and health, but also stabilized the fundamentals of economic and social development as much as possible.”

Market reaction

Despite the optimism from the Chinese leader, AUD/USD remains unimpressed, as recession fears overwhelm the market. The pair was last seen trading down 0.56% on the day at 0.6887.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.


Read More

Leave a Reply

Your email address will not be published.