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The People’s Bank of China surprised markets with an unusually large stimulus package yesterday. The measures include sizeable injections of capital as well as a reduction in lending rates across the board. The package is the biggest intervention from the central bank since the pandemic and comes in light of disappointing economic data. Among other aspects of the Chinese economy, the measures specifically target the real estate sector, which has weighed heavily on market sentiment over the last few years. The Hang Seng Index has made significant gains recently, surging over 10% in the last two weeks alone. The Renminbi has also strengthened considerably against the Dollar, touching 7.02 this morning.
The promise of extra liquidity no doubt helped the movement in gold yesterday, which saw prices reach a new record high of $2,657 an ounce. The precious metal is now up almost 30% year to date. For once, the bullish action extended to silver, which breached $32 an ounce and is now just under yearly highs.
Potentially busy trading sessions on Thursday and Friday, with the economic calendar beginning to look quite crowded. The Swiss National Bank kicks things off with its interest rate decision tomorrow, followed by a slew of data out of the US, including Q2 GDP, jobless claims and a speech from Fed Chair Jerome Powell. The focus remains on the US on Friday with the publication of the PCE price index. Although the Fed has already clarified its path forward, the index remains an important factor for future monetary steering.
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