In April 2024, China's services sector continued to expand, marking the 16th consecutive month of growth, despite a slight deceleration in the pace of expansion.
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China's manufacturing sector has shown signs of growth for the second consecutive month in April 2024, with the official manufacturing purchasing managers' index (PMI) standing at 50.4, indicating a slight expansion in factory activity.
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China's enigmatic gold buyers have taken center stage in the global gold market, as their strategic purchases at key price levels have significantly impacted the precious metal's trajectory.
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China's inflation data for January 2024 has painted a picture of an economy grappling with deflationary pressures, as consumer prices have experienced the most significant drop in 15 years.
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Amid concerns about China's worsening economic conditions, Japan's second-quarter GDP growth has been revised downward, raising fears of a global economic downturn. Additionally, deteriorating US-China relations, as the world's two largest economies, are driving investors toward gold as a safe haven. China's recent directive prohibiting officials from using iPhones for work adds to the tension, following US Secretary of Commerce Gina Raimondo's statement that US tariffs on China are unlikely to change until the US Treasury's review is complete.
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In July, China entered a period of deflation, putting pressure on policymakers to enhance both monetary and fiscal support.
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Asia-Pacific markets experienced a significant decline as investors responded to newly released private surveys on services activity in the region.
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The Asia-Pacific markets experienced mixed trading on Tuesday as investors analyzed the decision made by China's central bank to reduce the one-year and five-year loan prime rates by 10 basis points each to 3.55% and 4.20% respectively.
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The People's Bank of China (PBOC) has decided to maintain the one-year Loan Prime Rate (LPR) at 3.65%
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