PEOPLE'S BANK OF CHINA SETS DOLLAR-YUAN EXCHANGE RATE AT 7.1707
The People’s Bank of China set the dollar-yuan exchange rate at 7.1707 yuan per dollar.
This rate is slightly above the expected 7.1699 yuan from a Reuters survey.
The previous session’s exchange rate was set at 7.3050 yuan per dollar.
CHINA: RETAIL SALES AND INDUSTRIAL PRODUCTION BEAT EXPECTATIONS Grew 4% YoY in February, matching expectations and improving from January's 3.7%. Increased by 5.9% YoY, surpassing the 5.3% forecast but slower than January’s 6.2% growth.
Gold price is near its highest level ever. People are buying gold because of global economic worries. Traders expect the U.S. Federal Reserve to cut interest rates in 2025. The U.S. dollar is weak, which helps gold stay strong. Investors see gold as a safe place to keep
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Federal Reserve (Fed): Will decide on interest rates while worrying about a possible recession. Bank of Japan (BoJ): Traders are watching for signs that Japan might raise interest rates. Swiss National Bank (SNB): Expected to cut interest rates by 0.25%. Bank of England (BoE): Likely to keep rates the