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Business Maverick: Copper to Iron Ore Rebound as China Vows to Support Economy

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Industrial metals from copper to iron ore recouped some of Monday’s losses after China pledged more support to help revive an economy that’s been imperiled by an escalating virus outbreak.

to increase monetary support to the real economy, especially for industries and small businesses hit hard by the pandemic, it said in a statement on Tuesday.

That follows the People’s Bank of China’s decision Monday to cut the amount of money that banks need to have in reserve for their foreign currency holdings, an attempt to help limit the drop in the yuan.

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Business Maverick: China Lockdown Fears Rip Through Markets as Stocks, Yuan TumbleFears about the economic toll of China’s strict Covid Zero policy have intensified, as news that lockdowns were spreading to Beijing sent stocks, commodities and the yuan tumbling. Why hasnt china been sued and fined yet for causing worldwide deaths, eh?
Source: dailymaverick - 🏆 3. / 84 Read more »