Home China’s Commerce Ministry: Will launch an online shopping festival to prop up consumption
FXStreet News

China’s Commerce Ministry: Will launch an online shopping festival to prop up consumption

FX Street
Published date:

According to the Commerce Ministry, China will launch an online shopping festival to prop up consumption after its economic growth contracted 6.8% YoY in the first quarter, as cited by Global Times.

The festival marks the latest step to blunt the impacts of the epidemic on its economy, the Ministry added.

In an effort to stimulate growth, the People’s Bank of China (PBOC) cut the Target Medium Lending (MLF) rate by 20bps to 2.95% earlier today.

Market reaction

A somber market mood persists ahead of the European open amid global recession fears. Therefore, the above comments fail to deliver any positive impact, with USD/JPY ranging around 107.65 while AUD/USD extends decline below 0.6350.

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2026