FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
The Chinese State Council yesterday unveiled its priorities for economic reforms for this year.
These include:
- 1) Decentralize governance eg cutting red tape, streamlining administration.
- 2) Promote yuan convertibility under the capital account - this includes making the yuan more flexible against other currencies, promote the use of renminbi in cross-border settlements.
- 3) Launch a trial scheme for the Shenzhen-HK Stock Connect. This is an extension of the Shanghai-HK Stock Connect which began in November 2014.
The government also highlighted its intention to promote public-private partnerships to attract private capital into infrastructure construction and public enterprises.
According to Commerzbank, the more important issue remains implementation. The risk is that the reform momentum could stall if growth slows too fast where the onus could shift to supporting near term growth.
For USD-CNY, it continues to hold steady at around the 6.20 level.
