Gold and Asian Stocks Rebound as Market Volatility Eases and Global Sentiment Improves 
Bank of Korea Expected to Hold Interest Rates as Weak Won Limits Policy Easing 
Fed Confirms Rate Meeting Schedule Despite Severe Winter Storm in Washington D.C. 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
South Korea Inflation Hits Five-Month Low as CPI Reaches Central Bank Target 
BOJ Policymakers Warn Weak Yen Could Fuel Inflation Risks and Delay Rate Action 
Asian Currencies Strengthen as Indian Rupee and Australian Dollar Rally 
China Services PMI Hits Three-Month High as New Orders and Hiring Improve 
RBA Raises Interest Rates by 25 Basis Points as Inflation Pressures Persist 
Australia’s Corporate Regulator Urges Pension Funds to Boost Technology Investment as Industry Grows 
The People's bank of China (PBoC) has scrapped a restriction on cross-border capital movement imposed in January as outflows pressure eases. This was the first concrete move to loosen capital controls since authorities began imposing curbs designed to shield the renminbi from downward pressure last year.
Chinese financial institutions are no longer required to maintain a balance of inflows and outflows when processing cross-border renminbi payments. Joerg Wuttke, president of the European Union Chamber of Commerce in China, said that the PBoC has delivered the latest instructions orally and written regulation are likely in June that would specify due-diligence requirements for banks to process renminbi payments.
The move suggests the authorities are increasingly confident they have weathered the country’s worst-ever bout of capital outflow. That said, other recent curbs on capital outflow, notably a crackdown on foreign acquisitions by foreign companies, remain.
