BEIJING: China’s Commerce Ministry has “proactively dealt with” trade frictions with the US this year, it said on Sunday after an annual work conference.
The ministry has implemented the decisions of the central government and “resolutely safeguarded the interests of the country and the people,” it said in a statement on its website.
The US and China cooled their trade war this month, announcing a “Phase one” agreement that would reduce some US tariffs in exchange for what US officials said would be a big jump in Chinese purchases of American farm products and other goods.
China’s Commerce Ministry has said it is in close touch with the US on signing the trade deal, and both sides are still going through necessary procedures before the signing.
Separately, Chinese lawmakers on Saturday agreed to slash red tape for initial public offerings (IPOs), approving an amendment to the country’s securities law that also aims to better protect investors and prevent insider trading.
Mainland authorities have recently stepped up moves to attract listings of big tech firms, including launching a new technology board in Shanghai in July, as the country’s economy has stuttered to its slowest rate of growth since the early 1990’s.
The new registration-based IPO system in the newly amended law — which comes into effect on March 1, 2020 — requires strict information disclosures from companies seeking to list.
The listings however do not need approval from the China Securities Regulatory Commission (CSRC), according to a draft law published Saturday.
It has also removed the need for companies to be profitable before listing.
The revised law includes better protections for minority investors, said Gong Fanrong, director of the finance committee legal team under China’s National People’s Congress.
It calls for companies to establish dispute resolution mechanisms to address shareholder grievances and improve transparency, he added.
Companies found guilty of making false or misleading statements or withholding important information from shareholders could face penalties ranging from one to 10 million yuan ($ 143,000 to $1.4 million).
It also includes tougher punishments for securities fraud and insider trading.
Individuals found guilty of insider trading will be fined two to ten times the value of their ill-gotten gains.
Intermediaries and professional services firms found guilty of faking information during IPOs will be fined 2 million to 20 million yuan, compared to 300,000 to 600,000 yuan at present.
The law also says securities industry employees, including regulators and those who work for brokerages or stock exchanges are bared from trading in stocks.
Lawmakers have debated amendments to China’s securities law for nearly 5 years.
China’s Commerce Ministry says it has proactively dealt with US trade frictions
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China’s Commerce Ministry says it has proactively dealt with US trade frictions
- The new registration-based IPO system in the newly amended law — which comes into effect on March 1, 2020 — requires strict information disclosures from companies seeking to list
Silver crosses $77 mark while gold, platinum stretch record highs
- Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
- Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years
Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.
Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation as a US critical mineral, and strong investment inflows.
Spot gold was up 1.2% at $4,531.41 per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that US President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.
The US dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.
On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.
“$80 in silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next year,” Grant added.
Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.
On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.
Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.
All precious metals logged weekly gains, with platinum recording its strongest weekly rise on record.
