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Coming up in the Asia-Pac session on Tuesday:

USDCAD TECHS

Corrective Bounce

AUDUSD TECHS

Bearish Threat Following Friday’s Sell-Off

EURJPY TECHS

Finds Support Below The 50-Day EMA

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The following lists highlights from Chinese press reports on Wednesday:

  • China should maintain a core area to supply key natural resources such as lithium and nickel and create a reliable system of reserves and delivery to sustain its industrialization and shift toward an electricity-powered economy, the Economic Daily said in its front-page editorial. The global supply of these minerals may be difficult to match the surging demand for cleantech, and the supplying regions are also highly concentrated, said the official newspaper. The security of mineral supply has been elevated to a national-level strategy at the recently convened Politburo meeting, said the commentary under the pseudonym of Jin Guanping. The background of the issue was due to the global shift to clean energy, boosting demand for lithium, nickel, cobalt, and molybdenum, while the electrification raised the demand for copper, said the newspaper.
  • China is likely to exceed the targeted economic growth this year as it continues to recover with employment, inflation, and international balance of payments stable, Vice Premier Liu He said in a video speech on Tuesday at the Hamburg Summit, according to a Xinhua News Agency report. China's growth target this year was set at 6% in March. China promises to further improve its business environment next year, ease market access and promote fair competition, Liu said. China will maintain the continuity, stability and sustainability of its macro policy, and support private and small companies, Liu said. China is fully confident in its economy next year, said Liu.
  • China's housing sales may gradually pick up in March after prices plunged in Q4, Yicai.com reported citing CITIC Securities. Marginal easing of purchase rules and incentives by some local authorities failed to significantly improve the housing market downturn, the newspaper said. In November, the sales of the top 100 developers totaled CNY845.03 billion, a sharp drop of nearly 40% y/y, the newspaper said citing data by CRIC China. China may not significantly relax housing policy nor further tighten, given the central government's stance against speculating on houses, the newspaper said citing insiders.