Australian Finance Minister opposes FIRB approval of Chinese company’s acquisition plan
The Australian “Financial Review” quoted news as saying that Australian Finance Minister Josh Frydenberg opposed the Foreign Investment Review Board (FIRB) approved an acquisition plan for a Chinese dairy company. It is reported that the total value of the acquisition proposal is about 6 Billion Australian dollars. If the news is true, this will be Australia’s first case of government veto since the amendment to the Foreign Investment Law in July. The law gives the Treasurer the final power to make different opinions on transactions approved by FIRB, or impose restrictions, even if there is In case of national security risks, the other party is forced to withdraw funds. The action will damage the current economic, trade and diplomatic relations between China and Australia
Powell’s speech next week will provide key clues
The trend of the U.S. dollar is still a key factor affecting gold, but the impact of holdings on the U.S. dollar is short-lived. The market will still look for clues from the Fed’s policy trend. Therefore, next week’s Jackson Hole Global Central Bank Annual Meeting and Powell’s August 27 A speech on the long-awaited “assessment of monetary policy framework” will be the focus of the market. In addition, the market also needs to pay attention to the progress of US-Iranian relations and the US stimulus plan, which will also have a direct impact on gold prices.
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