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Saudi Wealth Fund Signs $50 bln of Deals with Chinese Financial Firms

Saudi Wealth Fund Signs $50 bln of Deals with Chinese Financial Firms
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Saudi Wealth Fund Signs $50 bln of Deals with Chinese Financial Firms

Saudi Wealth Fund Signs $50 bln of Deals with Chinese Financial Firms

Saudi Arabia's sovereign wealth fund PIF has signed six memorandums of understanding (MoUs) worth a total of $50 billion with leading Chinese financial institutions, the fund said in a statement on Thursday.

The MoUs were signed with Agricultural Bank of China (ABC), Bank of China (BoC), China Construction Bank (CCB), China Export and Credit Insurance Corporation (SINOSURE), Export-Import Bank of China (CEXIM), and the Industrial and Commercial Bank of China (ICBC), the statement added, Reuters reported.

PIF said the MoUs covered areas of cooperation such as encouraging two-way capital flows via both debt and equity.

One of the world's largest sovereign wealth funds, Saudi Arabia's Public Investment Fund (PIF) has a sprawling portfolio of investments, from date farms to multinational conglomerates.

The kingdom's ambitious Vision 2030 plan aims to diversify its economy away from fossil fuels to develop a vibrant private sector.

China said in July it was ready to deepen cooperation in infrastructure, energy resources, green development and the digital economy, and welcomed Saudi companies such as its sovereign wealth funds and oil giant Aramco to continue to "take root" in China.

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Gold Scales 2-week High as Fed Signals Likely Sept Rate Cut

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Scales 2-week High as Fed Signals Likely Sept Rate Cut

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices hit a two-week high on Thursday as US Federal Reserve Chair Jerome Powell opened the door to cutting interest rates as early as September.
Spot gold was little changed at $2,445.39 per ounce, as of 0650 GMT, after hitting its highest since July 18 earlier in the session. Prices were just $38 shy of the record high of $2,483.60 scaled on July 17.
US gold futures firmed 0.7% to $2,490.10, Reuters said.
"The trend for gold remains bullish and prices should hit $2,500 this year as the Fed lowers interest rates," said Peter Fung, head of dealing at Wing Fung Precious Metals.
Fed Chair Jerome Powell said on Wednesday rates could be cut as soon as September if the US economy follows its expected path, putting the central bank near the end of a more than two-year battle against inflation.
Zero-yield gold tends to thrive in a low interest rate environment.
"Gold bugs may want to warrant some caution above $2,500, given gold's reluctance to hold onto gains around these levels," City Index senior analyst Matt Simpson said.
Market focus shifts to Friday's US payrolls report.
"If the data comes in much hotter than expected, that could dent gold as we head towards the weekend," Simpson added.
Elsewhere, Hamas leader Ismail Haniyeh was assassinated in the Iranian capital Tehran early on Wednesday morning, an attack that drew threats of revenge on Israel and fueled further concerns that the conflict in Gaza was turning into a wider Middle East war.
Geopolitics is increasingly more supportive for gold in the medium and long term, Nicky Shiels, head of metals strategy at MKS PAMP SA said in a note.
Spot silver fell 0.4% to $28.92, platinum lost 0.4% to $972.35 and palladium eased 0.2% at $923.60.
Key metals consumer China's manufacturing activity in July shrank for the first time in nine months, a private sector survey showed.