The market calms down ahead of the Fed’s statement this evening.
China housing ministry orders cities to adjust residential land supply
China's housing ministry has already called on the country’s cities with large unsold housing inventories to diminish or suspend land supply for residential housing.
The notice states that cities with unsold housing inventory equal to 36 months of sales or even more need to suspend the supply of land for residential development.
However, for cities under pressure from ascending home prices, they require increasing residential housing land supply, as told the notice jointly issued by the Ministry of Housing and Urban-Rural Development as well as the Ministry of Land and Resources. Although this was dated April 1, it was released publicly on Thursday.
The Chinese authorities face the dual challenge of controlling soaring home prices in the largest cities of the country where prices are extremely expensive for many residents, while stimulating sales and backing prices in smaller cities which face a huge glut of unsold homes.
Follow Canadian core retail sales on September 18 at 15:30 MT time!
The US dollar gained after the Fed’s report, while riskier assets dropped. Let’s have a closer look.
Keep an eye on the UK monetary policy statement on September 17 at 14:00 MT time!