According to the CICC research report, China and the US are entering a new policy cycle of monetary and fiscal resonance easing. Global risk appetite is expected to be boosted, and inflation expectations between China and the US are expected to rise. Over the past 20 years, China and the US have experienced two rounds of monetary and fiscal policy resonance easing, from September 2008 to June 2009 and November 2019 to December 2020, respectively. From 2008 to 2009, the US financial crisis broke out, and the domestic economy also contracted. With the active cooperation of monetary and fiscal policies, the Shanghai Composite Index had a cumulative increase of 71% compared to the bottom. From 2019 to 2020, trade frictions between China and the US were compounded by the COVID-19 pandemic, putting pressure on the global economy. China and the US began a new round of monetary and fiscal easing, and the Shanghai Composite Index rose 26% from the bottom. Overall, during the period of monetary and fiscal resonance easing between China and the US, it may be beneficial to risky assets. At the same time, gold is also expected to perform well in this context.

According to the CICC research report, China and the US are entering a new policy cycle of monetary and fiscal resonance easing. Global risk appetite is expected to be boosted, and inflation expectations between China and the US are expected to rise. Over the past 20 years, China and the US have experienced two rounds of monetary and fiscal policy resonance easing, from September 2008 to June 2009 and November 2019 to December 2020, respectively. From 2008 to 2009, the US financial crisis broke out, and the domestic economy also contracted. With the active cooperation of monetary and fiscal policies, the Shanghai Composite Index had a cumulative increase of 71% compared to the bottom. From 2019 to 2020, trade frictions between China and the US were compounded by the COVID-19 pandemic, putting pressure on the global economy. China and the US began a new round of monetary and fiscal easing, and the Shanghai Composite Index rose 26% from the bottom. Overall, during the period of monetary and fiscal resonance easing between China and the US, it may be beneficial to risky assets. At the same time, gold is also expected to perform well in this context.