·          Gold recovered despite less dovish Fed rate cuts due to risk aversion; China may allow REMs export only against end-user certifications ·          The US will not allow AI chip exports to China, but China also does not need US-origin chips anymore, and has almost attained self-sufficiency ·          As highly expected, the US cuts Fentanyl tariffs on China from 20% to 10% against China’s similar cuts on US soybeans/agri items, and subsequent purchase As of early October 30, 2025, U.S. President Donald Trump and Chinese President Xi Jinping have concluded their bilateral meeting in Busan, South Korea, on the sidelines of the Asia-Pacific EconomicCooperation (APEC) summit. The closed-door talks, held at Gimhae International Airport/Gimhae Air Base, lasted approximately 1 hour and 40 minutes. This has marked the two leaders' first in-person meeting since...