July 18, 2024 08:42 GMT
CHINA: Third Plenum Communique Provides Few Surprises for Markets
CHINA
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(MNI London) China's Third Plenum concludes, and the communique release focuses primarily on deepening reform, establishing better market mechanisms and maintaing market order. So far, little outside of expectations from the communique, with the vast majority of these headlines well telegraphed and providing very few surprises to markets.
- CNH reflects that, with USD/CNH holding just below unchanged and off the overnight lows of 7.2606.
The timeframes for reform may be of interest - reform tasks to be completed over the next five years, setting up a "high-level" socialist market economic system for 2035. - On international trade, there's very little mention or reference to tariff escalation or trade concerns with the US, but the plenum does pledge to "effectively respond to external risks and challenges, lead global governance and actively shape a favourable external environment".
- Full communique here: https://www.gov.cn/yaowen/liebiao/202407/content_6963409.htm
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