ING note that "the Chinese government.........>

CHINA: ING note that "the Chinese government requests a pool of future

infrastructure projects. This means the government is prepared to dig in for a

longer-term fight in the trade war with the US. This also implies that the

Chinese government might depend on investment to support the economy for a

longer time. Our GDP forecasts are still intact as we consider the government's

fiscal stimulus sufficient to provide support as trade tension escalates. We

project GDP growth at 6.3%YoY in 4Q18, 6.2%YoY in 1H19, and 6.3%YoY in 2H19. But

we do expect USDCNY to continue to weaken if the trade war continues. We are

keeping our forecast of USD/CNY and USD/CNH at 7.0 by end of 2018 but have

weakened the yuan pairs forecasts to 7.30 by end of 2019 (previously at 6.50)."