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Free AccessMNI POLICY:China Monetary Stimulus Adequate: Sina Cites Ma Jun
China should maintain its current monetary policy without increasing countercyclical adjustments given the economic recovery has been "outstanding," said Ma Jun, a member of the monetary policy committee of the People's Bank of China, according to a report published Wednesday by Sina Finance.
The economy is on track to grow 2% this year fueled by strong policy support, with Q3 and Q4 seen expanding 4% and over 6%, Ma said. China needs to save "ammunition" to prepare for future uncertainties, such as worsening relations with the U.S., risks posed by small banks and local government financing vehicles, Ma said.
M2 growth in the first half was 12% higher than nominal GDP, while in normal conditions the two rates generally match, Ma said. Since China already showed clear signs of recovery, it should refrain from further stimulus policies to prevent bubbles in sectors such as real estate and the stock market, he added.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.