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Bullish Price Sequence

CHINA
CHINA: Steady TomTom traffic flow in Beijing, Shanghai & Shenzhen Weds vs. Tues.
- Tuesday saw the NDRC push country authorities to adopt tailored approaches re:
Coronavirus risks, in an attempt to galvanise economic activity.
- State Council revealed an increase in the PBoC's CNY re-lending & re-discount
quota (CNY500bn), in a push to support small firms, urging banks to delay the
collection of interest payments for eligible firms til H220. The Council also
pushed commercial banks to lend to SMEs & "significantly lower" lending rates.
Hubei Province continues to receive deeper preferential treatment, with VAT
waived for smaller taxpayers through the end of May vs. reductions elsewhere.
State Council also lifted the policy banks' loan quota by ~CNY350bn.
- Anhui & Xinjiang lowered their emergency levels on Tuesday, although Guangdong
Province declared extended school closures, while Weihai will implement
quarantine measures on anyone travelling from Japan & South Korea.
- MIIT revealed that 30% of small biz have returned to work post-LNY. Worth
remembering that confidence among SMEs has cratered (per various surveys)
- China's cabinet also outlined various measures to boost the labour market.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com