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The work report pushes back against any.......>

CHINA
CHINA: The work report pushes back against any movement for Taiwan's
independence and the need to fine tune HK laws, which provides no surprises and
with both matters heavily flagged.
- Further afield the report pointed to further RRR cuts, as well as interest
rate cuts and adjustments re-lending, as well as a broader renovation of
monetary policy tools to better serve the economy. Don't expect any flood like
stimulus here though, expect the moves to be measured, as per the recent trend.
- The money supply language has seen a further evolution after the recent tweak,
with policymakers set to guide money supply significantly higher vs. 2019.
- Elsewhere, China has asked local banks to boost lending to SME's by > 40%, as
it looks to support the resumption of SME activity post COVID-19.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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