VIEW: ANZ write "China's high frequency.......>

CHINA: VIEW: ANZ write "China's high frequency economic indicators confirm that

growth is bottoming out. In particular, leading indicators such as money supply

data and the producer price index (PPI) inflation showed signs of acceleration

in March. With Q1 GDP registering 6.4%, we now revise our GDP forecast to 6.4%

for full-year 2019, from 6.3% previously. As the growth momentum of the Chinese

economy picks up, we believe that policymakers will re-assess the need for

further stimulus. The government will maintain a counter-cyclical stance, which

will primarily be expressed through measures that support structural

transformation. Thanks to the strong credit data in March, the People's Bank of

China (PBoC) appears to be more cautious about further easing. The policy stance

will likely place an emphasis on 'maintaining strategic patience' and 'alignment

with fiscal and other policies'. Consequently, the likelihood of a cut in the

reserve requirement ratio (RRR) in Q2 has decreased."