China Politburo: Economy faces rising uncertainties and complexity – State Media

Anil Panchal FXStreet

Chinese conveyed comments from Politburo during early Friday, mostly citing economic fears from the latest coronavirus round and the Russia-Ukraine crisis while also showing readiness to tackle the challenges.

Also read: Coronavirus Update: China to stick with 'zero' covid policy, as Shanghai cases rise

Key comments

Challenges created by covid and Ukraine crisis are increasing.

Will strive to achieve full-year social and economic targets.

Will implement a package of policies to support covid affected industries and small firms.

Will effectively control major risks, safeguard bottom line for systemic risks.

Will roll out measures to support healthy development of platform economy.

Will prevent 'black swan' and 'grey rhino' events.

Will support healthy development of property market.

Will support local governments to improve housing policies.

Will keep stable operations of capital markets.

Will actively respond to demand from foreign firms in China, stabilize foreign investment.

Will step up macro policy adjustments to stabilize economy.

Will study more policy tools.

Market implications

The news fails to gain any major attention from the markets amid an off in Japan and cautious sentiment ahead of the key data from the US and Eurozone.

That being said, the USD/CNH prices remain firmer around the highest levels in 17 months, around 6.6680 at the latest.

Also read: USD/CNH Price Analysis: Refreshes 17-month high amid overbought RSI

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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