China’s Finance Ministry: Will step up fiscal spending, accelerate spending in 2025
China’s Finance Ministry said in a statement at the National Fiscal Work Conference on Tuesday that they “will step up fiscal spending, accelerate spending in 2025.
Additional takeaways
China plans to intensify efforts to mitigate risks in key sectors, according to the Ministry of Finance.
China will expand the issuance of government bonds to bolster economic stability.
China aims to strengthen international financial collaboration.
China is committed to fostering domestic demand growth - fiscal spending will focus more on people's livelihoods and seek to boost consumption.
China pledges to promote a higher level of openness to the global economy.
Will increase financial transfers to local governments to address and manage local debt risks effectively.
Additional support will be provided for trade-in initiatives.
Will increase basic pension for retirees, raise for both urban and rural residents.
Market reaction
AUD/USD is off the 0.6224 low to trade near 0.6240 on these headlines, still down 0.14% on the day at press time.
Australian Dollar PRICE Today
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the weakest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.11% | -0.01% | -0.13% | 0.10% | 0.21% | 0.11% | 0.05% | |
| EUR | -0.11% | -0.12% | -0.21% | -0.01% | 0.10% | -0.00% | -0.07% | |
| GBP | 0.00% | 0.12% | -0.10% | 0.11% | 0.22% | 0.12% | 0.05% | |
| JPY | 0.13% | 0.21% | 0.10% | 0.21% | 0.36% | 0.22% | 0.19% | |
| CAD | -0.10% | 0.00% | -0.11% | -0.21% | 0.10% | 0.00% | -0.06% | |
| AUD | -0.21% | -0.10% | -0.22% | -0.36% | -0.10% | -0.10% | -0.16% | |
| NZD | -0.11% | 0.00% | -0.12% | -0.22% | -0.01% | 0.10% | -0.07% | |
| CHF | -0.05% | 0.07% | -0.05% | -0.19% | 0.06% | 0.16% | 0.07% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
