Chinese authorities press conference announce further measures to prompt economic growth and employment. Present are officials from the:
- National Development and Reform Commission (China’s ‘state planner’)
- Ministry of Human Resources and Social Security
- Ministry of Commerce
- People’s Bank of China
China state planner vice head:
- will closely monitor domestic and external changes, improve policy toolkit
- China exports withstand pressure and grow in Q1
- Sees growth momentum in China economy
- Foundation for China’s economic recovery needs to be consolidated as external impact increases
- Fully confident in achieving full-year economic growth target
- Some new policies will be rolled out in Q2
- China ‘fully confident’ of hitting 5% growth target
China’s central bank deputy governor:
- Impact on China’s forex assets from volatility in US bond markets is limited
- Resilience in China’s economy, forex market will provide support for yuan stability
- will continue to implement appropriately loose monetary policy, step up support for the economy
- will keep yuan basically stable
- Will stabilise market expectations on yuan and resolutely deal with market-distorting behaviours
Ministry of Commerce, vice minister:
- to facilitate car consumption
- to push for expansion of healthcare, child care services
Human Resources Ministry official:
- Export firms facing challenges amid US tariffs
- Impacting employment
- China confident in maintaining job market stability, have ample policy tools
This article was written by Eamonn Sheridan at www.forexlive.com.
