China’s Politburo: Will lower RRR, implement forceful interest rates cut

China’s Politburo, the country’s top leadership, held a meeting on Thursday, with the key highlights noted below. 

Analysed current economic situation and work, plan for future economic works.

Will step up the force of counter-cyclical adjustments of fiscal and monetary policies.

Fundamentals of china's economy and the favorable conditions such as broad market, strong economic resilience and great potential have not changed.

Will ensure necessary fiscal spending.

Will increase the income of low- and middle-income groups and improve the consumption structure.

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

At present, there are some new conditions and problems in economic operation.

The quality of real estate market should be improved, and 'white list' project loans should be increased.

Market reaction

The Australian Dollar is holding higher ground following these Chinese headlines, with AUD/USD adding 0.43% on the day to trade near 0.6850, as of writing.