Markets rally as Communist party officials to meet in coming days to discuss country’s economic policy
China’s leaders have changed their stance on monetary policy to “moderately loose” from “prudent” for the first time in 14 years, sending stocks and bond prices higher as investors bet policymakers were taking the economic situation more seriously. The announcement on Monday from the Communist party’s politburo, which is headed by Xi Jinping, comes as leaders prepare to hold an annual meeting this month to lay out the economic agenda for next year.
But they cautioned: “While the tone is very positive, implementation remains uncertain.” The Chinese economy has been dogged by deflationary pressures for months on the back of a property slump, prompting the government to announce a monetary stimulus in September and fiscal measures in November mainly targeting local government debt.
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