The past week, culminating in the conclusion today of the economic planning meeting for 2022, leaves little doubt that policy support is being stepped up. There’s even a chance, we think, of a policy rate cut being telegraphed in coming days. Meanwhile, we’re not convinced by suggestions that the PBOC ’s independence is being curtailed. It hardly had any to begin with – Monday’s RRR cut, pre-announced by the Premier, is a good case in point.
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