The Politburo statement this week gave a clear signal that further policy support for China’s economy is on the way. But with headwinds building, we don’t expect to see clear signs of economic stabilisation for some time yet. That statement, plus the phone call between Presidents Xi and Trump helped domestic equity markets end the week on a positive note and contributed to a rebound in the renminbi. Next week, the PBOC will start using a new tool to manage the offshore market with its first issuance of bills in Hong Kong.
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