China Politburo says China's economy faces new difficulties and challenges mainly due to insufficient domestic demand; will continue to implement prudent monetary policy; will actively expand domestic demand

• Will implement macro adjustments in a precise and forceful manner.


• Keep Yuan exchange rate basically stable.


• To meet demand of rigid and improving housing needs.


• Will effectively prevent risks in local government debt.


• Some companies may face difficulties in operations.


• There are many risks and hidden dangers in key areas.


• Will form and carry out basket of measures to resolve local government.


• External environment complex and severe.


• Will continue to to deepen reform and opening up, improve development environment for private firms.


• Economic recovery will be tortuous.


• Will promote healthy and sustainable development of platform companies.


• Will promote secure development of AI.


• Will stabilise trade and foreign investment and increase international flights.


• Will put job stabilisation at strategically high level and expand middle income group.


• Will enliven capital market and boost investors confidence.

Reaction details (10:28)

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  USD/CNH was already heading lower ahead of the comments, before extending to the downside from 7.2026 to 7.1947 over the course of several minutes.

24 Jul 2023 - 10:13- ForexImportant- Source: Newswires