Analysts at Danske Bank note that China refrained from lowering the policy rate (Loan Prime Rate) this week in a sign that it is reluctant to ease policy further.

• "Efforts are being made to get more credit through to the private sector, which continues to be starved of credit access.
• The State Council, China's cabinet, called on banks to cut financing costs by 0.5 percentage points next year for small and micro businesses. It also instructed five of the country's largest state-owned commercial banks to increase the value of loans made to these companies by at least 20% next year."