Han Wenxiu, deputy head of the Chinese Communist Party’s office for financial and economic affairs, said on Wednesday that “China should set its 2024 fiscal deficit and special local government bonds at appropriate levels and optimize the structure of fiscal expenditure.”

“China should also keep consumer prices at a moderate and appropriate level, neither too low nor too high,” added Han.

Market reaction

At the press time, the AUD/USD pair is posting small losses to trade around 0.6550.