Chinese Premier Li Keqiang signaled a focus on jobs, flexibility on the economic growth rate and a shift toward making its Covid control measures more targeted, per Bloomberg.

Additional quotes

“Most important thing was to keep employment and prices stable.”

“Slightly higher or lower growth rates were acceptable as long as employment is relatively sufficient, household income grows and prices are stable.”

“Keeping major economic indicators within a proper range also means that the macroeconomy can enjoy sustained and sound growth.” 

“Further economic support could come in the form of front-loading 2023 special local government bonds, raising the budget deficit, or issuing special sovereign debt.”

“Measures that could help China avoid a “policy cliff” in the fourth quarter.

Related reads

• AUD/USD remains lackluster as PBOC leaves PLR unchanged
• PBoC leaves loan prime rate duo unchanged, fixed USD/CNY at 6.7465 vs. the estimate at 6.7445