China's Finance Minister Liu Kun said on Tuesday that Beijing “will strengthen cooperation between fiscal and monetary policy.”

Additional takeaways

“Will implement greater tax and fee cuts this year.“

“Will step up central govt's transfer payments to local governments this year.”

“2022 transfer payments will help offset impact from tax cuts on local revenues.”

Market reaction

USD/CNY is off the multi-day highs of 6.3430, still up 0.08% at 6.3405, as of writing.