China must take strong steps to prevent economy from stalling: state media

Behemoth oil stock the lone hero as China’s stocks rebound

China has struck back with its very own arrangement of taxes and has blamed the USA for propelling the biggest exchange war in monetary history.

The yuan is now just a few pips away from the psychologically key 7.000 level against the USA currency.

The People's Bank of China's turn will discharge 1.2 trillion yuan in liquidity, with 450bn yuan of that because of counterbalance developing credits - meaning 750bn yuan will be infused into the money related framework.

"In our view, the performance of external markets may hamper the near-term sentiment uplift of the RRR cut, so the effect may not be obvious", Gao Ting, Head of China Strategy at UBS Securities, said in a note.

The ongoing trade war with the us has exerted great pressure on Chinese exports as rounds of retaliatory tariffs undercut China's price advantage.

"Whether it is just in response to the weight of evidence from the strong USA data or instead an active decision by Fed officials to steer the market more towards its tightening profile (the "dots") presented at its rate decision last month, there is little doubt that officials have turned more hawkish recently", analysts at ANZ said in a note.

A man is seen behind an electronic board displaying the Nikkei average and Japanese yen rate againt the USA dollar at the Tokyo Stock Exchange in Tokyo, Japan, October 11, 2018. On Wednesday morning, the onshore spot yuan traded in a thin range of less than 60 pips. "Other possible triggers could also stem from a stronger trade relationship between China and Europe or investors finally finding another positive reason to put risk on the table again".

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"China is moving towards a more mature economic model from the one that has driven its remarkable growth in the last 20 years and experiencing growing pains in the process", she added.

"We expect the dollar rally to lose steam". Markets in Japan are closed for a holiday.

To assess China's economic situation, one must take a longer view and a more holistic approach, Ning Jizhe, vice chairman of China's state planner, told the People's Daily in an interview, stressing that growth, employment, prices and global balance of payments have been stable. The Thomson Reuters/HKEX Global CNH index, which tracks the offshore yuan against a basket of currencies on a daily basis, stood at 92.76, weaker than the previous day's 92.87.

In currency markets, the dollar was 0.1 percent stronger against the yen at 113.83, while the euro was 0.1 percent weaker against the dollar at US$1.1512. Retail sales this year have grown at the slowest rate in a decade.

Still, some analysts said the "national team", a term used by Chinese investors to refer to state-supported funds created during the 2015 market crash, may be behind the stock's rise, buying it up to prevent the benchmark gauge from sinking further.

The dollar was already losing ground to both the yen and the euro, as investors favored currencies of countries that boasted large current account surpluses.

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