So says senior party official Yang Weimin and cited by Reuters 27 July

  • China will fine tune mon pol to offset impact from higher interest rates
  • will also maintain proactive fiscal policy and prudent mon pol in H2
  • will deepen supply side reform
  • will resolve local govt debt risks

Elsewhere Bloomberg report that China and Switzerland are renewing a 150bln yuan local-ccy swap for another 3 years.

Talking of CHF we're still seeing some strong outflows with USDCHF back up to 0.9537 and EURCHF again testing 18 month highs around 1.1180 despite, or maybe because of, euro losses elsewhere this morning.

USDCHF 15m