• For sure above official target of 7.5%
  • RMB loan growth of 16% so far is “robust”, M2 growth target of 14% will likely be met
  • Yuan close to its equilibrium level based on market demand, supply
  • Central bank has “dramatically reduced” intervention in forex market
  • Will continue to introduce market reforms to allow market to set yuan exchange rate
  • China property market has stabilized
  • Property market is a very important industry for growth, China is in delicate situation to maintain its stability
  • Govt has to respect market forces in property market