China state media says the recovery in economic growth paves the way for monetary policy normalization
A front-page piece in China's Economic Information Daily
- Says the economy in the country is expected to grow by around 8% this year
- the recovery in GDP paves the way for policy normalization
Info comes via Bloomberg
Its worth paying attention to cues such as these in state media. The People's Bank of China have said recently that policy will remain steady (I'm paraphrasing), which indicates no change is coming soon ... but monetary policy change from the PBOC can come quite abruptly and with little warning. Hence the seeking of cues from elsewhere in China (such as state media statements).
CNH has steadied but the trend on the daily chart is clear: