People's Bank of China governor Yi Gang
- China's economy faces some downward pressure
- says in no rush to take big policy easing steps
- says there is relatively big policy room, but should treasure such policy room
- says some people worry that major economies may exhaust monetary policy tools amid talk of negative interest rates
That 'no rush' comment is a negative input for the AUD and other China-proxy trades.
More:
- China's new digital currency will replace part of m0, not m1 or m2
- no timetable on rolling out digital currency
- digital currency needs to meet regulatory requirements including those on anti-monetary laundering
- financing costs for small firms showed significant declines this year
- will use market-based, legal means to resolve financial risks
Also, wrapping up comments from China's finance minister Liu Kun
- says aims to allocate all local govt bond proceeds to projects by end-oct
- China is able to guarantee pension payments
- some provinces face difficulties in pension payments
