CHINA PRESS: China's Rapid Issuance Of Bonds Shows Government Intention
China’s rapid issuance of new special bonds so far this year demonstrates local governments' intention to stimulate market vitality actively, according to Zhang Yiqun, director at the Jilin Provincial Institute of Fiscal Science. The Securities Daily notes the total scale of local government bonds issued reached CNY2.5 trillion by March 25, up 89% y/y, of which newly added special bonds and refinancing special bonds accounted for 31% and 50% respectively.
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EUR: EUR/USD To Fresh February Highs
EUR continues to climb, the pair last near 1.0515/20. DAX futures up around 1%, as markets digest the German election results.
EUR/JPY also higher, back close to 157, with yen underperforming broader USD weakness.
Some EUR/USD resistance levels to be mindful of.
RES 4: 1.0630 High Dec 6
RES 3: 1.0594 Dec 9 ‘24
RES 2: 1.0533 High Jan 27 and a reversal trigger
(we already above the earlier Feb highs (1.0514))
CHINA PRESS: Rail Passengers Up Over Spring Festival
China’s railway services transported 513 million passengers and 415 million tonnes of goods during the 40 day Spring Festival season, a year-on-year increase of 6.1% and 5.4%, a record high, according to data released by the China Railway Group. A total of 3,230 China-Europe trains were operated, an increase of 0.7% year-on-year, while the China-Laos railway transported 642,000 tonnes of cross-border goods, up 8.1% y/y.
CHINA PRESS: China Likely To Set CPI Target Around 2% - Analysts
China’s CPI growth target will likely be around 2% in 2025, down from 3% last year, while maintaining an annual GDP growth target at around 5%, Securities Times reported, citing analysts. Lowering the inflation policy would help build consensus around promoting a price rebound amid weak demand, said Wu Chaoming, chief economist of Chasing Securities, noting the previous CPI target was unchanged since 2004 when authorities tried to prevent prices from rising too quickly. Zhu Baoliang, former chief economist at the State Information Center of China, said a CPI increase should be clearly defined as a major policy target and 5% GDP growth was necessary to address employment issues.
