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Zhou Says No Big PBOC Stimulus Needed as Data Suggest Otherwise
Zhou Says No Big PBOC Stimulus Needed as Data Suggest Otherwise
by
Bloomberg News
People’s Bank of China Governor Zhou Xiaochuan said major stimulus isn’t needed to support growth even as the latest...
People’s Bank of China Governor Zhou Xiaochuan said major stimulus isn’t needed to support growth even as the latest batch of economic indicators suggested otherwise.
“Excessive monetary policy stimulus isn’t necessary to achieve the target,” Zhou said at a press conference in Beijing, referring to China’s plan for at least 6.5 percent growth over the next five years. “If there isn’t any big economic or financial turmoil, we’ll keep prudent monetary policy.”
Soon after, China’s statistics bureau released data showing that industrial production and retail sales both grew less than forecast in January and February. Another report Friday showed the broadest measure of new credit dropped sharply after a record surge a month earlier, while inflation remains below the government target of 3 percent.
That recent data highlighted the challenge Zhou and the rest of China’s Communist Party leaders have achieving the goal of medium-to-high growth that Premier Li Keqiang outlined March 5 in his annual report to the legislature. On the one hand, growth last year was the slowest in 25 years. On the other, debt is now about 250 percent of gross-domestic product and the country posted record capital outflows between August and January.
China cut the main interest rate to a record low in six successive reductions through October, and recently made another cut to the required-reserve ratio for major banks. Zhou said Feb. 26 before the RRR cut China still has monetary policy room to aid growth. In his report, Li said officials “will pursue prudent monetary policy that is flexible when appropriate.”
"There are some signs of stabilization, although the economy is still weak," said Wen Bin, a Beijing-based researcher at China Minsheng Banking Corp. "Investment is the key to decide whether a 6.5 percent minimum is achievable. The government will continue to support growth with relatively accommodative monetary policies and fiscal policies."
Stronger Data
Saturday’s data showed strength in housing helped fixed-asset investment exceed estimates with a 10.2 percent increase. Investment in real estate development gained 3 percent in the first two months from a year earlier, compared with a 1 percent increase throughout 2015. The value of property sales in the first two months of this year surged 43.6 percent from a year earlier, while property sales in some larger cities doubled.
Zhou also warned banks about increased credit risk amid rising real estate prices in the biggest cities, and said property prices have begun to diverge severely from values in less-populated areas. China faces “relatively big’ downward pressure from efforts to eliminate excess housing inventory, which may suppress prices nationwide, he said.
Seasonal Factors
The National Bureau of Statistics said industrial output rose 5.4 percent from a year earlier in January and February, compared with the 5.6 percent median estimate of economists surveyed by Bloomberg.
The industrial output slowdown was due to seasonal factors, an NBS official said in a statement. Weak global demand, deterioration in sectors such as steel and chemicals, and a slump in tobacco output weighed on factory production, the official said. Steel output fell in the two-month period, while aluminum output tumbled 7.7 percent, NBS said.
Retail sales, which have been a bright spot as China transitions from an industrial and export led economy to one more centered on consumers and services, climbed 10.2 percent from a year earlier, missing the 11 percent projected gain.
"Retail sales are struggling under the weight of weaknesses in the rest of the economy," said James Laurenceson, deputy director for the Australia-China Relations Institute at the University of Technology Sydney. "This increases the pressure on the authorities to present households with a credible economic narrative to bolster the consumer outlook."
The PBOC chief added to his recent comments that have helped the support the yuan, which fell to a five-year low in January.
--With assistance from Zheng Wu and Li Liu To contact Bloomberg News staff for this story: Xiaoqing Pi in Beijing at xpi1@bloomberg.net, Kevin Hamlin in Beijing at khamlin@bloomberg.net. To contact the editors responsible for this story: Malcolm Scott at mscott23@bloomberg.net, Jeff Kearns, Nicholas Wadhams
People’s Bank of China Governor Zhou Xiaochuan said major stimulus isn’t needed to support growth even as the latest batch of economic indicators suggested otherwise.
“Excessive monetary policy stimulus isn’t necessary to achieve the target,” Zhou said at a press conference in Beijing, referring to China’s plan for at least 6.5 percent growth over the next five years. “If there isn’t any big economic or financial turmoil, we’ll keep prudent monetary policy.”
Soon after, China’s statistics bureau released data showing that industrial production and retail sales both grew less than forecast in January and February. Another report Friday showed the broadest measure of new credit dropped sharply after a record surge a month earlier, while inflation remains below the government target of 3 percent.
That recent data highlighted the challenge Zhou and the rest of China’s Communist Party leaders have achieving the goal of medium-to-high growth that Premier Li Keqiang outlined March 5 in his annual report to the legislature. On the one hand, growth last year was the slowest in 25 years. On the other, debt is now about 250 percent of gross-domestic product and the country posted record capital outflows between August and January.
China cut the main interest rate to a record low in six successive reductions through October, and recently made another cut to the required-reserve ratio for major banks. Zhou said Feb. 26 before the RRR cut China still has monetary policy room to aid growth. In his report, Li said officials “will pursue prudent monetary policy that is flexible when appropriate.”
"There are some signs of stabilization, although the economy is still weak," said Wen Bin, a Beijing-based researcher at China Minsheng Banking Corp. "Investment is the key to decide whether a 6.5 percent minimum is achievable. The government will continue to support growth with relatively accommodative monetary policies and fiscal policies."
Stronger Data
Saturday’s data showed strength in housing helped fixed-asset investment exceed estimates with a 10.2 percent increase. Investment in real estate development gained 3 percent in the first two months from a year earlier, compared with a 1 percent increase throughout 2015. The value of property sales in the first two months of this year surged 43.6 percent from a year earlier, while property sales in some larger cities doubled.
Zhou also warned banks about increased credit risk amid rising real estate prices in the biggest cities, and said property prices have begun to diverge severely from values in less-populated areas. China faces “relatively big’ downward pressure from efforts to eliminate excess housing inventory, which may suppress prices nationwide, he said.
Seasonal Factors
The National Bureau of Statistics said industrial output rose 5.4 percent from a year earlier in January and February, compared with the 5.6 percent median estimate of economists surveyed by Bloomberg.
The industrial output slowdown was due to seasonal factors, an NBS official said in a statement. Weak global demand, deterioration in sectors such as steel and chemicals, and a slump in tobacco output weighed on factory production, the official said. Steel output fell in the two-month period, while aluminum output tumbled 7.7 percent, NBS said.
Retail sales, which have been a bright spot as China transitions from an industrial and export led economy to one more centered on consumers and services, climbed 10.2 percent from a year earlier, missing the 11 percent projected gain.
"Retail sales are struggling under the weight of weaknesses in the rest of the economy," said James Laurenceson, deputy director for the Australia-China Relations Institute at the University of Technology Sydney. "This increases the pressure on the authorities to present households with a credible economic narrative to bolster the consumer outlook."
The PBOC chief added to his recent comments that have helped the support the yuan, which fell to a five-year low in January.
--With assistance from Zheng Wu and Li Liu To contact Bloomberg News staff for this story: Xiaoqing Pi in Beijing at xpi1@bloomberg.net, Kevin Hamlin in Beijing at khamlin@bloomberg.net. To contact the editors responsible for this story: Malcolm Scott at mscott23@bloomberg.net, Jeff Kearns, Nicholas Wadhams
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔