China’s "drip-drip" stimulus

CHINA ADVISORY - Report 01 Oct 2024 by Andrew Collier

The PBOC announced a series of measures that some compared (with a modicum of hyperbole) to a bazooka. Bloomberg said it was a “massive adrenaline shot." One reporter said he was at the press conference “typing with nervous fingers.” The market took the announcements on board, with the CSI 300 Index posting its biggest gain since 2020. However, the current steps are inadequate, address the wrong portions of the economy, and are unlikely to be followed by a larger stimulus.

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