Openness Driving Reforms

CHINA - Report 22 May 2015 by FAN Gang
Executive Summary With an abrupt single day’s notice, the Central Bank on May 11th cut its benchmark interest rates for loans and deposits by 25 bp, and expanded the floating interval from 1.3 times interest rates to 1.5 times. These measures came in response to new weak growth data. We expect more such cuts, in small increments, since the May 11th measures won’t be sufficient to ease the over tightened monetary policy. Fixed asset investment was up 9.4% y/y in April, down 4.1 pps from Q1. This was the first time since 2000 that FAI growth has fallen below 10%. Value added for major industr...

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