The headquarters of the Asian Infrastructure Investment Bank in Beijing, China. Picture: REUTERS
“If capital is moving on relative growth rates, then China is looking quite attractive,” said Chris Weston, head of research brokerage Pepperstone in Melbourne. Equities are cheap, yields advantageous and the outlook solid, he said. Qingdao city said on Monday it will conduct Covid-19 tests for the entire population of more than 9-million people over five days after a small number of new cases.
S&P 500 futures wobbled either side of flat in the Asia session, while European futures edged higher. The People’s Bank of China has scrapped a requirement for banks to hold a reserve of yuan forward contracts, removing a guard against depreciation. “We continue to expect a stronger yuan on the back of our expectation of solid Chinese growth and favourable interest rate differentials between China and the US,” Goldman Sachs’ analysts said in a note, with a 12-month yuan forecast at 6.50.
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