China’s Politburo wants to keep Yuan steady
China’s all mighty Communist Party Politburo has made up its mind to raise domestic demand by simply cutting taxes. The governing body has stressed that the given move is expected to keep the country’s national currency rate steady.
The Chinese government is on the verge of implementing policies to drastically relieve the burden of taxes as well as fees on companies in this Asian country, as Xinhua News Agency posted on Tuesday.
Apart from that, the Chinese government is going to boost its efforts aimed at fending off financial risks while maintaining the national currency exchange rate at rather a reasonable level. That’s what market participants can learn from the Xinhua report published following a Politburo gathering chaired by President Xi Jinping.
Downward pressure on economic growth is still huge and there’re some serious risks, which require high attention, as the Politburo states, without specifying anything.
Besides this, the Politburo vowed to stabilize market hopes with steady economic policies, thus reiterating recent official remarks.