Will accelerate the issuance and use of government bonds

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China’s newly appointed Finance Minister Lan Foan said over the weekend that the government “will accelerate the issuance and use of government bonds.”

Additional quotes

Will steadily promote the resolution of local government debt risk and increase efforts to better leverage the role of special bonds to boost the economy.

Will continue to implement a proactive fiscal policy.

Focus on improving efficiency.

Better play the effectiveness of fiscal policy.

Some new local government debt quotas for 2024 have been issued in advance to reasonably ensure local financing needs.

Market reaction

At the time of writing, AUD/USD is holding steady near three-month highs of 0.6520, awaiting the Reserve Bank of Australia (RBA) interest rate decision for a fresh leg higher.