News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
More View more
Real Time News
  • Weakness in equity markets continued last week as losses built and technical patterns hint further bearishness might be ahead. Get your #equities update from @PeterHanksFX here:
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
  • #Gold prices succumbed to selling pressure as the US Dollar soared this past week What is #XAUUSD facing these next few days and can these fundamental forces extend its selloff? Check out my outlook here -
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:
  • The price of #oil may continue to trade in a narrow range as the rebound from the September low ($36.13) appears to have stalled ahead of the month high ($43.43). Get your #commodities update from @DavidJSong here:
  • The Australian Dollar may extend its slide lower despite the planned easing of Covid-19 restrictions, as the market continues to price in an RBA rate cut on October 6. Get your #currencies update from @DanielGMoss here:
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your USD/INR market update here:
China 2017 Growth Target Around 6.5%- Li Keqiang

China 2017 Growth Target Around 6.5%- Li Keqiang

2017-03-06 03:29:00
David Cottle, Analyst

Talking Points

  • The Chinese Premier did as markets thought he would and said Beijing was aiming for growth of “around 6.5%” this year
  • This is even lower than the 6.7% notched up in 2016, but China needs time to reform, cut debt
  • Consumer price, deficit targets were also as expected

Premier Li Keqiang told the National People’s Congress in Beijing on Sunday that the government will target slower economic growth this year.

Gross Domestic Product rose by 6.7% in 2016, according to official figures. That was the smallest rise since 1990. However, Beijing will tolerate a slightly lower rate still in 2017 as it seeks to reform the economy and deal with a huge debt build-up. The administration is now aiming at growth of ‘around 6.5%’ this year Premier Li Keqiang said.

The Chinese government used substantial stimulus to keep the economy motoring at even last year’s relatively modest pace. Infrastructure investment soared, as did bank lending, despite repeated warnings about the country’s massive corporate debts. Li reportedly said that China will now take further steps to ensure financial-sector safety, including higher vigilance of the shadow-banking sector.

The government also unveiled plans aimed at ensuring every family has at least one wage-earner, even as jobs are cut in China’s traditional state-owned heavy industries. Beijing reportedly believes that 11 million new city-based jobs will be created in 2017, but that won’t be enough to employ the 15 million new workers whom the government believes will enter the labor market.

China will also target an annualized consumer price index rise of “around 3%” this year, while its budget-deficit target is 3% of GDP. All these benchmarks were broadly as expected by investors, and a Sunday-torpid foreign exchange market didn’t react much to Li’s words. Of course, it may mull them over anew when trading desks are more fully staffed on Monday.

The Australian Dollar is often the markets’ favorite liquid China proxy, but didn’t move far on this occasion. AUD/USD was steady around 0.75942 as Li spoke and afterward.

Away from economics, Li also said that China would continue to resolutely oppose and contain independence activities in Hong Kong and Taiwan.

Sunday stuck: AUD/USD

China 2017 Growth Target Around 6.5%- Li Keqiang

Chart compiled using TradingView

Want to know more about financial market trading? Check out the DailyFX webinars

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter:@DavidCottleFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.