The People’s Bank of China (PBoC) issued the briefing statement of its Q2 2018 monetary policy committee (MPC) meeting on 28 June and was the first MPC meeting after the committee was reshuffled in mid-June, notes the research team at Nomura.
Key Quotes
“When placed side by side against the briefing statement from Q4 2017 (the PBoC did not released briefing statement from its Q1 MPC meeting), we see some key changes. The PBoC has become more cautious on its global economic outlook, calls for better forward-looking policy fine-tuning and “reasonably adequate” liquidity conditions, and has softened its tone on deleveraging.”
“These changes are in line with recent shifts of the PBoC’s policy stance and support our view of more policy easing measures in coming months.”
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