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China’s fiscal policy will be more proactive and effective, the prudent monetary policy will be more flexible, the Chinese state television reported on Friday, citing China’s Politburo Standing Committee.

Key takeaways

“The turning point of the coronavirus outbreak in China has not come yet.”

“Coronavirus outbreak has an obvious impact on China’s economy, but long-term improving momentum of the economy will not change.”

“Will fend off systemic financial risks.”

Markets remain risk-averse following these comments with major European equity indexes trading in the negative territory and the 10-year US Treasury bond yield erasing 1.8% on a daily basis.