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“China’s economy shifts gears as policy priorities focus on domestic drivers and sustainability,” Moody’s Investors Services noted in its latest report released Tuesday.

Additional takeaways

“China’s domestic consumption and production to come to fore amid rising trade tensions and deglobalization.”

“Increased reliance on domestic supply has the potential to shift china’s trade patterns and domestic supply chains.”

Market reaction

China’s yuan rebounded on Tuesday as reports of vaccine progress boosted investor risk appetite but gains were curbed by soft inflation data and the PBOC’s reduced liquidity injection.

USD/CNY was last seen trading at 6.6098, down 0.27% on the day.