Economic Policy - The Chinese government is implementing a dual approach of fiscal and monetary policies to boost economic expectations, including a reduction in the reserve requirement ratio and policy interest rates[2] - A total of 300 billion CNY for stock repurchase and 500 billion CNY for swap operations have been introduced to support the stock market[2] - The Ministry of Finance indicated significant room for increasing debt and deficit levels, with the largest debt relief measures in recent years being proposed[6] Market Analysis - The recent U.S. non-farm payroll data exceeded market expectations, leading to a potential 50 basis point rate cut by the Federal Reserve within the year[2] - The dollar index has seen a rebound due to rising U.S. Treasury yields and weaker European economic data, indicating a competitive global liquidity environment[2] - Commodity sectors are reacting to policy sentiments, with the black metal sector being the most sensitive and expected to receive short-term support[2] Risks - Geopolitical risks, particularly in the energy sector, pose an upward risk to prices[4] - A potential unexpected downturn in the global economy could negatively impact risk assets[4] - The Federal Reserve's tighter-than-expected monetary policy could also lead to declines in risk assets[4]
宏观大类周报：财政货币双管齐下 显著提振国内经济预期
Hua Tai Qi Huo·2024-10-14 08:02