Today the Chinese National Bureau of statistics will publish inflation for the month of September. It is expected to grow by 0.6% YoY. But the most relevant news of today was the Chinese minister of finance press conference to discuss the size and timing of the stimulus package. The market was expecting a 2 trillion Yuan package ($280 Bn) but what was delivered was a declaration of good intentions without details. He knows he needs to lock in the momentum the local market has gained over the past 2 weeks, and there is some room for increasing the budget deficit, but there are growing concerns about the collateral damage the stimulus can bring to the currency and how much will be needed to stop the real estate bleeding. The full package should be announced next week.
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