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Comment: Slight tweaks not a reversal

(China Daily)

14:06, November 08, 2011

Small adjustments in macroeconomic policy are likely to meet policy goals in face of changing economic circumstances.

There has been increasing speculation over whether there will be a "loosening" of the country's macroeconomic policy following the recent remark by Premier Wen Jiabao that China is gearing up for some "slight, moderate and well-timed" adjustments to its macro regulations.

Domestic stock markets rose for four consecutive trading days on this speculation and the benchmark Shanghai Composite Index reached a new two-month high at the close of session on Friday. Many analysts have also predicted that the October consumer price index (CPI), to be published by the National Bureau of Statistics on Wednesday, is likely to be below 5.4 percent, bolstering expectations among investors that the central bank will adopt a loose monetary policy.

Some domestic media have interpreted Wen's comment to mean the country's monetary policy will not change, but its rhythms will be moderately adjusted. In other words, a "targeted relaxation" will be embraced. Such an interpretation seems to have been backed by the recent increase in lending issued by four major commercial banks.

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