Bloomberg and Singapore’s Channel News Asia both reported the news that China central bank to take “gradual and safe” approach on currency peg.
From Bloomberg’s article: “China’s government will trim spending next year, boosting state efforts to slow economic growth to a more sustainable pace, Vice Finance Minister Lou Jiwei said.
In the first eight months of the year, the central government’s investment in roads, bridges and other fixed assets rose 4.3 percent to 501 billion yuan ($61 billion), according to the National Bureau of Statistics. Including spending by local governments and state-controlled companies, investment jumped 26 percent to 1.86 trillion yuan. ”
