China’s Politburo acknowledged country missing its growth target this year

China’s Communist Party Politburo issued a statement late Thursday following its quarterly economic meeting, with the key headlines noted below.

All but acknowledged that the country would miss its annual growth target this year.

Signalled that they would stay the course on zero-tolerance covid-prevention measures.

Would take only cautious steps to support the struggling property market.

Would aim to keep the economy running within “a reasonable range” in the second half of the year.

Related reads

• AUD/USD bulls attack 0.7000 despite mixed catalysts ahead of US PCE inflation
• Markets ponder a Fed pivot