PBoC adviser: Proposes structural reforms to revive economy

Member of the People's Bank of China's (PBOC) monetary policy committee, Liu Shijin spoke at the annual Bund Summit conference in Shanghai. He stated that China has limited room for additional monetary policy easing and should seek reforms such as supporting entrepreneurs rather than depending on macroeconomic measures to revive growth, a central bank adviser said on Sunday, according to Reuters.

Key quotes

"If China continues to focus on macro policies in its efforts to stabilize growth, there would be more and more side effects,”

"More importantly, we will again miss the opportunity for structural reforms.”

Market reaction

The above comments fail to have little impact on the China-proxy Australian Dollar (AUD), with AUD/USD trading at 0.6442, gaining 0.02% on the day.