China Central Bank Optimistic About Economy Growing More than 7.5 Percent

China’s economic growth should exceed 7.5 percent this year, deputy central bank governor Yi Gang was quoted by Xinhua as saying, the latest expression of confidence from Beijing that the world’s No. 2 economy is steadying.

Yi was quoted as saying on the sidelines of the International Monetary Fund meeting that growth could hit 7.6 percent, and that the government had the nation’s shadow banking system and its debt problems under control.

“I think for this year we’re going to have certainly above 7.5 percent growth rate,” Yi was reported by Xinhua to have said in Washington. “Maybe 7.6 percent (or) something like that.”

After cooling in 12 of the past 14 quarters, China’s economy is finally showing signs of stabilization, helped in part by government measures to shore up growth, including lowering taxes for small firms and quickening infrastructure spending.

Growth in exports, which had slumped last year, is also picking up on a firmer U.S. economy.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza