Addressing the National People's Congress (NPC) over the weekend, China’s Premier Li Keqiang set the country’s annual GDP growth target at 5.5% for 2022, the lowest since 1991.
Additional takeaways
“Target is based on a need to maintain stable employment and "guard against risks.”
“Commodity prices "remain high and prone to fluctuation.”
“The external environment is becoming "increasingly volatile, grave and uncertain."
“China's economy is struggling with the country's strict "zero-covid" measures weighing on growth.”
“China's slumping and heavily indebted property sector.”
Market reaction
AUD/USD is easing from four-month highs of 0.7440, currently trading at 0.7406, adding 0.53% on the day.
