According to Wen Jiabao, Prime Minister of China, the Chinese government is planning to accelerate the pace of economic reforms. Moreover, the People’s Bank of China is determined to give the Chinese Yuan more space for maneuvers.
These steps are necessary to make China less dependent on external risks and to ensure stable economic growth.
The Chinese Premier also mentioned the possibility of some political reforms in the country. Political reforms are needed to eliminate some economic problems. However, such reforms should be implemented gradually.
Forex.
According to the Department of Masterforex-V Trading System , USDCNY has broken the MF sloping channel, thus resuming the bullish wave (wave A/B of Daily). In order to reverse the trend and to initiate a major rally, the price will have to overcome the MF pivot 6.3380. In order to resume the downtrend, a break below 6.2934 is needed.
