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<Research> Daiwa Further Delays PBOC Rate Cut Expectations, Expects Priority Use of Policy Tools to Maintain Easing Environment
Daiwa said in a research report that, unlike the "Two Sessions" in March, mainland China policymakers did not send any signal of rate cuts during the April Politburo meeting. As te...
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<Research> Daiwa Further Delays PBOC Rate Cut Expectations, Expects Priority Use of Policy Tools to Maintain Easing Environment
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Daiwa said in a research report that, unlike the "Two Sessions" in March, mainland China policymakers did not send any signal of rate cuts during the April Politburo meeting. As tensions in the Middle East have lasted longer than expected and the US Federal Reserve has adopted an increasingly hawkish stance, the broker has further delayed its expectations for interest rate cuts by the People's Bank of China (PBOC). However, it still expects the PBOC to maintain an easing environment by prioritizing the use of policy tools.

The broker also noted that after foreign capital drove Chinese equities to relatively Outperform in March, attention shifted back to US equities in April. Domestic investors continued to provide support. Southbound investors kept increasing allocations to value stocks and high-dividend stocks (namely basic chemicals and the banking sector), while TMT (telecommunications, media and technology) attracted attention, along with growth stocks. Southbound investors were most aggressive in increasing holdings in the electronics (including semiconductors) and telecommunications sectors.

In addition, after some time, Chinese policymakers once again called for stabilizing the property market, with local governments promptly introducing new property stimulus measures in response. Mainland property stocks also became one of the most favored buying targets of Southbound investors in April. (hc/da)

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