Monetary Policy Report - 3rd Quarter 2018

The current economic background

Over the past quarter, the external economic environment has become increasingly challenging for China. A bulk of bad news hit the financial markets in quick sequence. First, on Chinese National Day this year, another round of U.S. tariffs were imposed on Chinese goods, and the trade war between the United States and China kept escalating. This changed only most recently, when US president Trump delayed the previously threatened next round of tariffs following a meeting with Xi Jinping during the G20 summit. However, the relations are still difficult.

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