MAMOKETE LIJANE: Rand likely to be a prime beneficiary of China’s stimulus largesse
Base metal prices move higher amid signals that Beijing will do ‘whatever it takes’
Chinese policymakers last week announced a raft of measures to support the economy ahead of the National Day holidays, which started on Monday. These measures are designed to boost credit growth, support the equity and property markets, and boost personal consumption more directly.
Before these announcements Chinese equities had underperformed their global counterparts by a factor of 50%-60% and had performed only slightly better relative to other emerging markets. New building starts shrunk to about 70-million square metres from just under 200-million in 2022, as the property sector continued its painful correction. These moves came after a period of economic malaise that started in the property sector just before Covid-19 and was worsened by harsh lockdowns as the pandemic took hold. ..
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