China’s Industry Minister with very upbeat comments

China Industry Minister:

• China will
  accelerate new industrialisation, promote continuous optimisation and
  upgrading of industrial supply chains
• Will vigorously
  promote deep integration of scientific and technological innovation
  and industrial innovation, and encourage foreign-invested enterprises
  to set up r&d centres
• Will accelerate
  modernisation of industrial system, fully abolish restrictions on
  foreign investment access in manufacturing sector, and deepen
  in-depth cooperation with enterprises from all countries
• Will implement
  digital transformation of manufacturing industry, accelerate new
  generation of information technology in manufacturing industry and
  industrial chain, and promote construction of smart factories
• Will promote
  building of bilateral and multilateral cooperation among small medium
  firms and promote international cooperation among them

Plenty of words there. Pumped up stuff.

We’ve been getting optimism out of the China forum. This earlier:

• China’s Li: low inflation, low central government debt means ample room for macro policy
• More on China’s Premier Li weekend comments – “room for further macro policy steps”
• China’s Finance Minister said will allocate more fiscal resources

China yuan is strengthening, which is more to do with the PBOC pushing back against speculation it was slackeing off on propping the currency up:

• PBOC sets USD/ CNY reference rate for today at 7.0996 (vs. estimate at 7.2267) … that gap between the estimate and the actual is the biggest in around 10 months
• AUD spikes on firm CNY setting

Yuan update:

This article was written by Eamonn Sheridan at www.forexlive.com.