Flash Notes

China’s annual law making session National People’s Congress and Chinese People’s Political Consultative Conference (CPPCC) will begin next week, on 5 Mar and 3 Mar, respectively

    For the 2015 session, “new normal” economic environment could see annual growth target lowered, with an eye on the Thirteenth 5-year plan to be implemented in 2016

    While monetary policy does not generally require to pass through NPC/CPPCC, we still see opportunities for RRR/interest rate cuts either before or after the NPC session, and we maintain our call for a weak bias in the RMB in the next 3-6 months