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Markets overview. RBA raises rates as China trade remains weak
Markets overview. RBA raises rates as China trade remains weak
The International Monetary Fund on Tuesday upgraded its 2023 gross domestic product growth forecast for China to 5.4% from 5%, citing a “strong” post-COVID-19 recovery, but said the fund still expected the Chinese economy to slow next year.
The upward revision followed a decision by China to approve a 1 trillion yuan ($137 billion) sovereign bond issue and allow local governments to frontload part of their 2024 bond quotas, in a move to support the economy.
Over the medium term, growth is projected to gradually slow to about 3.5% by 2028 amid headwinds from weak productivity and population aging
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