CCB International Cui Li on China's RRR Cut, Trade

The transcript discusses the strong trade growth expectations for China, driven by recovering global demand, especially in Europe and the US. It highlights the resilience of Chinese trade despite supply chain disruptions and COVID-19 variants. The impact of high commodity prices and economic indicators like PPI is analyzed. The discussion also covers monetary and fiscal policies, including the effects of a recent triple R cut and potential fiscal easing. The property market's future and policy easing are examined, along with currency dynamics and the global economic impact, particularly concerning the renminbi.

What has been a significant driver of the recent growth in Chinese auto exports?

• Growth in electric vehicle exports

• Expansion of traditional fuel vehicles

• Increased demand for luxury vehicles

• Rise in domestic consumption

How have high commodity prices influenced the trade figures?

• They have led to a decrease in import growth

• They have had no impact on trade figures

• They have inflated the trade growth numbers

• They have decreased the overall trade volume

What is the primary purpose of the recent triple R cut by the PBOC?

• To increase government revenue

• To support market sentiment and liquidity

• To decrease export tariffs

• To reduce inflation

What is the expected impact of the PBOC's easing policy on the property market?

• Increase in property taxes

• Easing of mortgages and financing access

• Broad sector liquidity issues

• Complete removal of all curbs

What is a potential risk associated with the PBOC's current monetary policy stance?

• Increase in unemployment

• Decrease in foreign investments

• Overvaluation of the renminbi

• Reduction in trade surplus

What is the anticipated effect of the Fed's tightening on Chinese trade?

• It will have no effect

• It will support Chinese trade

• It will increase Chinese imports

• It will decrease Chinese exports

What is the expected change in the renminbi against the dollar next year?

• A limited increase of about 1%

• No change

• An increase of 10%

• A decrease of 5%