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New tools allow for shrewder Chinese monetary policy

Central bank must improve market communications to avoid increased confusion

| China

In defending Beijing's official economic growth target of "around 6.5%" for 2017, Chinese Premier Li Keqiang pointed out to the National People's Congress last Sunday that the authorities now have more options in their policy toolkit to offset potential negative economic or financial shocks.

While this year's growth target may be challenging given escalating external risks and domestic financial vulnerabilities, Li is right about the greater availability of policy tools, at least monetary ones.

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