• For sure above official target of 7.5%
• RMB loan growth of 16% so far is “robust”, M2 growth target of 14% will likely be met
• Yuan close to its equilibrium level based on market demand, supply
• Central bank has “dramatically reduced” intervention in forex market
• Will continue to introduce market reforms to allow market to set yuan exchange rate
• China property market has stabilized
• Property market is a very important industry for growth, China is in delicate situation to maintain its stability
• Govt has to respect market forces in property market