- The annual meeting of the National People’s Congress opens today and lasts for just over a week
- The NPC is the country’s formal lawmaking body but all of the most senior Communist party members are included in its ranks and at best it serves to fine-tune laws and policies decided beforehand by the party
- Today we should get economic targets and reform policies announced
- Be on the lookout for those sometime likely after 0000GMT (added: targets for growth, CPI and others expected before 0100 GMT)
- GDP target is expected to be 7.5%, but some analysts are saying a formal target might be abandoned, with a renewed focus on economic reform. Can’t say I agree, but we’ll see
- If there is no target announced, or its lower than 7.5% its a negative for the AUD
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Also due from China today: HSBC/Markit reading for Services PMI for February, prior was 50.7
