Economics
Offshore Yuan Drops on Stimulus Bets as Growth Misses Estimates
- China's GDP rose 6.8% in fourth quarter, least since 2009
- Barclays, OCBC see further PBOC easing to support growth
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The offshore yuan fell as the slowest economic growth since 2009 fueled speculation China will loosen monetary policy further.
Gross domestic product expanded 6.8 percent from a year earlier in the fourth quarter, less than the median estimate of 6.9 percent in a Bloomberg survey, according to data released Tuesday. The People’s Bank of China could reduce lenders’ reserve-requirement ratios twice and cut benchmark interest rates by a total of 50 basis points in the first half of 2016 to support the economy, Barclays Plc economists led by Chang Jian wrote in a note on Tuesday.