But they have steadily recovered over the past eight months, thanks to solid economic growth, a tighter grip on capital outflows and pricing of the yuan to counter depreciation. Some economists now expect Beijing may soon relax controls on outbound payments and individual foreign currency purchases. At the initial stage, the central bank may take a low-profile approach by quietly speeding up approvals for outbound payments, and mainland investors may then be allowed to buy bonds in Hong Kong through the Bond Connect programme, Hu said.
China is expected to release its main economic data for September on Thursday next week, and stable economic growth for the third quarter is expected to serve as a ballast to social order as the party congress gets under way. But while the Chinese government is keen to ensure economic and social stability, an independent PMI reading has come in much lower than the official one. That was in contrast to an official gauge of the non-manufacturing sector that showed it expanded at the fastest clip since — rising 1.
It also puts the services sector closer to the point mark — below the line indicates contraction, while above means growth. It could reflect the growth divergence in different sectors of the economy, Goldman Sachs economists led by Maggie Wei wrote in a research note.
Skip to main content. It follows strong gains in other leading indicators ahead of party congress next week. Monday, 09 October, , 7: Monday, 09 October, , 9: Related topics China Economy.
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