The news says that China’s state council has amended rules for the PBOC’s monetary policy committee with the new rules set to affirm the Communist Party’s leadership over the work of the committee. This will go into effect starting from Thursday i.e. today. The rule also includes changes to the composition of committee members and “strengthens expectation guidance and market communication”.
In essence, this is further consolidation of power by the Xi’s government to hold control over all aspects of policy-setting in the country. It was already made evident by the personnel changes since last year already.
This article was written by Justin Low at www.forexlive.com. Source