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PBOC Dep. Governor Yifei: China must promote pension investment to bolster capital market

Reuters came out with the comments from Fan Yifei, vice governor of the People's Bank of China while quoting the Shanghai Securities News. The policymaker supporting opening up for Beijing’s financial markets while pushing for more investment into pension funds.

Key quotes

China pension system can help develop direct financing

Would support the country's ‘deleveraging’ campaign, if long-term pension funds are matched with companies' equity financing and long-term bonds.

China could further open up its financial markets by allowing more foreign financial institutions to participate in its pension investment management

FX implications

Despite being not top-tier news, also having a little impact, signals to witness further liquidity in the financial markets of its largest customer can benefit Australia. The gains, however, seem to have limited by the press time of early Monday when the AUD/USD pair slips back to the sub-0.6900 mark.

AUD/USD slips back to sub-0.6900 area amid mixed trade/political sentiments

AUD/USD declines from the previous week’s close to 0.6897 as the Asian market open for trading on Monday.
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