China premier Li says will not resort to flood-like stimulus

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• Will appropriately step up policy support for the economy

These are typical remarks and ones that we have heard before but context matters. This comes after the PBOC cut rates earlier in the week and also moved to cut the SLF by 0.1% from 17 January. As such, it hints at a pause in terms of added easing policies for now but it also reaffirms that Chinese authorities will continue to watch out for the economy closely.