️🇨🇳 Bloomberg: China's State Council gave its strongest signal yet of imminent stimulus, pledging to "put in place a package of practical and effective additional policies" to meet this year's growth target after GDP growth likely fell below the target floor of 4.5% in the third quarter.

️🇨🇳 Bloomberg: China's State Council gave its strongest signal yet of imminent stimulus, pledging to "put in place a package of practical and effective additional policies" to meet this year's growth target after GDP growth likely fell below the target floor of 4.5% in the third quarter.

The sudden change in language - a far cry from months of insisting that existing measures are sufficient - points to growing concern in Beijing about weakening consumption, a deep slump in investment and a still-distressed property sector.

The People's Bank of China also quietly set up a new refinancing facility - without public announcement - to provide cheap capital to commercial banks for lending to local government financing vehicles that are in arrears.