Weekly Cryptonews
The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
Chinese economy still experiences downward pressure
The Chinese economy still experiences downward pressure and the country’s cabinet is going to counter it by deepening reforms as well as cutting taxes. That’s what state television informed referring to Premier Li Keqiang’s remark on Wednesday.
As a matter of fact, the Chinese economy managed to rally by up to 6.4% in the first quarter, confounding hopes for a further deceleration, with retail sales, investment, and factory output last month all soaring faster than anticipated after a raft of stimulus measures.
The country’s Premier stressed that the Chinese cabinet already knows that the domestic economy is still exposed to downward pressure.
The Chinese statesman called for greater confidence, although added that the country’s cabinet should avoid underestimating the difficulties in the national economy.
The world’s number two economy is on the verge of deepening reforms, cutting red tape and also implementing large-scale tax trims for the purpose of helping companies, as Li pointed out.
In addition to this, China's major financial institution will most probably pause with the aim of evaluating conditions before making any further cuts in lenders' reserve requirements, although its easing policy bias is still intact. That’s what policy insiders revealed to Reuters.
Market experts don’t expect a steep revival in the world's number two economy due to the fact that a great number of private businesses grapple with high funding costs. Meanwhile, external demand might weaken in the nearer future as the world economy loses steam.
On Wednesday, China's major financial institution extended 267.4 billion yuan to some commercial financial institutions via its targeted medium-term lending facility because it seeks to provide struggling smaller businesses with a steady stream of financing.
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RBNZ Meeting
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.
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