China signals focus shift to policy delivery as PBOC drops stimulus language

Intelligence summary

China’s central bank’s decision to drop a reference to additional policy measures from its latest quarterly report suggests Beijing’s focus is shifting towards implementing existing support measures, with analysts pointing to December’s annual policy-setting meeting as the next window for fresh stimulus. In its third-quarter monetary policy implementation report released on Wednesday, the People’s Bank of China (PBOC) removed a pledge included in its previous quarterly report to “timely plan and