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China sets 2026 growth target at 4.5%–5% vs. 5% hit last year

In an annual report presented by Premier Li Qiang at the opening session of this year's meeting of the National People's Congress (NPC) on Thursday, China set its 2026 economic growth target at 4.5%-5%, slightly lower than the 5% pace achieved last year.

Additional takeaways

To continue 'moderately loose' monetary policy.

To promote adoption of ai in economy, adjust consumption tax.

Aims to stabilize property market, curb local government debt.

Aiming to promote cross-border use of renminbi.

Aims to further open up its services sector.

Will prevent disorderly, wasteful investment by local governments.

AUD/JPY drops below 111.00 as Australia’s Trade Surplus narrows

AUD/JPY depreciates after registering mild gains in the previous session, trading around 110.80 during the Asian hours on Thursday. The currency cross remains subdued following the release of Australia’s Trade Balance data.
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Australian Dollar declines to near 0.7050 as trade surplus narrows in January

The AUD/USD pair attracts some sellers to around 0.7065 during the Asian trading hours on Thursday. The Australian Dollar (AUD) weakens against the US Dollar (USD) as Australia's trade surplus narrows unexpectedly in January.
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