Finance

China’s central bank affirms supportive monetary policy stance

Published

2 months ago

November 5, 2024

Pan Gongsheng, governor of the People’s Bank of China, delivers a speech during the 2024 Lujiazui Forum on June 19, 2024 in Shanghai, China.

Vcg | Visual China Group | Getty Images

BEIJING — The head of the People’s Bank of China said in a closely watched meeting Tuesday that the central bank planned to maintain supportive monetary policy, according to state media.

PBOC Governor Pan Gongsheng added that the central bank intended to “increase the intensity of counter-cyclical monetary policy,” state media said in Chinese, translated by CNBC. Counter-cyclical policies refer to measures intended to address short-term economic developments. Pan has used similar language in recent months.

He was presenting a report on financial work at this week’s meeting of the National People’s Congress Standing Committee. The gathering, which wraps up Friday, is widely expected to approve further fiscal stimulus.

Finance Minister Lan Fo’an addressed the committee Monday about a plan to increase the local government debt limit in order to replace hidden debt, state media said. Lan on Tuesday also presented a report on managing state-owned assets, according to state media.

The PBOC in late September started cutting several of its interest rates in a bid to shore up slowing growth. The moves followed the U.S. Federal Reserve‘s shift into an easing cycle with a large 50 basis-point cut in mid-September. The Fed is expected to lower rates again when its two-day meeting ends Thursday local time.

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India may have fastest growing e-commerce sector

Published

2 days ago

December 21, 2024

Business Finance News

Investors may want to consider adding exposure to the world’s second-largest emerging market.

According to EMQQ Global founder Kevin Carter, India’s technology sector is extremely attractive right now.

“It’s the tip of the spear of growth [in e-commerce] … not just in emerging markets, but on the planet,” Carter told CNBC’s “ETF Edge” this week.

His firm is behind the INQQ The India Internet ETF, which was launched in 2022. The India Internet ETF is up almost 21% so far this year, as of Friday’s close.

‘DoorDash of India’

One of Carter’s top plays is Zomato, which he calls “the DoorDash of India.” Zomato stock is up 128% this year.

“One of the reasons Zomato has done so well this year is because the quick commerce business blanket has exceeded expectations,” Carter said. “It now looks like it’s going to be the biggest business at Zomato.”

Carter noted his bullishness comes from a population that is just starting to go online.

“They’re getting their first-ever computer today basically,” he said, “You’re giving billions of people super computers in their pocket internet access.”