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With a property slump and pandemic-induced weak consumption dragging down the economy, the PBOC has limited room for manoeuvre. Policymakers will not want to undermine the policy goal of curbing property speculation.
Beijing has been more resolute in reining in the excesses in the property sector in the face of a sharp slowdown than markets anticipated. Expectations of a dramatic reversal are unrealistic and should not be the main reason driving investors back into China.
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