A woman walks past the headquarters of the People’s Bank of China in Beijing on September 28, 2018. China’s central bank made a number of small rate cuts in November this year, easing fears that it was constrained in delivering monetary stimulus. Photo: Reuters A woman walks past the headquarters of the People’s Bank of China in Beijing on September 28, 2018. China’s central bank made a number of small rate cuts in November this year, easing fears that it was constrained in delivering monetary stimulus. Photo: Reuters
A woman walks past the headquarters of the People’s Bank of China in Beijing on September 28, 2018. China’s central bank made a number of small rate cuts in November this year, easing fears that it was constrained in delivering monetary stimulus. Photo: Reuters
Sylvia Sheng
Opinion

Opinion

Macroscope by Sylvia Sheng

People’s Bank of China may be turning dovish, but investors should not bet on major stimulus in 2020

  • Chinese policymakers seem inclined to stabilise the economy through monetary and fiscal easing measures, but a substantial ramp-up of policy stimulus appears unlikely

A woman walks past the headquarters of the People’s Bank of China in Beijing on September 28, 2018. China’s central bank made a number of small rate cuts in November this year, easing fears that it was constrained in delivering monetary stimulus. Photo: Reuters A woman walks past the headquarters of the People’s Bank of China in Beijing on September 28, 2018. China’s central bank made a number of small rate cuts in November this year, easing fears that it was constrained in delivering monetary stimulus. Photo: Reuters
A woman walks past the headquarters of the People’s Bank of China in Beijing on September 28, 2018. China’s central bank made a number of small rate cuts in November this year, easing fears that it was constrained in delivering monetary stimulus. Photo: Reuters
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Sylvia Sheng

Sylvia Sheng

Sylvia Sheng, vice president, is a global strategist on the multi-asset solutions team, responsible for communicating the group's economic and asset allocation strategy, based in Hong Kong. Prior to joining J.P. Morgan, she worked as a China and Asia economist at Bank of America Merrill Lynch. She has a PhD in economics from the University of Cambridge and an MPhil and BA in economics from the same university.