China NPC Spokesperson: Government proposes 'appropriate reduction' to stamp duty

Early Friday, a Spokesperson for China's National People's Congress (NPC) crossed wires, via Reuters, while confimring the government's proposal to cut the stamp duty.

Key comments...

China has proposed an 'appropriate reduction' to stamp duty.

The government had proposed to further clarify the scope of stamp tax collection, and improve the tax preferential regulations.

Elsewhere, Global Times (GT) relied on the expert comments while saying, US President Joe Biden blocking 59 Chinese firms in amended Trump order will ‘lift a rock only to drop it on its own feet".

On the same line were chatters relating to the arrest of a Hong Kong activitst. "Hong Kong barrister and activist Chow Hang Tung, vice-chairwoman of the group which organises annual vigils for the victims of China's 1989 Tiananmen crackdown on pro-democracy protesters," said Reuters.

FX implications

Given the dominance of pre-NFP trading lull, markets ignore these news which otherwise could have weighed down the risk catalysts.

Read: USD/CNH Price Analysis: Bulls attack monthly resistance line around $6.4000