China plans further monetary easing and fiscal spending to boost economy
China has announced plans to further ease monetary policy and increase fiscal spending in 2024. This shift from a "prudent" to a "moderately loose" policy stance aims to boost domestic demand. The news has positively impacted markets, with the Hang Seng index rising 2% and S&P 500 futures up 0.1%. The Australian dollar also gained 0.4% against the U.S. dollar. Despite the optimistic language, skepticism remains about the effectiveness of these measures, as similar promises have been made in the past without significant results.