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Analysts say decisive policy stance bodes well for investment inflow

分析人士称，果断的政策立场是投资流入的好兆头

The renminbi rallied to its strongest level in more than a year and Chinese equities continued their rebound on Wednesday, after a potent policy package lifted investors' confidence in the Chinese economy, which is expected to sail through headwinds.

25日，人民币汇率升至一年多来的最高水平，中国股市继续反弹。此前，强有力的一揽子政策提振了投资者对中国经济的信心，预计中国经济将逆风前行。

Economists, investment banks and asset managers said that policymakers' more decisive stance to shore up the economy, a global interest rate cut cycle, and low asset valuations have combined to make it a potentially good time to invest in Chinese financial assets, which are expected to attract more foreign inflow in the months ahead.
经济学者、投资银行和资产管理公司表示，决策者在支撑经济方面采取的更为果断的立场、全球降息周期以及低资产估值等因素结合在一起，使得现在可能成为投资中国金融资产的好时机，预计未来几个月中国金融资产将吸引更多外资流入。

However, they cautioned that the forecast may be contingent upon the implementation of further policy support to address economic challenges, with the most urgent priorities being additional fiscal spending to bolster domestic demand and direct funding to alleviate property sector woes.
然而，他们提醒，这一预测可能取决于为应对经济挑战而实施的进一步政策支持，目前最紧迫的是增加财政支出以促进国内需求，并提供直接资金以缓解房地产行业的困境。

On Wednesday, the renminbi, or Chinese yuan, rose to 6.9951 against the US dollar in the offshore market, up 158 basis points from the previous close and past the 7-per-dollar milestone for the first time in 16 months.
25日，离岸人民币对美元汇率升至 6.9951，较前一交易日收盘价涨158个基点，16 个月来首次升破7.0元关口。

Guan Tao, global chief economist at BOCI China, said that the renminbi's rally is attributable to both Tuesday's policy release, which strengthened investors' confidence in China's economy, and the US Federal Reserve's interest rate cut last week, which narrowed the yield spreads between US and Chinese bonds.

中银证券全球首席经济学家管涛表示，人民币汇率上涨的原因在于24日发布的政策提振了投资者对中国经济的信心，以及美联储上周降息缩小了中美两国国债收益率利差。

Looking ahead, Guan said the renminbi is likely to register two-way fluctuations against the dollar, with limited possibility of one-sided, drastic appreciation because uncertainties remain surrounding the Fed's pace of rate cuts, including that the Fed might even reconsider rate hikes if the US economy turns out to be overheated.
展望未来，管涛认为，人民币对美元汇率可能会出现双向波动，单边大幅升值的可能