Dollar Gains on Eurozone Concerns
Separately, there were no big surprises from China's high-profile meetings so far. The headlines focused on (1) the GDP target set at 7.5% from an 8.0% for the last several years; (2) the inflation target was set at 4%, the same as last year; (3) the increase in 11.2% in defense spending, which was actually lower than last year's spending, but still high enough to capture the media's attention.All in all, this seems consistent with China's "selective easing policy," which implies no large-scale stimulus as in 2008-2009 but still erring on the side of more stimulus, not less. As expected, Premier Wen focused his public address on financial sector and tax reforms, socialized housing and improving the living standards of low-income Chinese people.
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