China’s National Development and Reform Commission (NDRC), the state planner issued guidelines to promote the development of private firms on Friday.

Key highlights

“Will step up credit support for private firms, expand direct financing channels for the private sector.”

“Will guide private firms to focus on core technologies.“

“Will widen market access for private firms, support private firms to expand in the international market.”

Market reaction

The above headlines collaborated with the strength in the Chinese yuan, as USD/CNY drops 0.17% to 6.6700, at the press time.