With inflation quickly shifting to disinflation, growth stability tops the policy agenda,
suggesting more aggressive easing. Use of quantitative tools will be the primary monetary
policy response.
Meanwhile, we believe that the RMB will see less appreciation and more volatility in 2012.
Internationalisation will be the key focus of RMB policy. The RMB remains a core long

Key speakers:
􀀗 Hongbin Qu, China Chief Economist and Co-Head of Asian Economics Research
􀀗 Paul Mackel, Head of Asian Currency Research
􀀗 Daniel Hui, Senior Asian FX Strategist.