Credit Agricole CIB Research discusses the impact of China’s National People’s Congress on AUD.

"China’s National People’s Congress is so far a modest disappointment for the AUD for two reasons. First, the government has set a real GDP growth target for 2023 of “around 5.0%”, which is a little lower than the market expectation for “above 5.0%”. Our economists still expect 5% to be the lower bound for China’s growth in 2023, however, and so this disappointment for investors is likely to be very small. They maintain their real GDP growth forecast of 5.2%," CACIB notes.

"Second, our China analysts believe the government will be focusing on the quality rather than quantity of growth. And, this will involve a more accommodative regulatory environment to boost private sector demand rather than large policy stimulus efforts," CACIB adds.