As China bulls count their losses from the Chinese sharemarket’s whiplash response to dashed hopes of more stimulus, brokers have stuck with the view that Beijing will ramp up its spending to support a lofty growth target.
Citi has doubled down on its bullish $US120 price target for iron ore, of which China is the world’s biggest customer, despite the failure of authorities to deliver a widely anticipated multitrillion-yuan spending package on Tuesday.
Sarah Jones is the markets editor at The Australian Financial Review. She is based in the Sydney newsroom. Connect with Sarah on Twitter. Email Sarah at sa.jones@afr.com