Jane Foley, Senior FX Strategist at Rabobank, notes that the head of China’s National Development and Reform Commission Xu Shaoshi dismissed any suggestion of a hard landing. Key Quotes “He referred to the 6.9% expansion that China managed last year and the high volume of commodities the country is importing as among the contributions it is making to global growth. China is the world’s largest consumer of commodities. Chinese Premier Li Kequiang sounded a more pragmatic note as he opened parliament on Saturday. He cautioned that China “must be prepared for a tough battle”. The National People’s Congress has set the country’s growth target for 2016 at 6.5% to 7% and CPI inflation at “around 3%”. The Congress is also expected to rubber stamp a new five year plan. This may provide some clues as to how the country will reduce overcapacity in residential and productive infrastructure and tackle pollution while simultaneously supporting jobs growth.” For more information, read our latest forex news.