FXStreet (Bali) - Jim Reid, Strategist at Deutsche Bank, highlights the comments made by Chinese Premier Li Keqiang that the economy now needs growth of at least 6.53% until 2020, adding the government look set to lower their growth target when the formal statement is released. Key Quotes "Premier Li Keqiang has said that the Chinese economy now needs growth of at least 6.53% over the next five years in order to achieve the government’s goal of a ‘moderately prosperous society’." "We're not sure whether something was lost in translation that explains why the second decimal is so important but that is a direct quote." "The comments came at the end of the 5th Plenary Session of the Central Committee of the Communist Party of China today although according to Bloomberg the comments were said to have been made at an October 23rd speech to Communist Party members." "While this doesn’t appear to be the new official target of the Chinese government, the comments are a big signal that China’s government look set to lower their growth target when we eventually hear the outcome from the four-day meeting." "As we’d highlighted previously our China Chief Economist had expected that the likelihood of keeping the 7% growth target was slightly higher than cutting it to 6.5% so the news has come as a slight surprise although a Bloomberg survey suggested the majority of participants expected the Chinese government to move closer to a 6.5% target. Market reaction has been minimal." For more information, read our latest forex news.