SHOWS: HONG KONG, CHINA (MARCH 28, 2014) (REUTERS - ACCESS ALL)

JOHN WOODS, HEAD OF FIXED INCOME AND SENIOR PORTFOLIO MANAGER, CITI INVESTMENT MANAGEMENT

1. (QUESTION GRAPHIC)

'In terms of raising rates, do you think the six-month timeframe set by Janet Yellen may not really be feasible?'

2. JOHN WOODS SAYING:

'Well the timeframe clearly is dependent on the data. If we continue to see an improving second quarter -- certainly relative to the first quarter -- if we see inclement weather conditions essentially rolling off the data and we start to see a stronger U.S. economy with greater traction particularly in employment and housing, then I think the market will start coming round to the view that higher rates is probably inevitable, and probably a positive development given underlying growth.'

3. (QUESTION GRAPHIC)

'What are your expectations for the ECB meeting this week? Do you expect any stimulus?'

4. JOHN WOODS SAYING:

'It's not a certainty. Certainly there are many in the market which are talking about a form of stimulus -- be it another LTRO, be it negative deposit rates, outright asset purchases, some more explicit forward guidance. You can make a strong case for further stimulus from an inflation or a core inflation perspective, which is extremely low. But we are seeing some turnaround in growth metrics. And indeed that's being reflected in bond yields. I notice for example, Greek bond yields now are back to levels prior to the crisis. So clearly the market is getting and coming around to the view that the sovereign debt crisis -- last year's story or two years ago -- and now we are looking much more towards, a more stable playing field. So it's not a certainty, but my focus is very much on the deflation risk in the euro zone. And to that extent, I think you can make a compelling case for some sort of support from the ECB.'

5. (QUESTION GRAPHIC)

'What about China, will the PBOC take steps to boost growth?'

6. JOHN WOODS SAYING:

'Well they are. And indeed we have seen an acceleration of various infrastructure projects. Various demand side tweaking, various supply side boosts. So there is absolutely the sense that the government is looking to support growth going forward. We haven't seen any outright monetary easing and I guess what people are looking at now is possibly a cut in the triple R requirement to allow some greater lending by the formal banking sector, which would obviously restrict some of the credit that per force has been going into the shadow banking sector. So the market is up on the expectation of further stimulus. And frankly, as growth slows closer to this floor -- which is probably around or about seven percent -- I think it's more likely that we will see some level of policy support coming through.'