CCTV Script 20/05/2013

This is the script of CNBC's news report for China's CCTV on May 20, Monday.

Welcome to the CNBC Business Daily.

Investors seem to be throwing out the old adage - Sell in May and Go Away.

U.S. stocks closed out another week of record highs as investors chose to focus on positive economic data and corporate earnings. Major indices chalked up gains of more than 4 percent so far in May.

And for the year - they have been up over 15 percent, thanks largely also to easy monetary policy.

But does this rally have legs?

[Sound on tape by Andrew Economos, Head of Sovereign and Institutional Strategy, Asia, JP Morgan Asset Management: I think we're going to see economic growth slowdown globally, and that's my concern. So the bad news is we'll get a sell-off in risk markets into June, the summer; the good news is there's your 10% buying opportunity you've been sitting on sidelines waiting for. So take this as a positive; this is a chance if the markets pull back.]

This week's focus will be on U.S. Fed Chief Ben Bernanke's testimony on Capitol Hill on Wednesday.

Investors will be paying close attention to clues on monetary policy and IF the Fed has any plans to scale back stimulus.

Also on Wednesday, we get minutes from the FOMC's most recent policy making meeting. And the financial services firm, the Motley Fool says the Fed's probably going to keep their foot on the pedal for a long time.

Have a listen.

[Sound on tape by Joe Magyer, Senior Analyst, The Motley Fool: Bernanke is well know for wanting to avoid deflation at all cost. He's probably willing to risk some inflationary pressure in order to avoid deflation and i think that's going to be a continuing theme now.]

Closer to home, the Bank of Japan will conclude its two-day meeting on Wednesday. Analysts polled by Reuters expect the central bank to stand pat. But they say the BOJ could fine-tune market operations to calm the recent volatility in its bond markets.

They also expect no further increases in asset purchases after the central bank pledged to expand its money supply at an annual pace of $583 billion.

So is all this extra stimulus helping growth? Here are some views from our analysts.

[Sound on tape by Michael Spencer, Chief Economist, Asia-Pacific, Deutsche Bank: The QE will give us a quarter or two of a boost of what is already going to be an export-led recovery in Japan, for it to be sustained you need to see really aggressive structural reforms, you need to see trade liberalization in the agricultural sector and that's not something that Japanese governments have been able to do.]

[Sound on tape by Jesper Bargmann, Head of G11 Spot FX, Asia-Pacific, RBS Global Banking & Markets: The Yen's going to be a favorite funding currency for quiet sometime to come I don't think they're going to say that this was a fiasco, so i think they are going to support what they have done. They have seen so far some positive results, they are still have a long way to go to reach the 2% inflation target, they do want to reach.]

After easing from multi-year highs against the greenback, traders polled by Reuters say the Aussie and Kiwi are ripe for consolidation.

On Tuesday, we'll get the minutes from the Reserve Bank of Australia's latest policy meeting which will provide clues on the central bank's easing bias. Earlier this month, the RBA surprised markets by slashing rates to a record low of 2.75 percent.

Traders say further rate cuts are unlikely until at least September. Meantime, some analysts believe a weaker Aussie could be a good thing for the economy.

[Sound on tape by Peter Whitley, Senior FX Analyst, Thomson Reuters: I think that 95 -80 which is the 2012 low, i think that's the first target, beyond that it may as well be open sky.]

[Sound on tape by Richard Yetsenga, Head Of Global Markets Research, ANZ: If we get the Aussie back to the 90-95 range which we could, if Bernanke gives a hint of hawkish on Wednesday, then there's many parts of Australian economy which look a lot better.]

Chloe Cho, from CNBC's Asia headquarters.