Sample cover letter for Internship position at JP MORGAN

Chinese economy is likely to continue an orderly deceleration amid a balance between economic stability and mild reforms. China's 1H16 GDP grew by 6.7% y/y, the lowest level since the 2009 financial crisis, and will continue to decelerate amid the deep adjustment in the old economy. • Investment will continue to fall, dragged down by manufacturing and real estate. January-August fixed asset investment (FAI) growth slowed to 8.1% y/y from 9.0% in 1H16. Notably, private investment growth, accounting for over 60% of total FAI, decelerated to 2.1% y/y in August from 2.8% in 1H16 (10.1% in 2015), and is ranked as a top risk in China. • Retail sales growth may decelerate mildly. August retail sales growth edged up to 10.6% y/y from 10.3% in 1H16, but downward pressure remains for 2H16. • Exports continue to face downward pressure and are expected to shrink in 2016. They fell 2.8% y/y in August versus -4.4% y/y in July and -7.0% y/y in 1H16 on weak external demand. • CPI inflation is likely to rise mildly while PPI inflation may improve but remain negative. August CPI edged down to 1.3% y/y from 1.8% in July, mainly on moderating food prices; August PPI was -0.8% y/y versus -1.7% in July, mainly due to the low base and recovering commodity prices. • Fiscal policy will play a more critical role in supporting small- and medium-sized firms, promoting new manufacturing companies, and resolving overcapacity. The 2016 fiscal deficit is expected to reach 4% of GDP, which is about CNY 20trn in fiscal spending. However, tax deductions are likely to be postponed. • Monetary policy is likely to remain accommodative. China's central bank prefers liquidity injections via open market operation and short- and medium-/long-term lending facilities. RRR cuts remain possible, but the chances of interest rate cuts are limited.