China Stock Market

PBOC is expected to set the USD/CNY reference rate at 7.3109 – Reuters estimate

• The rate that is set will be a long way from this modelled estimate. Somewhere around 7.17 is the most likely.

China tightens restrictions on some graphite exports

PBOC sets USD/ CNY reference rate for today at 7.1793 (vs. estimate at 7.3055)

PBOC is expected to set the USD/CNY reference rate at 7.3055 – Reuters estimate

People's Bank of China loan rates setting coming up soon

PBOC sets USD/ CNY reference rate for today at 7.1795 (vs. estimate at 7.3226)

PBOC is expected to set the USD/CNY reference rate at 7.3226 – Reuters estimate

China - A Country Garden offshore bondholder says has not received interest payment

• It appears the Country Garden default is imminent

AUD and NZD jump after the better than expected data from China

China Sep. Industrial Production 4.5% y/y (exp 4.3%) & Retail sales 5.5% y/y (exp 4.9%)

• China 'activity data' for September 2023

China Q2 GDP +1.3% q/q (expected 1.0%)

• China's economy grew more strongly than expected in Q3 of 2023

PBOC sets USD/ CNY mid-point today at 7.1795 (vs. estimate at 7.3079)

IMF slash their China growth forecasts for 2023 (5% from 5.2%) and 2024 (4.2% from 4.5%)

PBOC is expected to set the USD/CNY reference rate at 7.3079 – Reuters estimate

• There will once again be a huge divergence between this modelled estimate and the actual reference rate that the PBOC sets. I'm expecting somewhere around the 7.17 big figure again.

China's sustained, sophisticated, scaled theft of intellectual property is the worst ever