China Stock Market

Shanghai Composite & HK's Hang Seng both trading higher, still awaiting mortgage rate cuts

PBOC sets USD/ CNY central rate at 7.1816 (vs. estimate at 7.2773)

PBOC is expected to set the USD/CNY reference rate at 7.2773 – Reuters estimate

Announcement of Chinese mortgage rate cuts likely today

FT report - Goldman Sachs bought US and UK companies using China state money

Chinese state media says the PBOC may cut banks' RRR earlier than expected

PBOC sets USD/ CNY mid-point today at 7.1851 (vs. estimate at 7.2854)

PBOC is expected to set the USD/CNY reference rate at 7.2854 – Reuters estimate

UBS on China's latest supportive policy:- "we see reason for optimism" (and a weaker yuan)

ICYMI - China Fin Min Kun asked for efforts to further implement proactive fiscal policy

• Also notable were promises to prevent and resolve local government debt risks

In H1 of 2023 Chinese auto exports were up 75.7% y/y

US Commerce Sec says US stable economic relationship with China is profoundly important

Chinese stock markets are set to rocket higher at the open, CSI300 to open 5.5% higher

PBOC sets USD/ CNY reference rate for today at 7.1856 (vs. estimate at 7.2854)

Xi Jinping deep-rooted philosophical objections to Western-style consumption-driven growth