China Stock Market

Brent: China's weak economy & property debt implosion is weighing, but oil use holding up

PBOC is expected to set the USD/CNY reference rate at 7.2893 – Reuters estimate

• Expect the rate well below this as they PBOC pushed back against rapid yuan declines

Goldman Sachs expect 15bp rate cuts from the People's Bank of China today

ICYMI - Nomura slashed their China GDP forecast for 2023 to 4.6% (from 5.1%)

Weekend - the PBOC met with bank executives and told lenders, again, to boost loans

Economic calendar in Asia - People's Bank of China rate decision due

Forecast for two 15bp rate cuts to come from the People's Bank of China on Monday

People's Bank of China is expected to cut loan rates next week

PBOC sets USD/ CNY reference rate for today at 7.2006 (vs. estimate at 7.3065)

PBOC is expected to set the USD/CNY reference rate at 7.3065 – Reuters estimate

Barclays slashed their China GDP forecast to 4.5% (prior 4.9%)

ICYMI - further intervention from China to support the yuan overnight

China's 2nd largest property development group has filed bankruptcy protection in the US

• China's debt crisis deepens

$5bn acquisition of Israeli chip manufacturer by Intel has been called off, China said no

China trust company Zhongzhi is planning a debt restructuring