China Stock Market

Trump exempts phones, computers, chips from new tariffs

• Weekend headline - Smartphones, computers and much other tech will be exempted from reciprocal tariffs imposed by Trump, according to new guidance from US Customs

PBOC sets USD/ CNY reference rate for today at 7.2087 (vs. estimate at 7.3104)

• PBOC CNY reference rate setting for the trading session ahead.

PBOC is expected to set the USD/CNY reference rate at 7.3104 – Reuters estimate

• PBOC CNY reference rate setting for the trading session ahead - the yuan has been devalued in a slow burn, no big band from the PBOC yet

Further hints of efforts to boost consumption in China - from Prime Minister Li Qiang

• More from that Financial Times piece

US retailer Five Below has compelty halted its business with China

• Refusing shipments

"The next chapter of U.S.-China decoupling has begun. The pain will be felt everywhere. "

• Wall Street Journal report

EU and China have begun negotiations on abolition of EU tariffs on Chinese electric cars

• EU seems to favour some sort of minimum  price arrangement

Trump admin is moving toward a possible de-listing of Chinese public shares - report

• Report from Fox Business

China's leaders will meet to discuss stimulus measures

• In response to Trump raising tariffs

Chinese Amazon sellers warn of price hikes and market exit amid U.S. tariffs

China March CPI -0.1% y/y (expected +0.1%)

• Deflation again

PBOC sets USD/ CNY mid-point today at 7.2092 (vs. estimate at 7.3484)

• 7.2092 is the weakest, for the CNY, since September 11 2023

PBOC is expected to set the USD/CNY reference rate at 7.3484 – Reuters estimate

• PBOC CNY reference rate setting for the trading session ahead. The rate will be much lower than this estimate

PBOC is expected to set the USD/CNY reference rate at 7. – Reuters estimate

• The Bank will sit on this rate heavily again today

WSJ says "Xi Jinping’s capacity to engage in a prolonged economic warfare with the US"

• "Beijing has built an arsenal of tools to hit the U.S. where it hurts. Now, it is getting ready to deploy them in full."