China Stock Market

ICYMI - PBOC says it'll monitor changes in long-term yields during the economic recovery

• This is a first from the People's Bank of China

China's Xiaomi begins deliveries of its first EV. Has booked more than 100,000 orders.

• Chinese smartphone maker Xiaomi is delivering its first electric vehicle

China Caixin Services PMI for March 52.7 (expected 52.7, prior 52.5)

• ps. Aftershocks continue to Taiwan's earthquake

PBOC sets USD/ CNY mid-point today at 7.0949 (vs. estimate at 7.2282)

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

PBOC is expected to set the USD/CNY reference rate at 7.2282 – Reuters estimate

• The Bank will set the rate around 1300 pips or so lower than this

China property developer Country Garden stock suspended on Hong Kong exchange

PBOC sets USD/ CNY central rate at 7.0957 (vs. estimate at 7.2433)

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

PBOC is expected to set the USD/CNY reference rate at 7.2433 – Reuters estimate

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

China Caixin Manufacturing PMI for March 51.1 (expected 51.0, prior 50.9)

• Highest in 13 months

PBOC sets USD/ CNY reference rate for today at 7.0938 (vs. estimate at 7.2191)

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

PBOC is expected to set the USD/CNY reference rate at 7.2191 – Reuters estimate

• The rate will be many big figures lower than this, of course. The Bank is propping up the yuan.

China's SAIC aims to slash jobs at GM, VW ventures and EV unit (unnamed sources cited)

• Job losses through 2024

ICYMI - China's March 2024 manufacturing PMI jumped to its highest in a year

• And non-manufacturing hit its highest reading since September 2023

China March 2024 Official Manufacturing PMI 50.8 (expected 50.1) Services 53.0 (exp 51.5)

• China's National Bureau of Statistics (NBS) PMIs

China Vanke says its objective is to cut interest bearing debt by 100bn yuan in next 2 yrs