China Stock Market

China state banks seen buying yuan in onshore FX market

• Selling USD/CNY, intervention attempt

PBOC sets USD/ CNY reference rate for today at 7.1004 (vs. estimate at 7.2147 )

• Yesterday I said the PBoC would have welcomed the weaker USD after the FOMC. The USD regained it all overnight though.

PBOC is expected to set the USD/CNY reference rate at 7.2147 – Reuters estimate

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

Wall Street Journal says China Xi to meet US CEOs in Beijing next week - a "Rare meeting"

PBOC Deputy Governor expects around 8% nominal economic growth for China in 2024

• That'll pump up the demand for oil imports!

China's State Planner Vice Chairman flags 6 trln yuan available for government investment

• Will hurry up the approval process

PBOC sets USD/ CNY reference rate for today at 7.0942 (vs. estimate at 7.1792 )

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

PBOC is expected to set the USD/CNY reference rate at 7.1792 – Reuters estimate

• The across the board US dollar weakness will be welcomed at the PBoC

PBOC sets USD/ CNY mid-point today at 7.0968 (vs. estimate at .71967)

• In other news the PBoC has reshuffled its monetary policy committee

PBOC is expected to set the USD/CNY reference rate at 7.1967 – Reuters estimate

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

Beijing official says will apply targeted policies to property

• Remarks from Beijing's Vice Mayor

Evergrande Real Estate Group will receive a warning and a fine of 4.18 billion yuan

• Their woes never stop

China's Longi says will lay off around 5% of staff, not around 30% as some media said

• Longi is the world's largest solar manufacturer

PBOC sets USD/ CNY central rate at 7.0985 (vs. estimate at 7.2056)

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

A People's Bank of China monetary policy maker will be speaking later today

• Commentary likely on China's economy and monetary policy outlook.