China

Biden threatens China over attacks on Philippines' vessels - mutual defence treaty

• Its unclear how long China can get away with attacking the Philippines

Morgan Stanley & Goldman Sachs have both lifted their forecasts for China economic growth

• 4.8 and 5% respectively

Refresher on the bind the PBoC is in on the weak yuan -don't want to trigger a crash

China March CPI -1% m/m (-0.5% expected)

• CPI and PPI data from China

PBOC sets USD/ CNY reference rate for today at 7.0968 (vs. estimate at 7.2622)

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

PBOC is expected to set the USD/CNY reference rate at 7.2622 – Reuters estimate

• The rate that is set by the Bank will be around 1300 points lower than this model estimate

Asia Development Bank raises China growth forecast for 2024 to 4.8% (from 4.5%)

• 2025 seen at 4.5%

China’s Auto Exports Set Monthly Record in March

• Info via Chinese media citing the China Passenger Car Association (CPCA)

Fitch affirms China A+ rating but lowers its outlook to negative

China vehicle sales rose in March, bouncing back from February

• BYD the top selling electric vehicle manufacturer

PBOC sets USD/ CNY central rate at 7.0959 (vs. estimate at 7.2300)

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

"Putin and Xi’s Unholy Alliance"

• An interesting article on the junction of interests driving Chinad Russia ever closer together

PBOC is expected to set the USD/CNY reference rate at 7.2300 – Reuters estimate

• The rate setting will be around 1300 pips lower than this

PBOC sets USD/ CNY central rate at 7.0956 (vs. estimate at 7.2248)

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

PBOC is expected to set the USD/CNY reference rate at 7.2248 – Reuters estimate

• The rate set will be around 1300 points or so lower than this