China

PBOC sets USD/ CNY reference rate for today at 7.1101 (vs. estimate at 7.2403)

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

PBOC is expected to set the USD/CNY reference rate at 7.2402 – Reuters estimate

• The setting will be around 7.10

China launched a US$47bn state-backed fund to boost the country's semiconductor industry.

• National integrated circuit industry investment fund

China Industrial Profits April 2024 +4.0% y/y (prior +4.3%)

• China Industrial Profits, via National Bureau of Statistics (NBS) data.

China's leader Xi Jinping will attend China-Arab Forum on May 30, give keynote speech

• Note for the diary

PBOC sets USD/ CNY reference rate for today at 7.1091

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

ICYMI - Nvidia slashed the price of its most-advanced chip made for China

• News from Friday ICYMI

PBOC sets USD/ CNY mid-point today at 7.1102 (vs. estimate at 7.2539)

• The PBOC trying to support the yuan in the face of a strong US dollar

PBOC is expected to set the USD/CNY reference rate at 7.2539 – Reuters estimate

• A surging USD reflected in this model estimate. The actual setting will be around 7.11

Chinese State Broadcaster says Chinese military drills are punishment for Taiwan

Shenzhen Stock Exchange suspends trading of China's ultra-long special treasury bonds

• After a sharp price drop

Chinese People's Liberation Army (PLA) started joint military drills surrounding Taiwan

• A greeting for the new Taiwanese leader

PBOC sets USD/ CNY reference rate for today at 7.1098 (vs. estimate at 7.2451)

• PBOC CNY reference rate setting for the trading session ahead. 7.1098 is the weakest (for CNY) since January)

UK’s Secretary of Defence Shapps says British intelligence now has evidence of China lying

• Re China supplying weapons to Russia. Does this surprise anyone?

PBOC is expected to set the USD/CNY reference rate at 7.2451 – Reuters estimate

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