China

Philippines warns of tsunami and orders the evacuation of coastal areas after Taiwan quake

Reports of buildings collapsed in Taiwan after the 7.5 magnitude earthquake

• Multiple buildings collapse in Hualien, Taiwan

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

US Treasury Secretary Yellen is scheduled to visit China later this week

• Yellen to meet her counterpart in China

Biden and Xi speak for first time since November summit - US readout

Xi: Taiwan is first red line that cannot be crossed in China-US relations

• Comments from Xi

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