China

US Treas Sec Yellen says not ready to discuss potential US retaliation over China

• Wants to have 'constructive' talks with Chinese officials

China Industrial Profits (January & February) +10.2% y/y (vs. prior -2.3%)

• YTD China Industrial Profits data rising solidly

PBOC sets USD/ CNY mid-point today at 7.0946 (vs. estimate at 7.2250)

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

China Industrial Profits data due at the bottom of the hour

• Combined January - February figures to be released

PBOC is expected to set the USD/CNY reference rate at 7.2250 – Reuters estimate

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

China files a WTO complaint against US electric-vehicle subsidies

• Odds are they will win

Apple iPhone demand in China is cratering

• State data shows sales down 33% in February

New Zealand accuses China of hacking parliament

• New re a state-sponsored cyber hack on New Zealand's parliament in 2021

PBOC sets USD/ CNY mid-point today at 7.0943 (vs. estimate at 7.2037)

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

PBOC is expected to set the USD/CNY reference rate at 7.2037 – Reuters estimate

• The rate will be around 1200 pips lower than this if yesterday was a guide

Authorities in Hunan, Liaoning, Xi'an, Chongqing to close local financial asset exchanges

• Chinese financial authorities clampdown citing the risks of “pseudo-financial exchanges.”

PBOC is "alarmed" by the weakness of the yen (concerned over yuan implications)

• Pressure on the yen eyed by the People's Bank of China

AUD getting another boost from the China intervention to support CNY

• CNY, CNH both higher

PBOC sets USD/ CNY reference rate for today at 7.0996 (vs. estimate at 7.2267)

• USD/CNH (CNH is the offshore yuan) hit a 4-month high earlier today

China vice Commerce minister says will expand opening up to outside world