China

Japanese Prime Minister and Chinese Communist Party Chairman hold discussions

• Kishida has 'serious concerns' on Chinese military activity, Russia collaboration

PBOC sets USD/ CNY reference rate for today at 7.1728 (vs. estimate at 7.2473)

• Another significant deviation from the estimated rate.

PBOC is expected to set the USD/CNY reference rate at 7.2473 – Reuters estimate

• The PBOC will intervene if the rate moves more than 2% from the mid-point.

Xi promises further opening of China's economy, will he deliver?

• Xi pledges to improve foreign investment mechanisms, shorten negative foreign investment list

Japan's Kishida to meet China's Xi on Thursday

• Japan and China leaders to meet

China state planner comments. Says plans to attract foreign investment, boost consumption

• China's National Development and Reform Commission

US President Biden says he still thinks Chinese Communist Party Chairman Xi is a dictator

• Biden is not wrong, but its hardly a diplomatically successful comment

China October new house prices -0.1% y/y (prior also -0.1%) and -0.3% m/m (prior -0.2%)

• All China house prices

PBOC sets USD/ CNY central rate at 7.1724 (vs. estimate at 7.2474)

China's Xi says he has no plans for China military action against Taiwan in coming years

China's Xi says the US should stop arming Taiwan (Chinese Communist Party State media)

• Amidst soft language comes the more pointed comment on Taiwan.

Brent crude oil and "green shoots of hope" in China

• China to fuel a more positive outlook on oil prices

Chinese authorities promise to release data on youth employment - no time frame given

• China's youth jobless rate reached a record high of 21.3% in June. Data has not been published since.

China Oct. Industrial Production +4.6% y/y (exp 4.4%) & Retail sales +7.6% y/y (exp 7.0%)

• China 'activity data' for October 2023

PBOC sets USD/ CNY mid-point today at 7.1752 (vs. estimate at 7.2564)

• The plunge in the US dollar is a welcome windfall for the PBoC