CNH

More on the expectation of an interest rate cut from the People's Bank of China today

• The PBoC is expected to but its 5-year Loan Prime Rate (LPR)

Economic calendar in Asia Tuesday, 20 February 2024 features the RBA and the PBoC

• AUD and yuan traders' heads up

Despite the PBoC keeping MLF rate unchanged, talks of a Loan Prime Rate (LPR) cut persist

• A cut to the 5 year LPR is eyed.

China's trade-weighted yuan rises to its highest level since October 30, 2023

People’s Bank of China sets yuan reference rate at 7.1032 (vs. estimate at 7.1970)

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

PBOC is expected to set the USD/CNY reference rate at 7.1970 – Reuters estimate

• China reopens after the week-long holiday

Tourism revenues in China during the Lunar New Year holidays +47.3% y/y, above pre-Covid

• Some encouraging news for the economy

Newsquawk week ahead: Minutes from the FOMC, ECB and RBA, flash PMIs and PBOC

• Highlights next week include Flash PMI data, the PBoC MLF and LPR rate decisions, alongside minutes from the FOMC, ECB and RBA.

PBOC leaves MLF rate unchanged at 2.5%, as expected

• The MLF sets the scene for the monthly Loan Prime Rate (LPR) setting coming up this week on the 20th

JP Morgan says economic growth in China has steadied, will improve

• Stability is the precursor to improvement

China holiday traffic has surged in a positive sign for the economy

• Up to 14% busier on the roads compared to last year

Thousands of cars (Porsche, Bentley, Audi) imported from China impounded at US ports

• The US bans parts made from forced labour in China, imported cars stranded at US ports

A group of US members of Congress will visit Taiwan next week

• Chairman of the special committee on the Chinese Communist Party in the House of Representatives leading

More than half of the world’s commercial shipbuilding output came from China last year

Former Apple engineer gets prison for stealing information to go work for Chinese startup