Greater China Macro Daily(Beta Mode)
PBOC Liquidity Boost Fuels Bonds
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Shanghai Composite | 4,094.16 | -0.29% |
| CSI 300 | 4,790.44 | -0.19% |
| Hang Seng | 26,163.24 | -1.22% |
| TAIEX | 37,878.47 | +0.73% |
| USD/CNY | 6.83 | +0.07% |
| USD/HKD | 7.83 | -0.00% |
| Copper | 6.03 | -1.55% |
| Brent Crude | 106.47 | +4.47% |
| Gold | 4,708.60 | -0.51% |
| Bitcoin | 78,017.56 | -0.24% |
| China 2Y Govt Yield | - | - |
| China 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
CSI 300 Index | Type: market_hloc | Price: 4800 (2026-04-22) | Range: 4418–4800 | Trend(5pt): 4702,4720,4688,4526,4800
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| NBS Manufacturing PMI | 50.40 | - | 21:30 |
| NBS Non-Manufacturing PMI | 50.10 | - | 21:30 |
| RatingDog Manufacturing PMI | 50.80 | - | 21:45 |
- PBOC injected liquidity despite ample funds, driving a bond rally amid stable yuan fixing at 6.8650.
- HKMA launched a task force for Northern Metropolis financing, signaling infrastructure push.
- Taiwan's TAIEX rose 0.73% on semiconductor strength, contrasting mainland and HK equity declines.
Yesterday's Recap
Greater China markets showed mixed performance on April 22, with mainland China's Shanghai Composite closing down 0.29% at 4,094.16 and CSI 300 slipping 0.19% to 4,790.44, pressured by commodity weakness like copper's 1.55% drop to 6.03. Hong Kong's Hang Seng fell 1.22% to 26,163.24, reflecting broader risk-off sentiment amid thin trading volumes and stable USD/HKD at 7.83. Taiwan's TAIEX bucked the trend, gaining 0.73% to 37,878.47, buoyed by robust semiconductor export outlook despite global supply chain concerns.
USD/CNY edged up 0.07% to 6.83, with PBOC's strategic fixing at 6.8650 indicating a policy shift toward yuan stability. No major data releases occurred across the three economies, but Brent crude's 4.47% surge to 106.47 highlighted energy import risks for mainland China. Gold dipped 0.51% to 4,708.60, while Bitcoin fell 0.24% to 78,017.56, underscoring safe-haven flows amid geopolitical tensions.
The Day Ahead
Upcoming Greater China data focuses on April 29 releases, including mainland China's NBS Manufacturing PMI at 21:30 ET, expected to gauge factory activity after March's 50.4 reading. The NBS Non-Manufacturing PMI follows at the same time, building on March's 50.1 to assess services sector resilience. RatingDog Manufacturing PMI is slated for 21:45 ET, providing a private-sector contrast to official figures post-March's 50.8.
No immediate events for Hong Kong or Taiwan, but cross-strait trade flows may react to any mainland PMI surprises. Geopolitical developments, such as German economy minister's planned China trip, could influence sentiment ahead of these prints. Investors will watch for PBOC signals on liquidity amid bond rally momentum.
Other Economic Notes
Mainland China's property sector remains under scrutiny, with ongoing Evergrande fallout as PwC settles a $232m Hong Kong probe related to audits. Broader trade ties are strengthening, evidenced by China's full tariff exemption on Egyptian exports starting May 2026 and calls for deeper China-Africa economic links via CIIE. Taiwan's semiconductor-driven growth contrasts with mainland deflationary pressures, where CPI YoY stood at -0.10% as of 2025-04-01, highlighting divergent recovery paths across Greater China.
Hong Kong's financial sector sees Exxon Mobil considering a sale of its gasoline station network, potentially reshaping local energy assets. South Korea's economy benefits from chip demand, aligning with Taiwan's strengths and supporting regional trade.
