Greater China Macro Daily(Beta Mode)
Equities Rally as Yuan Hits Four-Year Peak
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Shanghai Composite | 4,075.10 | +0.43% |
| CSI 300 | 4,914.56 | +1.45% |
| Hang Seng | 25,398.18 | +0.86% |
| TAIEX | 45,337.91 | +1.35% |
| USD/CNY | 6.76 | -0.02% |
| USD/HKD | 7.84 | -0.01% |
| Copper | 6.67 | +2.23% |
| Brent Crude | 96.23 | +1.32% |
| Gold | 4,517.00 | +0.93% |
| Bitcoin | 66,275.07 | -7.07% |
| China 2Y Govt Yield | - | - |
| China 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
China Exports Value | Type: macro_line | USD bn: 1.195 (2026-03-01) | Range: -13.41–39.86 | Trend(5pt): 20.5,4.577,1.416,5.768,1.195
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| RatingDog Services PMI | 52.60 | 52.30 | 17:45 |
- China equities rose with CSI 300 up 1.45% to 4,914.56 on policy-easing bets.
- Yuan strengthened to highest level versus trade-partner basket since 2022.
- RatingDog Services PMI due today with consensus at 52.3 after 52.6 print.
Yesterday's Recap
Mainland China markets posted solid gains on June 1 with the Shanghai Composite closing at 4,075.10, up 0.43%, and the CSI 300 advancing 1.45% to 4,914.56 amid fresh signals of credit support from Beijing. Hong Kong’s Hang Seng Index rose 0.86% to 25,398.18 while Taiwan’s TAIEX gained 1.35% to 45,337.91, supported by semiconductor names. The USD/CNY rate eased 0.02% to 6.76, reflecting the yuan’s broad strength against a basket of currencies that reached its highest level since 2022.
Copper, a key China demand proxy, jumped 2.23% to 6.67 while Brent crude added 1.32% to 96.23. No major data releases occurred in Greater China on June 1, leaving market moves driven by ongoing PBoC liquidity operations and State Council property measures. Cross-strait and Hong Kong-specific developments remained quiet.
The Day Ahead
China’s RatingDog Services PMI for May is scheduled for release at 17:45 ET with consensus at 52.3 versus the prior 52.6 reading. The print will provide an early read on service-sector momentum ahead of official June data. No rate decisions or high-impact releases are slated for Hong Kong or Taiwan.
Markets will also monitor any follow-up comments from the PBoC on credit expansion. Equity and currency traders will watch for further yuan fixing signals after yesterday’s 6.8167 USD/CNY reference rate.
Other Economic Notes
China’s private manufacturing gauge slowed in May, aligning with official PMI trends and underscoring softening export demand. The State Council expanded refinancing support for property developers on the official white list, though analysts view the step as incremental. OECD reports highlighted China’s outsized role in industrial subsidies that are reshaping global trade flows.
Hong Kong regulators tightened cross-border capital supervision, with HSBC Research noting increased scrutiny on banking channels.
Global Macro News
The US dollar held steady as investors awaited further central-bank signals and developments in the Middle East. Australia raised its minimum wage 4.75% amid reaccelerating inflation, adding to global cost pressures. Brazil’s engagement with BRICS and China continues to shape Latin American trade dynamics.
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