Greater China Macro Daily(Beta Mode)
China Services PMI Beats, TAIEX Jumps
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Shanghai Composite | 4,057.78 | -0.64% |
| CSI 300 | 4,904.75 | -0.69% |
| Hang Seng | 25,633.21 | -1.56% |
| TAIEX | 46,459.16 | +1.98% |
| USD/CNY | 6.77 | +0.06% |
| USD/HKD | 7.83 | -0.03% |
| Copper | 6.53 | +0.71% |
| Brent Crude | 95.21 | -2.66% |
| Gold | 4,498.30 | +1.39% |
| Bitcoin | 63,731.24 | -0.44% |
| China 2Y Govt Yield | - | - |
| China 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| RatingDog Services PMI | 52.60 | 52.30 | 54.40 |
China Exports Value YoY | Type: macro_line | Exports YoY %: 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 |
|---|---|---|---|
| No events available | |||
- China RatingDog Services PMI rose to 54.4 in May, beating consensus of 52.3 and signaling stronger activity.
- Mainland and Hong Kong equities declined while Taiwan’s TAIEX surged 1.98 percent on semiconductor demand.
- PBOC fixed the USD/CNY reference rate near 6.82, keeping the yuan within its recent trading band.
Yesterday's Recap
China’s RatingDog Services PMI printed 54.4, exceeding forecasts and lifting sentiment toward resilient domestic demand. Shanghai Composite fell 0.64 percent to 4,057.78 and CSI 300 slipped 0.69 percent to 4,904.75 amid profit-taking after recent gains. Hang Seng dropped 1.56 percent to 25,633.21 as property names faced renewed selling pressure.
TAIEX advanced 1.98 percent to 46,459.16, driven by foreign inflows into TSMC and other chipmakers. USD/CNY rose 0.06 percent to 6.77 while the PBOC set its daily reference rate at 6.8203, signaling measured stability. USD/HKD stayed inside the peg at 7.83 with no intervention signals from HKMA.
Copper gained 0.71 percent, reflecting China stimulus expectations, while Brent crude fell 2.66 percent.
The Day Ahead
No major data releases are scheduled for mainland China, Hong Kong or Taiwan today or tomorrow. Markets will monitor PBOC liquidity operations and any State Council comments on special-bond quotas. Traders will also track USD/CNY movements after the latest reference-rate fixing.
Semiconductor export trends and foreign flows into Taiwan equities remain focal points for the CBC. HKMA aggregate balance data may draw attention if peg pressures emerge.
Other Economic Notes
Beijing’s expansion of the 2026 infrastructure bond quota supports property-related construction and urban redevelopment projects. Norwegian seafood exports to China continue to expand, illustrating steady trade ties despite broader geopolitical tensions. US officials signaled further scrutiny of China trade relations, keeping export-oriented sectors on alert.
OCBC analysts expect the yuan to appreciate gradually once dollar strength moderates.
Global Macro News
Stronger US dollar weighed on Asian currencies and prompted PBOC to adjust its daily fixing. IMF commentary on Saudi resilience highlighted divergent growth paths that could influence global capital flows into Greater China assets. Australian rate-hike debates underscored external inflation risks that may affect commodity prices relevant to China.
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