Greater China Macro Daily(Beta Mode)
China PMIs Loom as Equities Slide
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Shanghai Composite | 4,027.26 | -2.26% |
| CSI 300 | 4,868.22 | -1.51% |
| Hang Seng | 22,671.86 | -1.76% |
| TAIEX | 44,571.76 | -3.64% |
| USD/CNY | 6.80 | +0.12% |
| USD/HKD | 7.84 | -0.01% |
| Copper | 6.18 | +0.57% |
| Brent Crude | 73.56 | +2.18% |
| Gold | 4,031.10 | -1.17% |
| Bitcoin | 60,242.95 | +1.19% |
| China 2Y Govt Yield | - | - |
| China 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
China Imports YoY | Type: macro_line | YoY %: 25.05 (2026-04-01) | Range: -21.28–31.26 | Trend(6pt): 31.26,0.7601,-0.7759,-14.73,25.02,25.05
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| NBS Manufacturing PMI | 50 | 50.10 | 17:30 |
| NBS Non-Manufacturing PMI | 50.10 | 49.90 | 17:30 |
| RatingDog Manufacturing PMI | - | 51.70 | 17:45 |
| RatingDog Services PMI | - | 53.60 | 17:45 |
- Mainland and regional equities fell sharply yesterday with Shanghai Composite down 2.26% and TAIEX dropping 3.64% ahead of key PMI prints.
- NBS Manufacturing PMI and Non-Manufacturing PMI release today with consensus at 50.1 and 49.9 respectively after no data yesterday.
- USD/CNY edged 0.12% higher to 6.80 while HKMA aggregate balance stayed stable and peg held near 7.84.
Yesterday's Recap
Mainland China markets closed lower with Shanghai Composite at 4,027.26 and CSI 300 at 4,868.22 as investors positioned ahead of June PMI data. Hong Kong's Hang Seng Index fell 1.76% to 22,671.86 while Taiwan's TAIEX declined 3.64% to 44,571.76 amid semiconductor supply-chain caution. USD/CNY rose to 6.80 reflecting mild yuan softening viewed as corrective by OCBC analysts.
Copper gained 0.57% to 6.18 as a China growth proxy while Brent crude climbed 2.18% to 73.56. Gold slipped 1.17% to 4,031.10 and Bitcoin rose 1.19% to 60,242.95. No macro releases occurred across Greater China yesterday.
China's January-May industrial profits rose 18.8% year-over-year though the pace moderated in later months.
The Day Ahead
NBS Manufacturing PMI and Non-Manufacturing PMI print at 17:30 ET today with markets watching for any stabilisation signal above 50. RatingDog Manufacturing PMI follows tomorrow at the same time with consensus at 51.7. PBoC is expected to conduct routine 7-day reverse-repo operations with neutral liquidity stance.
HKMA will monitor USD/HKD convertibility without anticipated intervention given stable aggregate balance. CBC focus remains on semiconductor export trends and any FX pressure from regional trade flows.
Other Economic Notes
China continues expanding yuan clearing in Africa via Standard Bank and ICBC hubs to boost renminbi settlement outside dollar channels. Industrial profit growth slowed after strong export and price support failed to fully offset domestic demand weakness. Hong Kong authorities are advancing distributed ledger technology pilots for fixed-income markets while warning on fake stablecoin tokens.
China mulls revisions to gold import and export regulations. Hong Kong retail billionaire Dickson Poon reportedly eyes sale of luxury chain Harvey Nichols.
Global Macro News
Surging Chinese exports are raising fresh concerns at the G7 over potential Europe-wide demand displacement similar to earlier China shock episodes. <i>↓ p.2</i>
