Greater China Macro Daily(Beta Mode)
Equities Slide as PBoC Holds LPR, Yuan Eases
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Shanghai Composite | 3,764.16 | -3.05% |
| CSI 300 | 4,529.10 | -3.60% |
| Hang Seng | 24,562.24 | -1.78% |
| TAIEX | 42,671.27 | -6.47% |
| USD/CNY | 6.77 | -0.09% |
| USD/HKD | 7.84 | -0.00% |
| Copper | 6.34 | +1.94% |
| Brent Crude | 88.92 | +0.93% |
| Gold | 4,011.80 | -0.02% |
| Bitcoin | 65,155.46 | +0.72% |
| 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: 13.75 (2026-04-01) | Range: -14.55–39.64 | Trend(5pt): 24.38,0.5134,0.6066,0.7746,13.75
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Mainland equities fell sharply with Shanghai Composite down 3.05% and CSI 300 off 3.60%, while TAIEX dropped 6.47%.
- PBoC kept 1-year LPR at 3.0% and 5-year at 3.5% amid slowing growth and set a weaker USD/CNY fixing.
- Yuan eased modestly against USD at 6.77 as traders positioned for gradual depreciation; HKMA maintained USD/HKD peg near 7.84.
Yesterday's Recap
Mainland China markets dominated the session with broad-based selling. Shanghai Composite closed at 3,764.16 after a 3.05% decline, while CSI 300 fell 3.60% to 4,529.10 on growth concerns. Hong Kong’s Hang Seng Index slipped 1.78% to 24,562.24.
Taiwan’s TAIEX plunged 6.47% to 42,671.27, pressured by semiconductor supply-chain rotation. USD/CNY settled at 6.77 after PBoC published a weaker daily fixing above market expectations, allowing modest yuan softening. Copper rose 1.94% to 6.34 on China demand signals, while Brent crude gained 0.93% to 88.92.
No macro data releases occurred in mainland China, Hong Kong or Taiwan per the calendar. China solar-cell exports extended their June decline, signalling cooling overseas demand after earlier surges. Hong Kong’s listing pipeline advanced with approvals for Shein and Innolight, positioning proceeds for a potential six-year high.
The Day Ahead
Attention turns to the PBoC’s liquidity operations and any follow-through signals on special-purpose bond quotas after last week’s RMB 150 bn approval for eastern provinces. Hong Kong’s stock exchange is weighing removal of the lunch break to boost trading efficiency ahead of a potential six-year high in listing proceeds. HKMA will tender 1-year RMB government bonds on 23 July, testing demand for the currency amid stable HIBOR.
Taiwan’s export data and semiconductor shipment trends will be watched for cross-strait trade momentum. No rate decisions are scheduled from PBoC, HKMA or CBC this week. Standard Chartered cut its global GDP forecast to 3% while projecting Hong Kong growth at 4.3% with stabilising HIBOR.
Other Economic Notes
June industrial production and retail sales beat expectations yet fixed-asset investment slowed further, underscoring persistent property-sector drag on mainland growth. China’s solar-cell exports extended their decline in June, pointing to cooling overseas demand after earlier surges. Standard Chartered lowered its global GDP forecast to 3% while projecting Hong Kong growth at 4.3% with stabilising HIBOR.
Beijing’s additional infrastructure-bond quota provides targeted support but does not alter the broader growth slowdown. <i>↓ p.2</i>
