Greater China Macro Daily(Beta Mode)
LPR Holds Steady as Shanghai Slips, HK Rallies
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Shanghai Composite | 3,764.16 | -3.05% |
| CSI 300 | 4,529.10 | -3.60% |
| Hang Seng | 25,143.05 | +2.36% |
| TAIEX | 42,449.70 | -0.52% |
| USD/CNY | 6.76 | -0.23% |
| USD/HKD | 7.84 | +0.02% |
| Copper | 6.53 | +3.66% |
| Brent Crude | 91.44 | +2.49% |
| Gold | 4,082.20 | +1.79% |
| Bitcoin | 66,306.97 | +1.65% |
| 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 | |||
- PBoC kept 1-year LPR at 3.0% and 5-year at 3.5% as mainland growth slowed and USD/CNY firmed to 6.76.
- Shanghai Composite fell 3.05% to 3,764.16 while Hang Seng rose 2.36% to 25,143.05 amid HK listing momentum.
- China CPI printed 1.00% YoY; copper jumped 3.66% on supply tightness and Brent rose 2.49% to 91.44.
Yesterday's Recap
Mainland China data releases dominated. PBoC held loan prime rates unchanged, citing subdued credit demand amid 1.00% CPI print. Shanghai Composite and CSI 300 dropped 3.05% and 3.60% respectively on growth concerns, while USD/CNY eased 0.23% to 6.76.
Hong Kong equities outperformed as Hang Seng gained 2.36%, supported by a six-year high in IPO proceeds. Taiwan’s TAIEX slipped 0.52% despite steady TSMC order flow. Copper surged 3.66% to 6.53 as China supply tightened, and gold climbed 1.79% to 4,082.20.
HKMA aggregate balance remained stable with USD/HKD pegged near 7.84. China’s rare-earth magnet exports to the US stayed 20% below pre-truce levels, underscoring ongoing supply frictions. Domestic gold buying intensified on price dips, reinforcing its hedge role against yuan moves.
Property restructuring at Country Garden cut immediate default risks yet left sector sales 25% below 2024 levels. Standard Chartered trimmed its global GDP forecast to 3% while lifting Hong Kong growth to 4.3% on stabilizing HIBOR.
The Day Ahead
PBoC will conduct 7-day and 14-day reverse-repo operations today, likely injecting liquidity to offset quarter-end pressures. Hong Kong IPO pipeline remains active with multiple mainland issuers scheduled for listing hearings. Taiwan industrial production figures and CBC board minutes are due tomorrow, offering fresh signals on semiconductor export strength.
No policy meetings are set for HKMA or CBC this week. State Council coordination on property financing may deliver further guidance by week-end. Cross-strait trade talks continue without new export-control announcements.
Other Economic Notes
China’s rare-earth magnet exports to the US stay 20% below pre-truce levels, highlighting persistent supply-chain frictions. Domestic gold buying has intensified on price dips, reinforcing the metal’s role as a hedge against yuan volatility. Property-sector restructuring at firms such as Country Garden reduced immediate default risks but left sales 25% below 2024 levels.
Standard Chartered lowered its global GDP forecast to 3% while projecting 4.3% growth for Hong Kong on stabilizing HIBOR. <i>↓ p.2</i>
