Greater China Macro Daily(Beta Mode)
PBoC Injects 2.1T Yuan as Equities Retreat
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Shanghai Composite | 3,814.20 | -1.61% |
| CSI 300 | 4,649.19 | -1.67% |
| Hang Seng | 24,963.23 | -0.98% |
| TAIEX | 43,654.84 | -2.67% |
| USD/CNY | 6.75 | -0.27% |
| USD/HKD | 7.84 | +0.00% |
| Copper | 6.40 | +1.21% |
| Brent Crude | 87.68 | -9.40% |
| Gold | 4,078.60 | +0.27% |
| Bitcoin | 64,709.12 | -0.97% |
| China 2Y Govt Yield | - | - |
| China 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
China Exports YoY | Type: macro_line | YoY %: 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 |
|---|---|---|---|
| NBS Manufacturing PMI | 50.30 | 50 | 17:30 |
| NBS Non-Manufacturing PMI | 50.20 | 50 | 17:30 |
- PBoC conducted overnight reverse repos injecting 2.1 trillion yuan to stabilize liquidity.
- Mainland China equities fell sharply with Shanghai Composite down 1.61% and CSI 300 off 1.67%.
- NBS Manufacturing and Non-Manufacturing PMI prints scheduled for July 30 with consensus at 50.0.
Yesterday's Recap
Mainland China markets declined as the Shanghai Composite closed at 3,814.20, down 1.61%, while the CSI 300 fell 1.67% to 4,649.19. The Hang Seng Index slipped 0.98% to 24,963.23 and the TAIEX dropped 2.67% to 43,654.84 amid broad risk-off sentiment. The PBoC injected 2.1 trillion yuan through overnight reverse repos to support liquidity conditions.
The central bank set the USD/CNY reference rate at 6.7939, nudging the daily fix modestly higher. China-Africa trade reached a record 1.41 trillion yuan in the first half, driven by surging imports from the continent. Copper rose 1.21% to 6.40 as a China growth proxy while Brent crude plunged 9.40% to 87.68.
USD/CNY eased 0.27% to 6.75. Gold advanced 0.27% to 4,078.60 as a safe-haven bid persisted. Bitcoin fell 0.97% to 64,709.12 alongside broader risk-asset weakness.
Yen depreciation and Japan’s debt concerns added to Asian currency volatility, indirectly supporting USD/CNY stability.
The Day Ahead
Markets will focus on the July 30 NBS Manufacturing PMI, expected at 50.0 after June’s 50.3 reading, alongside the Non-Manufacturing PMI also forecast at 50.0. Traders await any additional PBoC liquidity operations or signals ahead of the Politburo meeting later this month. Hong Kong and Taiwan sessions will track regional equity flows and semiconductor supply-chain updates.
USD/HKD remains anchored near 7.84 under the peg, with HKMA aggregate balance data due in coming sessions. No major data releases are scheduled for July 28. Construction began on the China Economic and Industrial Zone in Bangladesh, extending Belt and Road infrastructure reach.
Investors will scrutinize Politburo guidance for targeted growth support measures. Property sector dynamics remain a key watchpoint for credit demand and local-government financing.
Other Economic Notes
China’s chipmakers posted a 2,580% profit surge in recent data, highlighting divergence between tech and traditional sectors. June CPI printed at 1.00% year-over-year, underscoring subdued price pressures across mainland China. <i>↓ p.2</i>
