Greater China Macro Daily(Beta Mode)
Equities Advance as Yuan Firms Ahead of PMI
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Shanghai Composite | 3,905.20 | +0.04% |
| CSI 300 | 4,618.90 | +0.57% |
| Hang Seng | 26,009.46 | +1.21% |
| TAIEX | 45,224.29 | +0.65% |
| USD/CNY | 6.71 | -0.16% |
| USD/HKD | 7.84 | -0.10% |
| Copper | 6.61 | +0.40% |
| Brent Crude | 91.99 | -2.54% |
| Gold | 4,710.00 | +1.86% |
| Bitcoin | 78,878.55 | +1.44% |
| 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 %: 25.39 (2026-06-01) | Range: -14.55–39.64 | Trend(6pt): 28.08,-7.386,3.985,11.57,20.45,25.39
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| NBS Manufacturing PMI Index | 49.20 | - | 21:30 |
| NBS Non Manufacturing PMI Index | 49 | - | 21:30 |
- Mainland China equities rose modestly while Hong Kong shares led regional gains on Shein IPO momentum.
- USD/CNY fell 0.16% to 6.71 as copper prices edged higher, signaling steady industrial demand.
- Taiwan and Hong Kong markets posted solid advances amid semiconductor and listing activity.
Yesterday's Recap
Mainland China equity benchmarks posted modest gains on August 23 with the Shanghai Composite rising 0.04% to 3,905.20 and the CSI 300 advancing 0.57% to 4,618.90. Hong Kong’s Hang Seng Index outperformed, climbing 1.21% to 26,009.46, supported by fast-fashion retailer Shein’s planned September 1 listing on the Hong Kong exchange at a $27 billion valuation. Taiwan’s TAIEX added 0.65% to 45,224.29.
The onshore yuan strengthened 0.16% to 6.71 against the dollar, while USD/HKD eased 0.10% to 7.84, keeping the peg intact. Copper prices rose 0.40% to 6.61, consistent with resilient manufacturing input demand, whereas Brent crude fell 2.54% to 91.99. Gold rose 1.86% to 4,710 and bitcoin gained 1.44%.
No major data releases occurred in Greater China on the day. Beijing framed uneven 2026 growth as resilience and technological innovation. Government spending contraction slowed in July after a sharp drop, suggesting policymakers are easing austerity.
Export strength continues to mask domestic demand softness. YMTC plans to raise $4.9 billion in a Shanghai IPO to advance semiconductor self-sufficiency.
The Day Ahead
Attention turns to the August 30 release of NBS Manufacturing and Non-Manufacturing PMI figures. The manufacturing print will show whether the sector remains in contraction near the prior 49.2 reading. Non-manufacturing data will provide insight into services momentum after the previous 49.0 outcome.
Market participants will also track any liquidity operations by the PBoC ahead of month-end. In Hong Kong, Shein’s IPO preparations may generate additional equity flow commentary. Alibaba plans to raise $10 billion via new Hong Kong shares to fund AI investments.
Taiwan will monitor any further developments on semiconductor export controls.
Other Economic Notes
Beijing continues to emphasize resilience and technological upgrading despite uneven growth readings through mid-2026. Government spending contraction slowed markedly in July, indicating policymakers are easing austerity measures. Export strength masks underlying domestic demand softness, a theme highlighted in recent official commentary.
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