Greater China Macro Daily(Beta Mode)
China PMIs Beat Estimates, Equities Mixed
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Shanghai Composite | 3,942.09 | +0.02% |
| CSI 300 | 4,552.58 | +0.10% |
| Hang Seng | 25,311.21 | -0.07% |
| TAIEX | 46,164.72 | -1.67% |
| USD/CNY | 6.71 | -0.16% |
| USD/HKD | 7.84 | -0.01% |
| Copper | 6.67 | +2.60% |
| Brent Crude | 95.82 | +0.20% |
| Gold | 4,520.30 | +3.53% |
| Bitcoin | 81,476.62 | +5.40% |
| China 2Y Govt Yield | - | - |
| China 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| Ratingdog Manufacturing PMI Index | 50.90 | 51 | 51.50 |
| Ratingdog Services PMI Index | 50.40 | 50.60 | 51.40 |
China Merchandise Exports | Type: macro_line | USD bn: 25.39 (2026-06-01) | Range: -14.55–39.64 | Trend(5pt): 28.5,-7.732,0.4113,7.56,25.39
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- China’s August Ratingdog Manufacturing PMI rose to 51.5 and Services PMI to 51.4, both exceeding consensus.
- Mainland equities edged higher while TAIEX fell 1.67% and USD/CNY eased to 6.71.
- PBoC set a slightly weaker yuan fix at 6.7829 as bond issuance accelerates.
Yesterday's Recap
China’s Ratingdog Manufacturing PMI climbed to 51.5 in August from 50.9, topping the 51.0 consensus and signaling firmer factory activity. The Services PMI printed at 51.4 versus 50.6 expected, extending the prior 50.4 reading and pointing to broader momentum. Shanghai Composite closed at 3,942.09, up 0.02 percent, while CSI 300 gained 0.10 percent to 4,552.58.
Hang Seng slipped 0.07 percent to 25,311.21 and TAIEX dropped 1.67 percent to 46,164.72. USD/CNY traded at 6.71 after a 0.16 percent decline, and USD/HKD held near 7.84. Copper rose 2.60 percent to 6.67 as a growth proxy, while gold surged 3.53 percent.
Brent crude edged 0.20 percent higher to 95.82 and Bitcoin advanced 5.40 percent to 81,476.62. The PMI beats occurred against a backdrop of accelerating government bond sales and continued scrutiny of PBoC liquidity operations.
The Day Ahead
No high-impact data releases or policy meetings are scheduled for mainland China, Hong Kong or Taiwan on September 3. Markets will monitor PBoC reverse-repo operations and any liquidity signals ahead of accelerated government bond sales. HKMA aggregate balance and peg mechanics remain in focus amid stable USD/HKD trading.
CBC watchers await any comments on semiconductor export trends or FX intervention. Traders also track yuan fix direction following the latest central parity at 6.7829. Attention will stay on any signals regarding potential RRR or MLF adjustments as bond supply ramps up, while cross-strait trade flows show no fresh policy shifts.
Other Economic Notes
China plans to speed up government bond issuance while PBoC liquidity operations stay under scrutiny. BBVA highlighted potential shifts of carry-trade funding into the yuan if the Bank of Japan raises rates further. US-China tensions persisted at the G20, with Treasury Secretary Bessent noting China’s reluctance to address cheap exports.
Bioscience and brain-implant rivalry added to bilateral friction. Property sector and credit data remain absent, leaving PMI beats as the main domestic signal. Additional coverage noted ByteDance securing a $30 billion loan to fuel AI ambitions and Moonshot’s confidential Hong Kong IPO filing.
