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People’s Bank of China sets USD/ CNY reference rate today at 7.1987 (vs. estimate 7.2893)

August 21, 2023

People’s Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead. USD/CNY is the onshore yuan. Its permitted to trade …

Central Banks

PBOC Loan Prime Rates (LPR) CUT: 1-year 3.45% (prior 3.55%) & 5 year 4.2% (prior 4.20%)

August 21, 2023

A cut to the one-year rate of 10bp vs. 15 that was widely expected. And no cut to the 5 year rate at all. Thats …

Central Banks

Fed Chair Powell at Jackson Hole, BoA expect him to pushback against rate cut expectations

August 21, 2023

Federal Open Market Committee (FOMC) Chair Powell is speaking this week at the Kansas Fed’s Jackson Hole symposium. Note for diary & preview – Powell …

Central Banks

PBOC is expected to set the USD/CNY reference rate at 7.2893 – Reuters estimate

August 21, 2023

As a reminder, also coming from the Bank today: Economic calendar in Asia – People’s Bank of China rate decision due Forecast for two 15bp …

Central Banks

Goldman Sachs is not expecting a strong signal from Federal Reserve Chair Powell this week

August 21, 2023

Federal Reserve Chair Powell is speaking later this week at the Kansas Fed’s Jackson Hole symposium. Note for diary & preview – Powell to speak …

Central Banks

Wall Street Journal Fed insider Timiraos expects higher Fed ‘neutral’ rate ahead

August 20, 2023

Nick Timiraos in the Wall Street Journal over the weekend says to expect higher rates ahead. Despite the Federal Reserve’s raising interest rates to a …

Central Banks

Goldman Sachs expect 15bp rate cuts from the People’s Bank of China today

August 20, 2023

The People’s Bank of China will be cutting loan prime rates today, from earlier: Economic calendar in Asia – People’s Bank of China rate decision …

Central Banks

ICYMI – Japan to boost the minimum wage, “largest increase” ever

August 20, 2023

The Bank of Japan is keen to see rising wages to help cement inflation at or above its 2% target. The latest data shows CPI …

Central Banks

Weekend – the PBOC met with bank executives and told lenders, again, to boost loans

August 20, 2023

Representatives from the People’s Bank of China and other Chinese financial market regulators met with bank executives over the weekend and instructed the lenders, once …

Central Banks

Economic calendar in Asia – People’s Bank of China rate decision due

August 20, 2023

I posted a heads-up to the PBOC decision last week. Its due around 0115 GMT, which is 9.15 pm US Eastern time. Last week we …

Market Outlook

Markets Week Ahead: Gold, US Dollar, Nasdaq 100, Treasury Yields, Jackson Hole, China

August 20, 2023

Surging Treasury yields pushed down gold prices as the US Dollar outperformed and equity markets wobbled. Ahead, all eyes are on the Fed’s Jackson Hole …