Asian equities were largely higher except for Japan while Hong Kong and China outperformed. Too much too soon!
Asian equities were largely higher except for Japan while Hong Kong and China outperformed. Too much too soon! I completely jinxed CNY’s rally by highlighting it yesterday. The PBOC tempered the rally by raising banks’ foreign exchange deposit ratio by 2% to 9%. CNY slipped to 6.37 from yesterday’s 6.35. Despite today’s pullback, CNY has gained 11% versus the US dollar in two years. That is an amazing return considering the Western media narrative that China’s economy is imploding. Investors did not care about the morning release of CPI and PPI data as the PPI data shows moderation in inflation month-over-month as efforts to bring down commodity prices are starting to take effect.
