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EMERGING MARKETS: Iron Ore Recovers Further, EM Central Banks Hold Rates

EMERGING MARKETS
  • China set its daily reference rate for the yuan broadly in line with expectations for the first time in more than a year, signaling its comfort with current currency levels following a rebound. The People’s Bank of China set the so-called fixing just seven pips away from the estimates in a Bloomberg survey of analysts and traders. The gap was the smallest since June 2023.
  • Thailand: The central bank left its benchmark interest rate unchanged for a fifth straight meeting, as policymakers await clarity around the new government’s agenda and gauge risks to the economy from deteriorating credit quality. The Bank of Thailand voted 6-1 to maintain the one day repurchase rate steady
  • Indonesia: The central bank held its benchmark interest rate steady as expected, signaling that it will wait until the fourth quarter before pivoting when the Federal Reserve has gotten its easing well under way. Bank Indonesia left the BI-Rate unchanged for a fourth straight month at 6.25% Wednesday
  • Iron ore rose for a third day - recovering more of its 9% plunge last week - on signs Chinese authorities will take more steps to try and revive the country’s moribund property market. The steelmaking staple climbed as much as 3.5% in Singapore following a report late on Tuesday that Beijing is considering allowing local governments to buy unsold homes by issuing so-called special bonds. The potential move comes after a series of rescue packages failed to prop up the real estate market, which is a major source of demand for iron ore.
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