MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1083 Tues; -1.77% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1083 TUES VS 7.1086

MNI China Daily Summary: Monday, June 3

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Initial Positivity Wiped Out

EQUITIES

A positive start quickly gave way to further declines in most Asia-Pac markets, the Nikkei and the ASX 200 were initially higher after US equity markets recovered into the close but the move higher was quickly erased.

  • Shares in mainland China ground lower from the open and negative sentiment seeped into other markets. The Hang Seng fell up to 2.5%, the main culprit was a report in the Hong Kong Economic Times that stamp duty on stock trading will be increased. The article has now been removed. HKEX were down as much as 9.3%, weighing on the index, after gaining over 30% this year with mainland inflows elevated.
  • US futures are lower, moving in a narrow range having recovered the bulk of their losses into the close yesterday after US Fed Chair Powell indicated that the FOMC had no intention of tightening policy in the foreseeable future.
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