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ASIA

Coming up in the Asia-Pac session on Tuesday:

USDCAD TECHS

Corrective Bounce

AUDUSD TECHS

Bearish Threat Following Friday’s Sell-Off

EURJPY TECHS

Finds Support Below The 50-Day EMA

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The following lists highlights from Chinese press reports on Monday:

  • The People's Bank of China should continue to implement prudent monetary policies with sufficient liquidity and structural monetary tools while monitoring the impact of possible monetary tightening in Europe and the U.S., Yicai.com reported citing Wang Xin, the director-general of PBOC's Research Bureau. The central bank can also create favorable liquidity for special bond issuance aiming to replenish banks' capital, Wang was cited as saying. The PBOC can better promote social investment in low-carbon transformation and green industries to create more job opportunities and vigorously develop green financial products such as green municipal bonds, Wang was cited as saying by the newspaper.
  • China should adopt more proactive macroeconomic policies to deal with the challenges as the Omicron threatens global recovery, said the Securities Times in a commentary. China's monetary and fiscal policies this year are relatively restrained, leaving enough policy space for next year, the newspaper said. China should adhere to strict epidemic control measures to ensure a more positive economic outlook next year and avoid interrupting the economic development plan, the newspaper said. New drivers of economic growth will continue to emerge with major projects of new energy and high-tech infrastructure in the country's 14th Five-Year Plan kicking off, the newspaper added.
  • China can make more use of its advantages having effective epidemic control and large policy space to maintain the momentum of growth even as the U.S. tilts toward a tighter monetary policy, wrote Guan Tao, the chief global economist of BOC International and a former forex regulatory official in a commentary on Yicai.com. The central bank should further increase the flexibility of the yuan, as freer two-way movement helps absorb internal and external shocks and balance the market, said Guan. China should also continue to prudently promote the two-way opening of its financial sector and guide companies to better manage currency exchange risks and foreign debt repayment, Guan added.