Asian Stocks Rise as Weak US Jobs Data Eases Fed Rate Hike Bets 
Wall Street Slips as Oil Prices Surge 5% on Iran-Hormuz Uncertainty 
Japan Posts First Current Account Deficit in 17 Months as Dividend Payments Surge 
Oil Prices Rise as Hormuz Reopening Remains Uncertain 
Gold Price Hits Two-Month High as Investors Await US Inflation Data 
Singapore Raises 2026 GDP Growth Forecast to 4.5%-5.5% as AI Boom Fuels Economy 
UK Retail Sales Rise as World Cup and Heatwave Boost Food, Pubs and Clothing 
BOJ Signals Faster Rate Hikes as Inflation Risks Raise September Move Odds 
The USD/CNY currency pair is expected to fluctuate in a range of 6.70-6.80 at the moment, with a downside potential. Further, a sharp yuan depreciation does not seem to be in the Chinese authorities’ interest this year that is the 70th anniversary of the founding of the PRC, according to the latest research report from Scotiabank.
China will step up measures to spur economic growth amid a slowdown. The nation’s outstanding total social financing growth remained weak in December, while M2 money supply growth increased somewhat to 8.1 percent y/y.
Zhu Hexin, Deputy Governor of the PBoC, Xu Hongcai, assistant minister of the MoF and Lian Weiliang, vice-chairman of the NDRC briefed reporters in Beijing at a news conference organized by the State Council Information Office on Tuesday, the report added.
Also, PBoC Deputy Governor Zhu Hexin said that a prudent monetary policy does not mean that there would be no changes and existing monetary policy measures should be improved when asked if the central bank should cut benchmark interest rates.
"We maintain our short USD/CNH positon with a target of 6.70 amid China’s pro-growth policies," Scotiabank commented in the report.
