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Daily Insights 

April 27, 2015

Yuan tumbles as Chinese equities soar

  • European equity markets have traded within a narrow range with many indices opening on a weaker note. Asian equities were strong despite the lack of a breakthrough on Greece and below-consensus readings in global PMIs. The Shanghai composite is leading the pack with a gain of 1.8%, followed by the Hang Seng Index. The yuan declined sharply today on unconfirmed speculation that the PBoC may be considering purchases of local government debt as well as further rate cuts (Bloomberg). We expect China’s PMI to be somewhat weak for April, which could weigh on market sentiment.
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