China's long holiday starts today - markets are closed and there will be no CNY reference rate setting today and all next week.
However, there is data due over the weekend:
As for other economic indicators, Bank of America have a note out which includes a look at China and what's to come:
CPI inflation (the latest reading was +0.3% y/y) forecasts:
- expected to increase to 1.8% in 2024
- 2.1% in 2025
- BoA says the country is in the midst of fighting deflation
GDP growth forecasts:
- 5.1% this year,
- 4.8% in 2024
- 4.8% in 2025
Boa add that China “is suffering a confidence shock and the government needs to come up with a comprehensive plan to stabilize expectations”.
