Asia Market Movers: PBOC sets USD/ CNY reference rate for today at 7.0471 (vs. estimate at 7.0240)

Wednesday, 24 Dec, 2025 Central Banks PBOC sets USD/ CNY reference rate for today at 7.0471 (vs. estimate at 7.0240) The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate sy Stocks ICYMI - Tesla sales plummet in UK and Europe as EV market turns hostile Summary Tesla UK sales fell sharply in November, echoing wider European declines Germany and France saw particularly steep drops in Tesla registrations Competition from Chinese automakers, especially Learn more Central Banks PBOC is expected to set the USD/CNY reference rate at 7.0240 – Reuters estimate The People's Bank of China is due to set the daily USD/CNY reference rate at around 0115 GMT (2115 US Eastern time), a fixing that remains one of the most closely watched signals in Asian foreign exch Central Banks Japan policymakers flag inflation persistence and asset-price risks in October BoJ minutes I posted earlier on why this doesn't rally matter too much, the meeting pre-dates December's much more consequential rate hike and the subsequent swings in the yen: Economic and event calendar in Asia Central Banks Bank of Japan Services Producer Price Index (November) +2.7% y/y (expected & prior 2.7%) The Corporate Service Price Index (CSPI), more commonly referred to as Japan's services producer price index, measures the change in prices charged between companies for services, such as transport, c Central Banks ICYMI - Rising yields force Japan to budget for higher debt-servicing costs Summary Japan plans to assume a 3% interest rate on bond expenses in its FY26 budget The assumption reflects rising JGB yields and BOJ policy normalisation It marks the highest budgeted rate in roughl Commodities Oil: Private survey of inventory shows a headline crude oil build vs. draw expected The oil folks seem to have packed it in for the year, this via a telegram channel: -- Expectations I had seen centred on: Headline crude -2.4 mn barrels Distillates +0.4 mn bbls Gasoline +1.1 mn --- T Central Banks Economic and event calendar in Asia Wednesday, December 24, 2025: BoJ minutes (preview) It's a light calendar ahead for Asia, except for the Bank of Japan minutes. The caveat is, of course, that the minutes are those from the October 2025 meeting, which was a place holder at best. The o Learn more Central Banks Bank of Canada Governing Council meeting minutes from the December 10, 2025 decision Policy rate held at 2.25% , with Governing Council judging current settings as appropriate and at the lower end of neutral after 100 bp of cuts earlier in 2025 Canadian economy showing resilience , su

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