Asia Market Movers: China gives banks more leeway to sell bad personal loans, as defaults mount

Wednesday, 07 Jan, 2026 News China gives banks more leeway to sell bad personal loans, as defaults mount Summary: China extends policy allowing disposal of bad personal loans Aim is to support banks amid rising defaults and weak margins Transfers of bad personal loans surged sharply last year Credit card Commodities Russia deploys submarine to escort tanker amid U.S. pursuit off Venezuela Summary: Russia sent a submarine to escort a tanker the U.S. is trying to seize. Bella 1 reflagged itself with a Russian flag and renamed to Marinera amid pursuit. Moscow has formally protested U.S. p Learn more Central Banks PBOC sets USD/ CNY mid-point today at 7.0187 (vs. estimate at 6.9896) 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 Central Banks Australian CPI slows to 3.4% in November, core inflation still firmly above target Summary: Headline CPI slowed to 3.4% y/y, below expectations ( more data here ) Monthly inflation flat at 0.0% Trimmed mean eased to 3.2% y/y, still above target Housing, food and transport remain key News Japan services PMI slows in December as cost pressures intensify Summary: Japan services PMI slowed to 51.6 , weakest since May New order growth softened despite renewed export demand Employment rose at fastest pace since mid-2023 Input costs and selling prices acc News DATA: Australian CPI November 2024 3.4% y/y Australian CPI November 2024 Headline y/y 3.4% expected 3.7%, prior 3.8% Headline m/m 0.0% prior 0% Trimmed Mean y/y 3.2% expected 3.2%, prior 3.3% Trimmed Mean m/m 0.3% prior 0.3% Posting the data he Central Banks PBOC is expected to set the USD/CNY reference rate at 6.9896 – 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 Commodities OIL - Trump says tens of millions of Venezuelan barrels to flow to U.S. markets Summary: Trump says Venezuela will send 30–50m barrels of oil to the U.S. Proceeds from sales to be controlled by the U.S. administration Move follows U.S. capture of Maduro and international backlash Learn more Central Banks China flags rate and RRR cuts in 2026 as PBoC leans dovish Summary: PBoC signals rate cuts and RRR reductions in 2026 Monetary policy to remain "appropriately loose" Focus on boosting demand and stabilising growth December LPR left unchanged for seventh strai

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