Asia Market Movers: PBOC is expected to set the USD/CNY reference rate at 6.8087 – Reuters estimate

Thursday, 07 May, 2026 Central Banks PBOC is expected to set the USD/CNY reference rate at 6.8087 – 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 Forex Japan's Mimura yen verbal intervention again - says closely watching FX Japan's Mimura yen verbal intervention again - says closely watching FX. Earlier: Bessent to raise weak yen with Japanese officials in Tokyo meetings next week While Mimura's comments are nothing out Learn more Central Banks BOJ March minutes says rates will be raised in line with improvements in economy, prices Bank of Japan held rates at 0.75% in March in an 8-1 vote, with minutes showing the board debated Iran war inflation risks and the danger of falling behind the curve on price stability. Full text here News EU parliament negotiator says trade deal work is not yet done as May talks loom EU parliament trade chief Bernd Lange says good progress has been made on EU-US trade deal legislation but more work remains, with the next trilogue set for May 19 in Strasbourg. Summary: European Par Commodities Oil insider trading fears after volume spike precedes Axios Iran report (rinse, repeat) Around $1.7 billion in U.S. crude futures changed hands in the hour before an Axios report on a potential U.S.-Iran peace deal sent oil prices lower, with multiple experts calling the activity suspici Central Banks Bank of Canada head Macklem warns consecutive rate hikes possible if oil prices stay high Bank of Canada Governor Tiff Macklem warned that if high oil prices begin feeding into broader inflation, the central bank may need to deliver consecutive increases to its policy rate. Summary: The Ba Forex Yen intervention risks failure as Iran war clouds Japan's currency defence Japan's suspected JPY5-6 trillion yen intervention may prove its least successful yet as the Iran war leaves authorities at the mercy of unpredictable geopolitical factors, MUFG warns. Summary: Japane Central Banks RBNZ Gov Breman expects higher near term inflation and weak growth RBNZ Governor Breman: Expect New Zealand house prices to remain flat, increase a “little bit” over time Expect somewhat higher near term inflation Expect somewhat weaker growth but we still expect gro Learn more Central Banks Bessent to raise weak yen with Japanese officials in Tokyo meetings next week U.S. Treasury Secretary Bessent will visit Japan next week for talks covering the weak yen, rare earths and energy procurement, with individual meetings scheduled with the PM, finance minister and Ban

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