People's Bank of China. The yuan fix is a daily trade-policy signal; devaluation exports deflation.
What to watch: LPR; RRR; yuan fixing. It arrives monthly, and the effect typically lasts months.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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Trends tracked by this
Also in Global markets and other central banks
- China growth and policy
- European Central Bank
- Bank of Japan and the yen carry trade
- Bank of England and other central banks
- Eurozone growth and politics
- Emerging-market stress
- Sovereign credit ratings
- Japanese government bonds and fiscal stress
- China property slump and deflation export
- India growth and reform
- Eurozone inflation (HICP)
- German IFO and ZEW surveys
- UK inflation, gilts, and the Bank of England
- Japan inflation, wages, and Tankan
- China PMIs and total social financing
- Korean and Taiwanese export data
- Canada and Australia rates and housing
- India inflation and RBI policy
- European fiscal policy and joint debt