Relevant macro data and events

China and EM

The Chinese PBoC held its policy rate at 3.65% but cut its bank reserve requirement rate by 25 bps to 11%. Surging covid cases and hesitancy in dropping zero-covid quarantines led to street protests erupting in several Chinese cities. Following last month’s plan on real estate rescue, ICBC pledged 655bn yuan in credit lines to 12 Chinese developers. It followed prior lending initiatives from China Construction Bank.

In Taiwan, President Tsai Ing-wen resigned as head of the governing Democratic Progressive Party (DPP) after the opposition party, the Kuomintang (KMT), won several local elections including in Taipei. The KMT is considered less of a “China hawk” than the DPP.

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