The Traderszone Network

Should be an ugly start after the overnight stock thrashings …
– Shanghai Composite to open down 1.5%
– CSI300 top open down 1.3%

People’s Bank of China (PBOC) sets yuan reference rate
– yesterday’s fix was at 6.3915
– yesterday’s close was 6.3890
One thing we know of the People’s Bank of China’s fixing procedure is that they have regard to overnight US dollar moves. With the UA dollar dropping a little overnight, the yuan is fixed higher today.

Back in May, the BEA officially jumped the shark when, to delighted cheers from the San Francisco Fed and Steve Liesman, it announced that going forward, US GDP data would be double seasonally adjusted. 

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Bloomberg report on the views of Barnabas Gan, an economist at Oversea-Chinese Banking Corp (OCBC)
– Says the Federal Reserve will still raise U.S. interest rates this year and that’ll hurt gold
Bloomberg add that OCBC was the most accurate precious metals forecaster over the past three quarters (according to rankings complied by Bloomberg).

More from Amari:
– Expect chinese govt to take steps to prevent its economic slowdown from becoming a global problem
– (Japan’s) Government will hold dialogue with private sector from autumn to discuss how to boost capex
And, he adds on China:

FDA decisions for Bristol-Myers Sqibb’s Opdivo and Merck’s Keytruda get pushed back.

Currently 1.1237