On Wednesday (14 June), due at 0200GMT is key data for May:
Despite assurances of efforts to focus on deleveraging both of the two major data points, New yuan loans & Aggregate financing surged ahead of expectations for April. There may have been some ‘front-loading’ of demand for loans in April (ahead of anticipated tightening of regulations) and we’ll see some give-back in May (and in months ahead). If we get financing data coming in above expected again this month it should be a negative input to the AUD based on More determined deleveraging efforts still to come from China …