The central bank also said it collected 2 billion yuan ($285 million) through 7-day reverse repos and 10 billion yuan through 14-day operations. The 7-day rate was kept unchanged. — Abigail Off
Cathay Pacific shares rise on report Hong Kong may end hotel lockdown
Oil prices are rising as the lifting of the lockdown in China boosts the demand outlook
Oil prices rose on Monday as the Chinese metropolis of Chengdu emerged from a two-week lockdown. Both oil benchmarks rose more than 1 percent each earlier in the session, and Brent crude futures were last up 0.66 percent at $91.95 a barrel. US West Texas Intermediate gained 0.56% to $85.59 a barrel. The boost to the demand outlook offset fears that possible rate hikes later this week would raise recession risks. — Lee Ying Shan
CNBC Pro: This ETF carries risks — but performs better when volatility rises
As volatility rears its head once again, investors looking for a short-term trade could choose this ETF with a history of outperforming during periods of extreme market movements. “I think the prospect of very quick and significant gains when everyone else in the market seems to be losing their shirts is attractive to this fund,” said Daniel Martins, chief researcher and portfolio strategist at DM Martins Research. However, despite the potential for high returns, the ETF carries a high level of risk and is not for every investor. Professional subscribers can read more here. — Zavier Ong
China’s yuan has room to weaken further in the near term, says Goldman Sachs
There is still room for further weakening of the Chinese yuan, Goldman Sachs economists said, after both the onshore and offshore yuan fell to their lowest levels since July 2020 last week. “We expect CNY weakness to continue in the near term, supported in part by broad dollar strength,” the strategists said in a note, adding that the next key level to watch is 7.20, which was last tested in May of 2020. Such a move, however, would come alongside a “substantial” strengthening of the US dollar, they said in the note, adding that “the CNY is unlikely to weaken by 3% in isolation.” — Jihye Li
CNBC Pro: Buy these inflation-beating funds to protect your money, strategist says
With inflation remaining stubbornly high, where can investors hide given that US stocks and bonds have been volatile? There are three types of mutual funds that look attractive right now, according to Mark Jolley, global strategist at CCB International Securities. Name his favorites in each category. CNBC Pro subscribers can read more here. — Weizhen Tan
