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China’s yuan rose to a three-year high, with the onshore rate at 6.8287 per dollar and the offshore rate at 6.8268, as a US-Iran ceasefire improved risk sentiment and pressured the dollar. The People’s Bank of China set a stronger daily fixing at 6.8

2026-04-08

China’s yuan rose to a three-year high, with the onshore rate at 6.8287 per dollar and the offshore rate at 6.8268, as a US-Iran ceasefire improved risk sentiment and pressured the dollar. The People’s Bank of China set a stronger daily fixing at 6.8680, the firmest since April 2023, though still weaker than market estimates, signaling a preference for gradual appreciation. The PBOC has consistently bolstered the currency through firm daily fixings amid war-induced market turmoil, a move designed to anchor investor confidence in Chinese assets. The yuan has gained about 2.2% this year, outperforming regional peers, supported by China’s resilience to energy shocks, strong commodity reserves and expectations that higher oil prices could help ease producer price deflation.

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2026-04-08

Reserve Bank of New Zealand: However, any significant second-round inflation effect or signs of rising medium-term inflation expectations would require a decisive and timely increase in the official cash rate to re-anchor inflation expectations.

Reserve Bank of New Zealand: However, any significant second-round inflation effect or signs of rising medium-term inflation expectations would require a decisive and timely increase in the official cash rate to re-anchor inflation expectations.
2026-04-08

Crude Oil: 1. The war with Iran pushed Russian crude oil prices to a 13-year high. 2. Hungary plans to sign a $500 million oil purchase agreement during Vance's visit. 3. French Junior Energy Minister: Approximately 18% of French gas stations lack

Crude Oil: 1. The war with Iran pushed Russian crude oil prices to a 13-year high. 2. Hungary plans to sign a $500 million oil purchase agreement during Vance's visit. 3. French Junior Energy Minister: Approximately 18% of French gas stations lack necessary supplies. 4. European natural gas prices fell by as much as 20% after the US-Iran ceasefire agreement. 5. Maersk: Currently, we are taking a cautious approach and will not make any adjustments to specific route services. 6. Surveys show that OPEC's oil production saw its largest drop in decades last month due to the war. 7. Philippine Central Bank: The sharp and sustained oil price shock could trigger spillover effects, leading to widespread price pressures. 8. Malaysian Commodities Minister: Plans to expand the palm oil-based B20 biodiesel program nationwide in phases. 9. Shipping data shows that India will receive Iranian crude oil this week, marking its first purchase of Iranian crude oil in seven years. 10. IATA CEO: Crude oil prices are expected to fall, but jet fuel prices will remain slightly above normal due to refinery damage. Precious Metals and Mining: 1. UBS: Lowered its end-June gold price forecast to $5,200/oz. 2. Iran's largest aluminum producer, Iran Aluminum, was attacked by airstrikes. 3. Kazakhstan's Energy Minister: Plans to increase coal production by 11.2% by 2026. 4. The People's Bank of China increased its gold reserves for the 17th consecutive month, with reserves rising by 160,000 ounces at the end of March. 5. London Metal Exchange copper registered warehouse receipts increased by 29,500 tons, the largest increase since July 2024.
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