Asian shares dip, drama in Japanese bond market

Asian shares dip, drama in Japanese bond market

The US leader is already embroiled in a messy trade spat with China and Europe, while negotiations with Canada and Mexico to revamp the North American Free Trade Agreement have stalled. -China trade tensions and supply increases meant oil prices saw their third weekly loss.

Economists have not ruled out further reserve requirement reductions this year.

There are additional headlines being printed that could have an effect on the direction of gold prices, but only if they affect the three main influences on gold at this time - appetite for risk, raising Treasury yields and the U.S. Dollar. The Shanghai Composite index was 1.6 percent higher at the midday break and the blue-chip CSI300 index gained 1.7 percent.

In the past month, the yuan has weakened about 4.5 percent against the dollar, despite the PBOC's governor, deputy governor and the head of the banking and insurance regulator having each expressed confidence in the currency and stressing that China does not plan to devalue to gain a competitive advantage.

Shrugging off the weaker yuan, China's stock markets rose as investors cheered the prospect of policy easing and picked up bargains. It was trading at 6.8350 as of 0830 GMT.

"Stock markets are enjoying a decent move higher. receiving a dual boost in sentiment from a proposed Chinese fiscal stimulus and a better than expected set of results from Google-parent company Alphabet", said David Cheetham, chief market analyst at traders XTB.

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Traders said growing expectations of an easing in monetary policy piled pressure on the Chinese yuan.

The long-awaited wealth management rules, released Friday, aim to push banks to standardise their wealth management businesses and to invest wealth-management product funds into the capital markets in a compliant way.

Trump launched his latest trade salvo on Friday, accusing China and the European Union of currency manipulation and saying he was ready to impose tariffs on all Chinese imports coming into the United States. It was last down 0.2 percent at 94.27, the lowest in more than two weeks.

Currently, the good fundamentals of China's economy provide strong support for the exchange rate of the yuan to remain generally stable. The yield on Japan's benchmark 10-year bond, which moves inversely to its price, jumped 5 basis points to 0.08 percent, the yield on the long-term 30-year surged 8-1/2 basis points to 0.76 percent and the yield on short-term 2-year remained 2 basis points higher at -0.10 percent.

The fixing matched market forecasts and dragged the spot rate lower.

Reactions in financial markets were widespread, as US Dollar related assets pinballed in line with the greenback.

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