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China: Welcome relief in a long race – Standard Chartered

US-China trade truce is offering a welcomed relief. Markets expect a H2 slowdown and forecast 2025 growth at 4.9%; deflation pressure to linger, Standard Chartered's economists report.

US-China trade truce eases pressure on China

"With the US-China trade truce offering welcome relief, we see no urgency to ramp up stimulus by year-end. We maintain our call of another 10bps policy rate cut in Q4, with a risk of a pause until 2026."

"Longer-term, China will likely focus on developing home-grown technology while pushing for RMB internationalization. The government appears to be aiming for average growth of around 4.5% in the next five years."

USD/CNH: Likely to trade in a range between 7.1170 and 7.1290 – UOB Group

US Dollar (USD) is likely to trade in a range between 7.1170 and 7.1290. In the longer run, USD has likely entered a range-trading phase between 7.1120 and 7.1330, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
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South Africa Manufacturing Production Index (YoY) climbed from previous -1.5% to 0.3% in September

South Africa Manufacturing Production Index (YoY) climbed from previous -1.5% to 0.3% in September
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