HALISTER1: INSIDE ASIA: China Said to Draft Rules for Tobin Tax on FX Trade

INSIDE ASIA: China Said to Draft Rules for Tobin Tax on FX Trade

(Bloomberg) -- Yuan trims losses after people with knowledge of the matter said China’s central bank has drafted rules for a Tobin tax on currency trading.
  • PBOC weakens yuan fixing by most since Jan. 7; State Administration of Foreign Exchange recently inquired about use of Qualified Domestic Institutional Investor scheme quotas and whether participants face FX pressure, China Business News reports; gold reserves should be increased to match nation’s GDP level and help make yuan an international currency, Economic Information Daily reports
  • Aussie falls for second day; Reserve Bank of Australia reiterates continued low inflation would provide scope to ease policy further, should that be appropriate to lend support to demand, according to minutes of March 1 meeting.
  • Yen rises before Bank of Japan’s monetary policy decision today; 35 of 40 economists surveyed by Bloomberg forecast BOJ will keep policy unchanged at the meeting; BOJ seen cutting economic assessment on exports: Nikkei
  • Won drops, set to snap three-day rally; South Korea revises FX trading rules so that non-banking institutions can perform FX-related businesses unless they are specifically banned by the rule, finance ministry says
  • U.S. Treasuries steady, with yield on 10-year bonds at 1.961%; data today may show retail sales in the world’s largest economy fell 0.2% in February from month earlier when they rose 0.2%: Bloomberg survey
  • Singapore dollar declines; retail sales in city-state increased 3.1% in January from year earlier versus 2.9% gain in December, according to Bloomberg survey before data today
  • Rupiah weakens; Indonesia’s exports probably fell 14.75% in February on year and imports likely slipped 11.53%, leaving trade surplus of $108m, a separate Bloomberg survey shows before today’s data; World Bank revises Indonesia 2016 GDP forecast down to 5.1%
  • Peso slips; overseas workers’ remittances to Philippines may have advanced 3.5% in January on year after gaining 4.9% in December, according to economists surveyed by Bloomberg before data today
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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