Diary note – markets in China will be closed on Wednesday, Thursday and Friday this week

During Labour Day holidays, travel volume is high. China’s prime tourist destinations are frequently visited.

Markets in China are closed for the holiday. There will be no CNY rate setting, for example.

Meanwhile this from the FT on rising sovereign yields in China:

The FT (gated) says

Chinese regulators warn against Silicon Valley Bank-style meltdown
Regional banks have been piling into long-dated sovereign bonds since January

This article was written by Eamonn Sheridan at www.forexlive.com.