Keep in mind, that The Conference Board Leading Economic Index for China is not usually an immediate FX market mover, but is interesting as background material.
Comments from the report:
Leading Economic Index increased 1.0 percent in August following a 0.9 percent increase in July and a 0.5 percent increase in June
- Total loans issued by financial institutions and floor space started made the largest positive contributions to the index
- Consumer expectations index, the PMI new export orders index, and the (inverted) PMI supplier delivery index declined in August
- "The August gain in the LEI for China stemmed primarily from bank loans and better performance in housing starts," said Andrew Polk, resident economist at The Conference Board China Center in Beijing. "However, compared to a year ago, housing starts remain deeply entrenched in contractionary territory, suggesting no real improvement in the property market. In addition, the LEI's six-month growth rate has decelerated, pointing to weakening economic conditions in the months ahead."
Bolding is mine. There has been the odd positive report around on China housing, the Conference Board isn't buying it, though.
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For more on China, I posted this yesterday: China Beige Book (private economic survey) says economy not as weak as it looks
Worth a read on what has been a quiet Japanese holiday session the FX market so far. Or, watch Everybody Loves Raymond (works for me :-D )
