Well, all of a sudden the Asian timezone is back in the limelight

Well overdue, IMO (of course)

All eyes will be on the setting of the yuan reference rate

This happens at 0115GMT each day

Yesterday's move, so the PBOC says, is all about letting the market have more input into the reference rate set (its not a 'fix' as that's commonly understood ... it's a central rate the People’s Bank of China set each day where the currency is allowed to trade around, plus or minus 2%). If that's the case then there should be another huge devaluation today. Which is a conundrum for the PBOC. If they look at where the market is, then they'll need to devalue again in setting the reference rate. But, they said yesterday was a one-ff.

Ha.

Let's see.

My money is not on another big devaluation ... they'll move it a bit and say they took some input from the market rate, but it's the PBOC that decides, not the market. I reckon that's what they'll say. We'll see.

(ps. For those interested, the yuan does trade outside the +/- 2% band. That's the 'offshore' yuan trade, USD/CNH instead of USD/CNY).

OK, where was I? Data due today:

Coming up at 0530GMT:

Retail Sales for July y/y,