Japan Current Account n.s.a. came in at ¥960.7B below forecasts (¥987B) in December

The PBOC’s Q4 monetary policy report released over the weekend suggests that RRR cuts could add to depreciation pressure on the RMB and warns against largescale monetary easing, notes the team at Goldman Sachs (Asia) L.L.C, concluding that over a longer horizon, the report signals a moderately dovish bias.