further methods to instill confidence in the market including changing the head of the csrc.r or not that's going to make a difference in terms of sentiment and confidence, that remains to be seen. in terms of the chinese yuan. flip the page. take a look at where we are trading in terms of japan. it's coming back from lunch break. it's in positive territory. outperformer in the region. trading up by 1.7%. getting a lift from chipmakers on the back of a bullish forecast as expansion of the market is paying off. surging as much is 42% in late trading. on the back of that, we are keeping softbank ahead of its earnings. it's likely to benefit. it has a stake. it's expected to have one of its best quarters in years. softbank probably pricing it in by investors trading up by almost 10% rent at -- right now. topics also in positive territory. it is saying that it's unreasonable for continuous rate rises when it does make an exit from negative rates. speaking of softbank. shares have soared in tokyo after arm holdings gave a surprisingly bullish earnings forecast, beating analyst x -

we had the csrc saying you are not going to be able to sell stocks the last 30 minutes.hat's going to have implications longer-term on foreign investors. mark: it is good near-term, helps to stabilize the market. it is a huge domestic market, there's plenty of money which is trapped inside china that is not going to go anywhere. they have their own hedge funds. foreigners have a choice. big money that flows around the world could go to nvidia, to japan, india. it does not like being told you cannot trade during these hours. it does not like restrictions. long-term this is not going to help for the money come back. the data was delayed, the data showed us foreigners did not put much money into china last year. that is not going to come back quickly of china continue to put on these restrictions. it is not helpful in the long run. haslinda: you are saying the technical bull for china is not going to be so far away? mark: it is not so difficult. the csi 300 was so dramatically oversold it is like me to bounce 20% from the recent low -- likely to bounce 20% from the recent l

came up with some strategies on how to crack down on what the csrc has repeatedly said was maliciousctivity in shortselling and the like. so what we have seen of course is the csi 300 pain for the past seven sessions including before and after the lunar new year holiday. the hang seng index in hong kong has been up five of six sessions. you dragged out the chart back to 2021 when the market was at a peak. you are still seeing the csi 300 down 40% from the february peak of 2021, and the hang seng index is down 47%, losing about half of its value over that time. again, there is a need according to the regulator to add not only confidence to the market, but discipline as well. and that is where he comes in because he is known as a disciplinarian and a hardliner enforcing the rules. what we are hearing from sources is in addition to all the other piecemeal steps that the regulator has taken, which has not done a lot to make a sustainable recovery. now we are seeing perhaps the most forceful move by the regulator. again, they are banning major institutional investors from reducing equity

the crs rc -- csrc its value to stabilize markets. it's unclear the extent they are willing to go to. i don't think we will get a kitchen sink abroad from beijing. anything short of that, will it changes the ultimate narrative when it comes to how investors feel? ken: if we get to 10 trillion, that would be helpful. even the previously rumored to trillion has not kicked in yet. i do not know what the exact plan is. i think so far what we see is we are throwing a lot of money at a problem that is not caused by lack of money. last year was twice the speed of global gdp. there is no lack of money. what they lack is confidence. what they need to do is generate more economic dynamism by reducing control, reducing regulation, pushing forward governance so more companies are more likely to increase r.o.e., dividend payments, buybacks, similar to the tokyo stock exchange. it's not setting up stabilization funds. i do not think that will be helpful in the long run. given where we are in valuations and sentiment it might not take so long to hav

the csrc has taken a number of steps, piecemeal approach, some would say, to stem this slide.e have seen when certain announcements are made, the market goes up and then peters out. of the cart, the chicken, or the egg, which is the bigger problem, the stock market or is that a proxy to the bigger problems? the property market slump, the ceiling, consumption trends, geopolitics, the regulatory crackdown on big tech companies, etc.? this at least sends a forceful message to the market and to domestic investors that we are taking this seriously, and perhaps this new guy who will be coming in, and i will talk about him in just a second, perhaps will get the political forcefulness to make some changes, and the guy who is coming in is a veteran banker, a veteran of the regulatory framework in china. his nickname colloquially in china is the broker butcher, which essentially goes back to the mid to thousands -- mid -2000's when he led a regulatory crackdown on perceived malfeasance in the brokerage industry and 21 different brokerages were shut down in china from his investigation a

this is what the seersucker csrc came out and vowed yesterday, to prevent abnormal fluctuations. how is the big question. how will you forget that prevent that? they say they will get medium to long-term funds into the market. so, they will get some funds into the market. we don't know how much. there has been a lot of talk about a market stabilization fund. still no details on that. and they also want to crackdown on what they call illegal activities like malicious shortselling and insider trading. there is no details on who is doing that and how it is affecting the market now. annabelle: i don't think anyone can blame you for being a bit speechless. at this point, what else can we say? what can we say? what can authority say or do to actually being change sentiment? -- meaningfully change sentiment? stephen: there is the chinese academy of social sciences. i am sure you have heard of them and worked with them on stories. they are a government think tank and an advisory body to the communist party but how much sway they have is yet to be determined. they are coming out saying au

we got the removal of the csrc head and the replacement. that is like a football team, you change the manager to give the team a new lease of life. we change the manager. it will they announce new policies and give us a going forward as we come back from the lunar new year break? maybe that is enough to restore some of the confidence, but over the lunar new year i would caution probably the data we will see on travel, tourism, box office visits will not be looking good to give it where consumer confidence is, so something needs to happen for the markets to lift chinese equities again. tom: the high-frequency data out of china over the holiday will be interesting. the gravitational pull of the china story. thank you. shares in chip designer arm sword -- soared in a blockbuster earnings report. the chief executive said arm is poised to be a key beneficiary of the ai boom. >> this is really the result of strategies that were put in place a number of years ago that are now coming to fruition. >> when we think about the vindication, when we thin

brokerages in china in the mid to thousands, so he is going to basically enforce discipline because the csrc in the last few days, as late as monday, came out and said we have evidence of malicious shortselling, stock market manipulation. if there is malfeasance happening, this guy is going to rooted out, and they will have a weeklong holiday to come up with a strategy. >> yes, as we head into the year of the dragon comment is it supposed to be the most auspicious of the horoscope. powerful, world success, not exactly themes we are associating with the target economy at the moment. we will get more data to that. >> that's right. deflation persists, and that's a real difficult situation for an economy that is trying to get out of this slump on multiple fronts, as i just mentioned. we are going to get cpi inflation numbers. expecting a fourth consecutive month of consumer price deflation. we know consumer prices have been week for 15 consecutive months. that is also expected to continue. we are headed into the weeklong holiday. if they will be spending, the administered of congress has already

john: what we understand so far is the csrc has gone to the major asset managers in china, the proprietaryrading desk at the brokerages, and told them in the first 30 minutes of trading in the last 30 minutes they are not allowed to have a net sell position. that means they can sell some shares but they have to buy more than they sell. as you said this is the latest step the new head of that agency has taken since he took over right before the lunar new year holiday. the government has been taking all sorts of measures to try and bolster the market. so far it has worked. the three trading days we have had since the holiday, they have all been in the green. paul: we also have china drafting a new law to promote the development of the private sector economy. how important is this going to be in terms of propping things up? john: what we understand from state tv is the law is being drafted to address some major concerns private businesses have. they are a major employer in the cities especially in the understand china has been having troubles with youth unemployment. so that is one outlet for

csrc has been out with a bunch of directives including a press statement on sunday saying it has found evidence of malicious shortselling and other admirable behavior. they are trying to -- other abnormal behavior. they're trying to crack down on that. annabelle: even angle with the latest. turning to her other big story, there's there in australia widely expected to hold interest rates at a 12 year high. maintain the hawkish starts against elevated inflation. the first decision of the year the first and the revamped communication strategy. let's bring in our economics reporter for more. you were saying you will be glad when the day is over. there has been a lot of anticipation in the first meeting under the new regime. >> it has been two months we heard from the reserve bank and out we are going to hear them -- from of them in new structure. we are going to be -- they are going to be releasing the quarterly forecasts along with the rate decision which is new. it did not happen like that earlier. they would release three days later. there is going to be a lot of information we will get

that's why all the measures we have seen so far, including a change at the top of the csrc, not quite working out. you have to wonder what it takes to reverse the situation, whether the year of the dragon will be any different. whether we get ca turnaround after three years of losses. david: it has been a long time, i think you hit the nail on the head. this is a market that has underperformed for three years. four, depending on the benchmark. when you have the u.s. market that continues to outperform, 5000, and you have stocks like meta that are giving you almost crypto related gains, 20% with meta-last friday, what is he going to take for the incremental buyer to step back in? if they have kept their distance from this market. to your point, back in 2015, we had a problem of deflation in china. there were structural issues. we don't have things like the housing market as an issue. we have both these years, on top of the fact that you have other markets gaining a lot of traction. global macro movers. the markets are up and running now. we talked about the dollar, global equities, mob

we have the csrc saying it supports that move.panies to buy back their own shares to provide further support in the market. it is doing some good for the markets. at least for the short-term time. the csi 300 index, the territory reversing all losses with it up as much as 2% at one point. hsi also in positive territory. they receive a buying sentiment across the board, except for the csi 2000 index. this is a small-cap index with lots of liquidity, and that is not showing any upside as we speak. the asx 200 index under pressure as we await a decision for the rba. it is expected to -- rates expected to stay at 12 year high. the dollar inching slightly downwards, lifting some of the currencies that we see right now. the qe up by 2/10 of 1%. emerging markets currencies continue to be under pressure. it is about when the fed will make that cut. we are seeing movements in the bond markets. yields trending higher as we continue to see strong data out of the u.s. ism, better following that strong jobs data, as well as wages. perhaps the

investors want to hear what transpired between xi jinping and the csrc.res are coming. hsi up 0.7%. chinese stocks have been smacked. $7 billion have made an exit. it is a long way up. the dollar weaker for a second day. the philippine peso up 0.2%. the same dollar also getting a lift. we are getting a look at the thai baht. ahead of the bond market yields, trending lower. new zealand five year yields bucking the trend, climbing nine basis points. it has to do with the jobs list report coming in less than anticipated. the rbnz will be cautious when it comes to cutting rates. yvonne: caution of course as we look ahead to what goes on in thailand markets. india opening up in a few minutes or so but the thailand -- bank of thailand meeting, there's a lot of anticipation what could actually happen. you are hearing openly from the prime minister to cut rates by at least 25 basis points to try to boost growth in the economy. will they resist? this is one big thing given the rift we have seen between the government as well as the central bank. looks to be steady