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Chinese authorities press conference announce further measures to prompt economic growth and employment. Present are officials from the:

• National Development and Reform Commission (China’s ‘state planner’)
• Ministry of Human Resources and Social Security
• Ministry of Commerce
• People’s Bank of China

more to come

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

China’s State Council approved 10 new nuclear reactors, marking the fourth year in a row with at least 10 approvals.

• China currently has 30 nuclear reactors under construction, accounting for nearly half of all projects worldwide.

• China is expected to surpass the U.S. as the largest atomic energy producer by the end of the decade.

• The newly approved reactors are estimated to cost a combined 200 billion yuan (US$27 billion)

China’s State Council is the highest administrative body in China — basically the country’s main central government.
It’s sometimes called the “Central People’s Government” and is led by the Premier (currently Li Qiang as of 2025), who is like the prime minister.

The State Council is responsible for:

• Implementing laws and policies passed by the Chinese Communist Party (CCP) and the National People’s Congress (NPC)

• Managing the day-to-day operations of government ministries (like finance, commerce, energy, etc.)

• Setting economic and development policies

• Overseeing national projects — like approving infrastructure, nuclear plants, transportation networks, and more

Its China’s version of a cabinet or executive branch, but more powerful because it controls almost all government operations.

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

Japan’s top currency official denied a media report claiming U.S. Treasury Secretary Scott Bessent supported a strong yen:

• Mr Yen says Completely untrue about media report that Bessent said stronger yen preferable

More, in brief:

• Atsushi Mimura said, “the U.S. side did not touch upon exchange-rate targets in the finance minister talks.”

• Finance Minister Katsunobu Kato and Bessent held their first face-to-face meeting in Washington last Thursday.

• The Yomiuri newspaper reported Bessent’s alleged comments without citing sources; Kato also denied the report on X, stressing no discussion of exchange-rate targets.

• Kato declined to disclose whether the U.S. made any specific currency-related requests during the 50-minute meeting.

• Market expectations remain that Tokyo could face U.S. pressure to strengthen the yen, given President Trump’s focus on the trade deficit.

• Bessent described the talks as “very constructive,” noting they discussed “matters pertaining to exchange rates.”

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Also of interest:

• Bank of Japan to “hit pause” on rate hikes at this week’s meeting – Trump tariffs cited

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

Equites, futures and bond marekts will be closed on Tuesday in Japan.

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Shōwa Day is a public holiday in Japan celebrated every year on April 29. It marks the birthday of (the late) Emperor Shōwa (Hirohito), who reigned from 1926 to 1989.

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

Japan top currency diplomat Mimura:

• “Completely unture” about media report that US Treasury Sec Bessent said stronger yen preferable
• No Talks About FX Target held during US-Japan FinMin talks

Atsushi Mimura is Japan’s vice finance minister for international affairs, AKA ‘top currency diplomat’. Japan’s finance ministry is the relevant authority in Japan for ordering intervention in the JPY. Mimura would be directing Bank of Japan intervention, should it come to that.

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

I posted on the slump back on Thursday last week:

• Trucking volumes out of LA (a major port city) have collapsed

The Financial Times have followed up, this from earlier:

• Financial Times on “Demand slump fuelled by Trump tariffs hits US ports and air freight”

When I posted that FT piece I hadn’t known it was front-page news:

While the FT is gated it may be possible to read a little more the article from the front page if you can find a high resolution image.

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

UK Times, and other media outlets, with the latest from EY Item Club, which is sponsored by the big four accountancy firm EY,

EY’s forecast:

• now expects UK gross domestic product (GDP) to grow by 0.8% in 2025, down from their projection of 1% in February
• cut its 2026 forecast from 1.6% to 0.9%, citing longer-term effects hitting the UK

EY cite:

• Roughly 16% of UK goods exports are sent to the US, meaning the “baseline” US import tariffs — 10% for most products and 25% for cars, steel, and aluminium — will hurt UK growth by reducing demand for British goods.

• A larger blow to growth will likely stem from the indirect effects of the new tariffs, which could make British consumers even more hesitant to spend on major purchases.

• Businesses are also expected to scale back investment over the next two years in response to the more challenging environment.

EY cite UK firms preparing for potential supply chain disruption from tariffs by targeting new export markets in Asia, Africa and Australia.

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

China’s industrial profits YTD rose 0.8% y/y in Q1, reversing the 0.3% decline in the first two months, but face ongoing pressure from U.S. tariffs

• for March month alone profits were +2.6% y/y

• Consumer goods sectors like wearable devices and kitchen appliances saw strong profit growth due to government stimulus.

• External risks (intensifying trade disruption), deflationary pressures, and weak domestic demand continue to threaten corporate earnings despite policy support pledges.

• State-owned and private firms posted slight profit declines, while foreign firms recorded a modest gain.

On Friday the Communist Party’s Politburo vowed new support measures, including monetary tools and financing initiatives aimed at boosting innovation, consumption, and trade …. strengthen support for the real economy

We should get more info on that today:

• Heads up for a China news conference today – to address promoting growth, employment

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

Trump was asked by a reporter a question on whether he thought Ukrainian leader Zelensky was ready to “give up” the Crimea territory that Russia occupied in 2014:

• Trump responded

  “Oh, I think so”

This would be a direct contradiction to the Ukrainian leader’s previous statements on the peninsula annexed by Russia.

Earlier from Trump:

• Trump says ‘confines of a deal’ are there on Ukraine / Russia

Take Trump’s answer on Crimea with a grain of salt. But, if he is correct then it brings an end to the war closer in sight.

Forbes is one of the outlets reporting it, passing along a piece from AFP (Agence France Presse).

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

U.S. Agriculture Secretary Brooke Rollins spoke in a TV interview over the weekend:

• CNN’s “State of the Union”
• administration is having daily conversations with China over tariffs
• there were ongoing talks between the US and China
• trade deals with other nations were “very close”

• “Every day we are in conversation with China, along with those other 99, 100 countries that have come to the table”

Bessent wasn;t so upbeat in his media comments:

• U.S. Treas Sec Bessent didn’t back Trump assertion that China tariff talks were under way

So I guess the brown-nose award goes to Rollins. I don’t think her comments pass the sniff test.

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

Trump says Zelensky meeting went well

• we’ll see what happens in next days
• he’s very disappointed in Russia
• wants Putin to stop shooting and reach a deal
• ‘confines’ of a deal are there

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

The CME turns on Globex again in just a few minutes time.

About the latest I’ve seen on tariff talk (lack of) developments with China is this from US Treasury Secretary Bessent over the weekend:

• U.S. Treas Sec Bessent didn’t back Trump assertion that China tariff talks were under way

Some Trump comments are crossing the wires as I post, but nothing on tariffs/economy so far. If there are, I’ll get ’em posted.

Meanwhile, its time to …

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