EM ASIA CREDIT: SJM Holdings (SJMHOL) - 1Q26 results

The total market value of exchange-traded fund (ETF) holdings by Central Huijin and its subsidiaries exceeded CNY1.53 trillion by the end of 2025, up CNY249 billion from end-Q2, making the entity a key stabilising force in the stock market, Securities Daily reported. In addition to mitigating short-term market volatility, the increase in holdings is reportedly focused on sectors aligned with macroeconomic strategies, including technological innovation and high-end manufacturing, supporting industrial upgrading and high-quality economic development, the newspaper said, citing analysts.

RBNZ-dated OIS pricing is little changed after today’s ‘no change’ decision from the RBNZ. The market had priced no changed going into today’s meeting.

• Governor Bremen will hold a press conference at 1300 AEST/1500NZST.
• RBNZ-dated OIS pricing assigns 49ps versus 59bps earlier today.
• December 2026 had softened ahead of the RBNZ decision softened on news of an US-Iran ceasefire.
• President Trump said the US will suspend bombing and attacks on Iran for two weeks following a Pakistan-linked request that includes a deadline extension. The US has received a 10-point proposal from Iran, with the two-week window intended to finalise a potential agreement, while any ceasefire remains conditional on the reopening of the Strait of Hormuz.

Figure 1: RBNZ Dated OIS Current vs. Pre-RBNZ (%)

Source: Bloomberg Finance LP / MNI 

• RBNZ SAYS HOLD DECISION UNANIMOUS