The New Zealand dollar is down 20 pips in early trading and is testing a series of lows around 0.5650.

The signals coming out of China aren’t great and they’re downright ugly in Hong Kong, where the Hang Seng is headed for the lowest close since 2009. In the mainland CSI futures are down 0.7%.

The idea that China would offer some kind of grand stimulus at the People’s Congress is fading. Moreover, economic growth doesn’t appear to be Xi’s main priority any longer.