Ongoing difficulties in the Chinese property sector are exacerbating last week's poor set of Chinese data, which included deflation, trade and new loans. 

Looking ahead in China, analysts do not expect a rate cut in the one-year medium-term lending facility on Tuesday (this would just weaken the renminbi further), but speculation is growing about a cut in the required reserve ratio to free up some liquidity. 

Barring some surprise stimulus measure this week, it looks like USD/CNH could press and break through 7.28 – a move that would drag Asian FX and the commodity complex with it.