China shuts for Mid-Autumn Festival holiday today, a preview of the week-long National Day gap to come

AUD is the most exposed of the major currencies. It usually trades partly as a proxy for China, and with onshore markets shut it loses that anchor and has to lean more on oil, Treasury yields and the RBA. With Dalian iron ore futures closed, iron ore price discovery shifts to the Singapore contract, which is thinner. Gold also loses one of its biggest sources of Asia-time demand. With the Shanghai Gold Exchange shut, Chinese physical and speculative buying steps aside, leaving prices more exposed to Treasury yields and the US dollar until mainland buyers return. Asian equity desks may see lighter volumes and wider spreads, so moves on single headlines can overshoot. Traders sometimes position ahead of long Chinese breaks by cutting exposure, which can add to price swings in the three sessions before National Day. After the holiday, the first sessions back can see catch-up moves as mainland markets react to a week of global news at once. --- China takes a long weekend now and a full week off in October, and each break leaves a bigger gap in the Asian session. Thin trading and a crowded news calendar can be a volatile mix. Summary: Mainland Chinese markets are closed from Friday, September 25 to Sunday, September 27 for the Mid-Autumn Festival Trading resumes Monday for three sessions before the National Day holiday, October 1 to 7 China's growing weight in global markets means its absence can leave the Asian session noticeably thinner With the onshore yuan and Chinese commodity futures offline, offshore markets carry price discovery with less depth Japan remains open, so cash Treasuries keep trading through Tokyo hours The closures coincide with swings in oil, 17-year highs in Treasury yields and an expected RBA hike Mainland Chinese markets are shut on Friday for the Mid-Autumn Festival, with the break running through the weekend and trading resuming on Monday. Consider it a dress rehearsal. After just three sessions next week, China closes again for the week-long N