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Future of U.S.-China economic dialogue in doubt, a new Chinese central bank governor said to be named and Hong Kong’s octogenarian billionaire Li Ka-shing hands reins to his son. Here are some of the things people in markets are talking about.

U.S., China Dialogue Confusion 

A top Treasury Department official said he was incorrect in announcing that the U.S. had ended formal economic dialogue with Beijing, emphasizing that Secretary Steven Mnuchin continues to hold private discussions with China. “I misspoke,” David Malpass, Treasury’s undersecretary for international affairs, told reporters in Buenos Aires on Sunday. Malpass’s remarks came hours after he told a conference that Treasury had “discontinued” the U.S.-China Comprehensive Economic Dialogue, a longstanding forum known as CED that allows leaders of the world’s top two economies to communicate.

China’s New Central Bank Governor

Yi Gang is said to be tapped to run China’s central bank, the Wall Street Journal reported, replacing  Zhou Xiaochuan, who is set to retire after more than a decade. The National People’s Congress, China’s legislature, is likely to approve President Xi Jinping’s choice for governor of the People’s Bank of China in a formal vote due Monday. The decision would elevate Yi,  a long-serving deputy governor with deep international links, to the forefront of efforts to clean up the nation’s financial sector. 

Superman Over and Out 

Li Ka-shing, the 89-year-old billionaire who went from wartime refugee sweeping factory floors in Hong Kong to building an empire spanning real estate, shipping , groceries and power assets, is bowing out after more than half a century. The chairman of CK Hutchison Holdings Ltd. and CK Asset Holdings Ltd. will hand over the conglomerate to elder son Victor, 53, and will stay on as an adviser to the group after stepping down in May. The elder Li has amassed a fortune of about $34 billion, according to the Bloomberg Billionaires Index, with companies that virtually touch the lives of everyone in Hong Kong. He was dubbed Superman by the local media for his business prowess. Victor Li will face the challenge of reinvigorating a business empire with the oldest board of directors on the Hang Seng Index. The average is pushing 73 even after his octogenarian father steps down. 

Coming Up...

Federal Reserve Chairman Jerome Powell’s first FOMC meeting on Wednesday is set to loom large as markets await to see if policy makers update their projected path of interest-rate hikes, known as the “dot plot.”  China is due to appoint its first new PBOC governor in 15 years.  Japan releases trade and flow of funds data, with the latter in particular giving an update of just how huge the BOJ's JGB holdings have become. Australian house price figures and Reserve Bank of Australia meeting minutes are out on Tuesday, as well as a speech by President Xi Jinping at the closing session of China’s National People’s Congress. Thursday sees rate decisions for the U.K., New Zealand, Indonesia and the Philippines, as well as Australia's employment data. Friday will feature Japan and Singapore reporting CPI for February. 

Mixed Start 

Few weekend leads to latch on to has left Asian equity trading poised for a mixed start to the week, with the upcoming Fed meeting also ensuring a reticence to make significant portfolio changes before Wednesday. Japanese stock futures pointed slightly lower, while contracts for indexes in Australia and Hong Kong rose. Moves in currency markets were very muted first thing on Monday morning. U.S. stocks closed higher on Friday as traders digested positive factory output and consumer sentiment reports, while 10-year Treasury yields rose and the dollar gained.

What we’ve been reading

This is what caught our eye over the last 24 hours.

• Facebook is on the defensive as a data flaw is exposed.
• Putin cruises to a landslide victory.
• Noble Group braces for first bond default. 
• Southeast Asia and Australia unite against protectionism.
• Modi’s anti-graft image gets tarnished. 
• Wildfires destroy more than 70 homes in Southeast Australia.
• North Korea’s Kim was caught off guard by Trump. 
• McLaren doesn’t want to follow Ferrari into an all-electric future.