april 25 reuters  a look at the day ahead in asian markets from jamie mcgeever as world markets tread water ahead of us megatech earnings and the bank of japan meeting this week investors on tuesday will have one eye on the first estimate of south korean gdp growth in the first quarter and another on the latest twists in key asian currencies the declining value of the yuan particularly against the euro continues to cast doubts over chinas postcovid recovery while hong kongs central bank is battling increasing pressure on its financial system and exchange rate the consensus view in a reuters poll of economists is that south koreas economy grew 02 in the first quarter after shrinking 04 in the final quarter of last year narrowly escaping recession and underscoring the challenge for policymakers trying to shore up growth on a yearonyear basis gdp likely grew 09 in the first quarter the poll showed down from 13 in the fourth quarter of last year one of the biggest drags on growth could be trade exports to china the countrys largest trading partner plunged 334 on the face of it however chinas economic rebound since its postpandemic reopening looks strong economic surprises are the most positive in 17 years and a host of investment banks have bullish calls on chinese growth and assets but chinese geopolitical risk  taiwan us relations cyber warfare spy balloons beijings close ties with moscow  is large and growing china on monday may have said it respects the status of former soviet member states as sovereign nations but the unease across europe sparked by comments to the contrary by chinas envoy to paris will not dissipate quickly chinas yuan on monday fell to a 19month low against the euro through 760euro it is down five straight weeks against the euro the longest losing streak since 2018 and while the euro is on a tear globally perhaps politics are figuring more prominently in investors thinking the hong kong monetary authority meanwhile is draining money market liquidity to intervene in the fx market and support its currency the hkma waded into the currency market last wednesday and bought hk69 billion 881 million to prevent the hk dollar from breaking through the weak end of its trading band at 785 per us dollar in doing so though the hkmas aggregate balance has slumped to below hk50 billion the lowest level since 2008 banks aggregate cash balance at the hkma a key measure of cash in the banking system was more than hk300 billion as recently as june and more than hk450 billion less than two years ago tuesday will be a quiet day in australia and new zealand markets  they will be closed for the anzac day holiday here are three key developments that could provide more direction to markets on tuesday