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CCTV Script 08/19/13

— This is the script of CNBC's news report for China's CCTV on August 19, Monday.

Welcome to CNBC Business Daily.

Not much economic data from the U.S. this week.

The highlight will be on the FOMC minutes on Wednesday as committee members debate the need to start dialing back stimulus against their lack of tolerance for higher Treasury yields.

And the big question on everybody's mind is should the Fed start tappering next month?

Here are some views from our analysts.

Have a listen.

[Soundbyte on tape by Emma Lawson, Senior Currency Strategist, National Australia Bank and Lim Say boon, CIO, DBS Group Wealth Management]

In terms of overall where we are going into next year, I would agree, but in terms of the USD, the market is actually waiting for that to occur before it prices that into the currency markets, although certainly, you're seeing it in the fixed income market.The dollar needs a bit of a catch up, and I think we'll probably get that once you see that tapering occur, and we're expecting to see that in Sept.

If you look back at the history of the US economy, and the the stock market, going back 14-15 years. Turning points in 10 year Treasury years - I think there was only one instance in 1983 when the turning point was not associated with a bull market in equities. Simply because, rising US Treasury yields reflect a stronger economy, and stronger earnings translate into a stronger indexed earnings growth. ]

We will get more clues on the American consumer as retailers including J.C. Penney and Target step up with earnings.

On Tuesday, we get minutes from the Reserve Bank of Australia's latest meeting, where analysts will be looking for signs on whether the RBA is bent on retaining its easing bias. The central bank cut rates to a record low of 2.5% earlier this month but sounded less dovish.

On Thursday, the focus shifts to China as we get HSBC's August flash manufacturing PMI. Analysts will be looking at whether the reading can offer any bright spots after the July figure fell to an 11-month low.

We will also get euro zone flash factory PMI for August. Analysts polled by Reuters expect some improvement after the figure came in at 50.3 in July.

For CNBC, I am Chloe Cho.