Asia-Pacific markets traded mixed Monday, as investors keep a close watch on the People's Bank of China's decision on its 1-year and 5-year loan prime rates for July, as well as the latest developments on the trade front.

Trade came into focus once again over the weekend as the White House reiterated its position on tariffs.

On Sunday, U.S. Commerce Secretary Howard Lutnick called Aug. 1 the "hard deadline" for countries to start paying tariffs, though he also added that "nothing stops countries from talking to us after August 1."

South Korean markets started the day higher Monday.

As of 8.10 a.m. Singapore time (8.10 p.m. ET Sunday), the Kospi index rose 0.45%, while the small-cap Kosdaq was flat.

Meanwhile, Australia's S&P/ASX 200 benchmark was flat.

Japanese markets were closed for the Marine Day public holiday.

Investors will be keeping a close watch on the People's Bank of China's decision on its 1-year and 5-year loan prime rates for July expected later in the day.

Futures for Hong Kong's Hang Seng index stood at 24,883, pointing to a stronger open compared with the HSI's Friday close of 24,825.66.

Australia's S&P/ASX 200 was set to start the day lower with futures tied to the benchmark at 8,688, compared with its last close of 8,757.20.

Japanese markets were closed for a public holiday.

Source: CNBC