After a quiet start to the New Year, economic data from China and central bank meetings in Indonesia, the Philippines and South Korea should help markets get back into full swing this week.

There's also plenty going on outside Asia that should attract attention, with the U.S. Senate on Monday expected to give final approval to Janet Yellen as next Federal Reserve Chairman. The European Central Bank meets on Thursday, while Friday sees the release of the closely-watched U.S. non-farm payrolls report.

(Read more: Big week for Fed, as traders await jobs report )

For markets in Asia, economic data from China, regional heavyweight and the world's number two economy, should dominate.

China releases its December consumer price index on Thursday, while December export numbers are expected to be released between Wednesday and Friday.

"This week again will come down to how China is traveling as investors look to the final set of data before the much-anticipated Q4 and full-year GDP [gross domestic product] print are released on January 14," said Evan Lucas, a market strategist at trading firm IG (London Stock Exchange: IGG-GB) in Melbourne.

Economists polled by Reuters forecast a 1.3 percent fall in China's CPI in December from a year earlier, compared with a rise of 3 percent in the previous month.

Exports, meanwhile, are forecast to rise 7 percent on year in December, slowing from a 12.7 percent increase in November.

(Read more: China 'major' uncertainty facing global economy: Soros )

Indonesia rate hike?

Central banks in Indonesia, the Philippines and Korea are scheduled to meet on Thursday. The Bank of Korea will also release its 2014 economic outlook on Thursday.

Analysts say that recent data from Indonesia showing a surprisingly large trade surplus in November and steady inflation in December suggest the country's central bank has room to leave interest rates steady at this week's meeting.

(Read more: Indonesia surprises with a sizable November trade surplus )

Bank Indonesia has hiked its key interest rate 175 basis points since June to 7.50 percent in a concerted effort to narrow a large current-account deficit and prop up a battered local currency.

Indeed, some economists believe the central bank could continue its monetary tightening this week.

"We expect Bank Indonesia to hike both its policy and FASBI rates (the lower end of its interest rate corridor) by 25 basis points, bringing them to 7.75 percent and 6 percent respectively," Credit Suisse (Swiss Exchange: CSGN-CH) economists said in a note on Monday.

In Australia, November trade data on Tuesday and retail sales numbers on Thursday could provide the market with some clues on the outlook for the economy.