MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1043 Mon; -4.74% Y/Y

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

NBH Data Watch

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Antipodeans Stay Heavy

FOREX

Antipodean currencies came under pressure ahead of the weekend elongated by the ANZAC day. The prospect of more aggressive global monetary policy tightening continued to spook markets, dissuading participants from taking more risk.

  • NZD/USD pierced Apr 18 low of $0.6715 and probed the water under the round figure of $0.6700 on its way to levels not seen in some two months.
  • AUD/USD was old on the breach of its 50-DMA, which provided support earlier this week. The rate faltered to its worst levels since mid-March.
  • Offshore yuan continued to weaken in defiance of a firmer than expected PBOC fix. Spot USD/CNH had a brief look above the CNH6.5000 figure and is heading for its best week since August 2019.
  • The yen traded sideways as Japanese officials reiterated their warnings on its recent weakening. FinMin Suzuki refused to comment on the possibility of intervention, while noting that he confirmed existing FX agreements with U.S. Tsy Sec Yellen.
  • Global PMI data will hit the wires today alongside UK & Canadian retail sales. Comments are due from ECB & BoE chiefs.
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