MNI China Daily Summary: Thursday, April 18

MNI BRIEF: M2 Growth To Slow On Weak Demand - PBOC's Zou

MNI BRIEF: PBOC To Watch CNY Moves Closely - Vice Governor Zhu

MNI BRIEF: China Aims To Digitalise 70% Of Firms By 2025

MNI BRIEF: Q1 Cross Border Activity Up 117.8% - Ministry

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

MNI: EUROZONE FEB CONSTRUCTION OUTPUT +1.8% M/M, -0.4% Y/Y

Q1 Industry Survey Suggests H1 Growth Tailwind

Indonesian Sov Curve Flattens, Barclays See BI Cutting Next Week

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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Pictet: Expects another bold move in September

SNB
  • Three factors probably pushed the SNB to act so boldly: first, the 75bp rate hike announced the previous day by the Fed; second, the likelihood the ECB introduces a new backstop instrument in July to prevent financial fragmentation (which could enable the ECB to hike rates faster); and third, recent currency market developments.
  • We now see the SNB hiking its policy rate by 50bp in September and then by 25bp at each quarterly meeting until at least March 2023, bringing it up to at least +0.75%. Risks are tilted towards bolder moves, depending on the exchange rate and policy actions by other central banks.
  • The SNB is now actively considering quantitative tightening (QT, i.e. actively reducing its balance sheet), although we feel the conditions are still not right for the SNB to sell its currency reserves at this stage.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeSwiss National Bank Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeSwiss National Bank Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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