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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MNI BI Preview – September 2022: Energy Subsidy Cut Means More Rate Hikes To Come

EXECUTIVE SUMMARY

  • Bank Indonesia is expected to raise the 7-Day Reverse Repo by another 25bp after unexpectedly inaugurating its rate-hike cycle last month to pre-empt the impact of a planned increase in fuel prices.
  • Although headline inflation eased off last month, it remains above the target range and is set to accelerate on the back of a fuel price increase, which saw the price of Petralite rise by more than 30%. Core inflation, which is closely monitored by Bank Indonesia, crossed above the mid-point of the target range, signalling that domestically driven price pressures are strengthening.
  • The rupiah has been more resilient than most of its regional peers as the greenback has appreciated amid the Fed's aggressive tightening campaign. Furthermore, having benefited from the global commodity boom, Indonesia is relatively well placed to tighten monetary conditions in a gradual manner.

Click to see the full preview: MNI BI Preview September 2022.pdf

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