MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

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

March Final HICP Data Suggests “Easter Effects” Limited To Airfares

MNI: US MBA: MARKET COMPOSITE +3.3% SA THRU APR 12 WK

US MBA: REFIS +0.5% SA; PURCH INDEX +5% SA THRU APRIL 12 WK

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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#1: Aug-28 linker

GILT AUCTION PREVIEW
  • This morning GBP1.00bln nominal of the 0.125% Aug-28 index-linked gilt will be on offer in an auction that was originally scheduled for 25 November but which has been moved to accommodate the Spending Review.
  • This will be the first linker auction since the decision on the future of RPI was made. Real yields for the 0.125% Aug-28 linker fell around 10bp on the announcement but are still around 5bp higher than the -2.977% level seen at the last auction.
  • This will be the sixth auction of the 0.125% Aug-28 linker this fiscal year, but the GBP1.00bln nominal on offer is smaller than any other auction of the linker this fiscal year (and matches the smallest auction size seen before in January 2020).
  • Bid-to-covers have been gradually falling through this fiscal year but we would expect the extra certainty of the RPI review along with the smaller auction size this morning to see a reversal in this trend.
  • RESULTS: Results will be available shortly after the auction closes at 10:00GMT with a further GBP250mln nominal available to successful bidders via the PAOF.
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