MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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 Month Close To 1240, Early Jan Trade Data Due Soon

KRW

1 month USD/KRW got above 1247 post the Asia close, before settling back down at 1240 into the NY close. Recent lows in the pair sit between 1233/35. Yesterday onshore spot ended at 1243.80. Coming up shortly is the first 10-days of trade data for January.

  • The full month trade picture for December showed a slightly better export picture (-9.5% y/y, versus -11.1% forecast). Import growth was close to expectations (-2.4% y/y, versus -2.2% forecast) The trade deficit persisted at -$4.689bn.
  • Earlier, the Dec jobless rate rose more than expected to 3.3% (3.0% was the forecast). Employment growth slowed further to 1.9% y/y (from 2.3% in Nov), with most sub-sectors seeing slower jobs growth, particularly in construction.
  • The equity lead for the Kospi remains positive (SOX +1.29%, MSCI IT +0.52% for Tuesday). To recap, the Kospi nudged 0.05% higher yesterday. Travel related stocks were weighed down by China's visa ban. This issue will be watched for further escalation between the two countries, but broader fallout has been limited so far.
  • Offshore investors sold -$54.5mn of local shares yesterday, trimming week to date net inflows to $494.3mn.
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