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

VIEW CHANGE: BNP looks for first cut in August rather than June

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

MNI: US MBA: MARKET COMPOSITE +3.3% SA THRU APR 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 Month NDF Back Above 50-Day EMA

KRW

1 month USD/KRW finished the NY session around 1271.50, close to the mid point of the range seen since the start of the week. The 1 month NDF closed back above the 50-day EMA at 1268. We got sub 1258 post the US CPI print before support kicked in, while Monday highs around 1279 remain intact. Onshore spot ended yesterday at 1269.45.

  • Jan trade prices have already printed, with both export (-3.0% m/m) and import (-2.3% m/m) declining in the month. Y/Y momentum fell more so for imports (1.7%), but remains above the export price pace (-1.3%).
  • Coming up shortly is Jan employment data, with the unemployment rate expected to be steady at 3.3%.
  • Also note President Yoon will hold an economic meeting at 10am local time (2hrs post the jobs data).
  • On the equity front, tech indices outperformed, particularly in terms of the SOX (+2%), while the MSCI IT rose 0.56%. To recap, the Kospi rose 0.53% yesterday, with offshore investors adding +$139.0mn to local shares.
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