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 USD/KRW Close To 1320, Trade & PMI On Tap Today

KRW

1 month USD/KRW stuck to recent ranges post the Asia close, finding selling interest in the 1325/26 region, before pulling back to 1320 by the close, amid broad USD weakness. Note onshore spot ended yesterday at 1326.35, amid higher USD/CNH levels late yesterday. The simple 200-day MA continues to act as a topside resistance point for both spot and the 1 month NDF.

  • Today we have May trade data. The market expects export growth at -16.3% y/y, versus a revised -14.3% from Apr. Imports are forecast at -14.3% y/y, versus -13.3% prior. The trade deficit is projected at -$2530mn, versus -$2654mn prior.
  • Also note the May PMI is due, the prior print coming in at 48.1.
  • In the equity space, the SOX fell 2.7%, the MSCI IT dipped -0.90%, as part of a broad equity market pullback. To recap, the Kospi fell -0.32%. Offshore investors still added $277.1mn to local equities though in the final trading session of May.
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