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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

MNI BRIEF: China’s April Loan Prime Rate Unchanged

CHINA SETS YUAN CENTRAL PARITY AT 7.1043 MON VS 7.1046

MNI China Daily Summary: Friday, April 19

MNI: BAKER HUGHES US RIG COUNT 619; OIL RIGS 511; GAS RIGS 106

EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

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

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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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5-Stars Confirm No Participation In Senate Vote, Risks Draghi Resignation

ITALY

The populist 5-Star Movement (M5S) have confirmed that they will not vote in today's confidence motion regarding a financial aid decree, risking the collapse of the Draghi gov't.

  • PM Mario Draghi has stated that if former PM Giuseppe Conte's M5S do not participate he would be inclined to offer his resignation to President Sergio Mattarella, which could bring the broad coalition gov't he oversees crashing down.
  • Draghi is set to meet with the president at the Quirinale Palace later this afternoon to discuss potential options.
  • There is speculation that Mattarella could reject Draghi's resignation offer, in effect forcing him back to try to bring the M5S back into line. However, other parties have raised the potential that without the M5S participating in gov't they would be disinclined to remain as part of it (most notably Matteo Salvini's right-wing League).
  • As such, the political turbulence is unlikely to be short-lived, but could drag on for some time as backroom negotiations continue.
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