MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

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

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

NBH Data Watch

INDON Sov Curve Flatter, Trade Surplus Soars, BI Decision Wednesday

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

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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A$ Continues To Press Higher

AUD

The A$ remains an outperformer in the G10 space, although overall moves remain fairly modest. AUD/USD is not too far off session highs (last 0.6430/35), around +0.40% on NY closing levels. Swings in US equity futures are the main driver of sentiment, with the A$ lift coinciding with the move back into positive territory.

  • Commodities remain fairly quiet, oil steady, while copper and iron ore are down slightly. Yield spreads haven't shifted a great deal, the 2yr AU-US spread remains close to -100bps, 10yr spread near flat.
  • Earlier, the RBA Financial Stability Review stated that households are likely to see a further run down in savings, but only expects a small proportion to run into mortgage difficulty.
  • Next week's data calendar includes the CBA household spending measure, Westpac Consumer confident, NAB business conditions and Consumer inflation expectations. The RBA's Ellis, Assistant Governor for the Economic Group, also speaks on Wednesday.
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