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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CBR To Release Gold/FX Reserves Update

RUSSIA
  • According to a document published on Russia’s legal database, the government has ordered a new operator for the Sakhalin-2 gas project with Gazprom set to hold just over 50% in the company. This comes after President Vladimir Putin signed a decree to transfer rights to the Sakhalin-2 natural gas project to a new Russian company to protect the country’s interests. According to the order, the entity is to be based in Yuzhno-Sakhalinsk, the main city of the Sakhalin island, where the project is located. Shell holds a 27.5% stake in the project which they intend to offload if possible. Mitsubishi and Mitsui own a combined 22.5% and are still open to working with the project citing Japan’s energy security given its reliance on LNG from the project.
  • Exxon is “currently engaged in transitioning Sakhalin-1 operating activities to another party”, the company said in a filing, as they attempt to move its main Russian operation into another entity to progress towards their exit of Russia following the invasion of Ukraine. The US oil exporter initially announced plans to exit Russia in late February. A senior lawmaker said early last month, Russia would take control of the project. Foreign stakes are owned by Exxon Mobil, Japan’s SODECO and India’s ONGC.
  • Data of gold and foreign exchange reserves will release today at 2pm BST. Reserves have been gradually decreasing this year, with the previous print of $567b approximately 12% lower than the data published prior to Russia’s invasion of Ukraine. No other major data releases are planned.
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