MNI China Daily Summary: Thursday, April 25

MNI BRIEF: China Opposes Accusations Of Overcapacity - MofCom

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

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: PBOC Sets Yuan Parity Higher At 7.1058 Thurs; -4.80% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1058 THURS VS 7.1048

France Manufacturing Sentiment Reverses Year-To-Date Gains

MNI: FRANCE APR MANUF SENTIMENT AT 100

US Treasury Auction Calendar

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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Chevron May Take Venezuelan Crude in December

OIL

Chevron aims to start receiving cargoes of Venezuelan oil as early as December according to Reuters reports but Venezuela may be less willing to participate because they are unable to receive cash for the sales.

  • The renewal of a license last week reinstates privileges that Chevron used to have to operate in Venezuela. As well as preventing exchanges of cash, the terms state the crude must go to US refiners.
  • The cargoes can be used to reduce outstanding financial claims Chevron has against PDVSA. PDVSA and Venezuela's oil ministry have not publicly commented on the latest terms.
  • Prior to the US license decision, PDVSA thought that the crude volumes would generate about a third each for debt repayment, reimbursement of operational expenses to partner PDVSA, and the final third for capital expenses.
Energy BulletsCommodities
Energy BulletsCommodities

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