MNI China Daily Summary: Thursday, May 16

MNI BRIEF: China To Take Necessary Measures Following Tariffs

MNI BRIEF: Aussie Unemployment Rises To 4.1% In April

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

MNI: PBOC Sets Yuan Parity Lower At 7.1020 Thurs; -3.70% Y/Y

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

US EIA:NAT GAS STORAGE +70 BCF TO 2,633 BCF MAY 10 WK

MNI: US APR INDUSTRIAL PROD +0.0%; CAP UTIL 78.4%

Homebuilding Activity Transitioning From Plateau To Pullback

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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CHINA-Xi 'Ready To Promote High-Level Development' Of Ties

HUNGARY
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Chinese state media reporting comments from President Xi Jinping on his visit to Hungary. Says that he is "ready to jointly promote [the] high-level development of China-Hungary ties." Xi is in Budapest for meetings with PM Viktor Orban as the final part of his European tour that included trips to France and Serbia. Reuters: "Xi has "developed deep friendships" with Hungarian politicians and Hungary was "the number one target in the central eastern European region for Chinese investment", Xi wrote in pro-government daily Magyar Nemzet on Wednesday."

  • A press statement from Orban and Xi is expected at around 1730CET (1130ET, 1630BST).
  • As we noted previously (see 'HUNGARY: Szijjarto Pushes Back On NATO Actions Re: Ukraine In Meeting w/UK FM', 8 May 1529BST), there are widespread expectations that Xi and Orban could sign between 16-18 cooperation agreements that may include a significant infrastructure project under China's Belt and Road Initiative.
  • There is also speculation that should Orban and Xi travel to the southern town of Pecs, the two could announce China's Great Wall Motor establishing a plant to build electric vehicles. As Foreign Policy notes, "Budapest received $11.5 billion in Chinese funds in 2023 alone, much of it related to electric vehicles. Whereas the European Union has warned against China dominating the critical sector, Hungary has leaned into Chinese support. Last December, Chinese carmaker BYD announced that it would build an assembly plant in Hungary, marking its first EV production facility in Europe."
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Chinese state media reporting comments from President Xi Jinping on his visit to Hungary. Says that he is "ready to jointly promote [the] high-level development of China-Hungary ties." Xi is in Budapest for meetings with PM Viktor Orban as the final part of his European tour that included trips to France and Serbia. Reuters: "Xi has "developed deep friendships" with Hungarian politicians and Hungary was "the number one target in the central eastern European region for Chinese investment", Xi wrote in pro-government daily Magyar Nemzet on Wednesday."

  • A press statement from Orban and Xi is expected at around 1730CET (1130ET, 1630BST).
  • As we noted previously (see 'HUNGARY: Szijjarto Pushes Back On NATO Actions Re: Ukraine In Meeting w/UK FM', 8 May 1529BST), there are widespread expectations that Xi and Orban could sign between 16-18 cooperation agreements that may include a significant infrastructure project under China's Belt and Road Initiative.
  • There is also speculation that should Orban and Xi travel to the southern town of Pecs, the two could announce China's Great Wall Motor establishing a plant to build electric vehicles. As Foreign Policy notes, "Budapest received $11.5 billion in Chinese funds in 2023 alone, much of it related to electric vehicles. Whereas the European Union has warned against China dominating the critical sector, Hungary has leaned into Chinese support. Last December, Chinese carmaker BYD announced that it would build an assembly plant in Hungary, marking its first EV production facility in Europe."