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

Labour Market Continues Firming Despite Headline Unemployment Uptick

EZ/UK Bond Supply Calendar: Italy, EU Auctions, BoE APF Monday

MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 3%

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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CNH Weakens To 6.8600/6.8700, But Outperforms Broader USD Gains

CNH

USD/CNH was mostly firmer post the Asia close, getting above 6.8700 late in the NY session. We are slightly lower now, last tracking around the 6.8620/30 region. CNH fell close to 0.4% for Wednesday's session, slightly outperforming broader USD indices (DXY +0.60%). The CNY NEER was up 0.27% for the session to 126.25 (J.P. Morgan Index). For USD/CNH we sit close to both the 50 and 200 day (both near 6.8600) EMAs, while the 100 day is higher at 6.9064.

  • On the data front today we have Jan home prices, last was -0.25% in Dec. House prices have fallen for 16 straight months, with activity indicators in Jan (such as sales) remaining weak. Also out is SWIFT payments data in CNY, but this is not a market mover.
  • Locally, in a speech released yesterday, China President Xi Jinping reportedly stated that domestic demand should be expanded, vowing to boost low and middle incomes and consumption in 2023 (the speech was reportedly made late last year, but the text was released yesterday).
  • This comes after Bloomberg reported yesterday the consumer led recovery was at risk from misuse of loans (see this link for more details).
  • In Wednesday US trade, the Golden Dragon Index rose 0.30%, after onshore equities were weaker yesterday (-0.52% for the CSI 300). Northbound outflows were -1.86bn yuan.
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