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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Following Broader USD Trends In Holiday Affected Markets

CNH

USD/CNH found selling interest above 7.1500 yesterday/overnight. We dipped towards 7.0900 but found support, amid broad USD weakness. The pair last at 7.1030. A reminder that China onshore markets are closed all this week for the golden week celebrations. Hong Kong markets are also closed today.

  • As we noted last week, USD/CNH may stick to recent ranges following last week's intervention warning.
  • After touching fresh YTD highs (above 9%), the 1 month implied vol is lower at 8.50%. The 1 month risk reversal is also no longer trending higher. The pair was last back at +1.2325.
  • The China Golden Dragon index rose 0.62% overnight, underperforming the broader equity bounce. The index remains just under 6230, with dips sub 6000 this year generally support.
  • There is more optimism around the property market outlook, as measures continue to be unveiled to boost the sector, see this link for more details. We are yet to see this feed into a meaningful bounce in key commodities like iron ore though.
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