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Government To Stop Incentives For Chinese EV Manufacturers

MEXICO
  • USDMXN continues to consolidate below 17.00 for now, following hawkish comments from Banxico Deputy Governor Heath, who said yesterday that they need to be patient before continuing rate cuts. Later in the day, Banxico Deputy Governor Espinosa also said that it is too soon for a prolonged easing cycle and that the bank faces credibility issues with the difference between its 3.6% year-end inflation projection and the market’s higher 4.1% estimate. The next MPC meeting is on May 09.
  • Today, a two-day national banking convention will start in Acapulco, with Banxico board member Borja participating in a panel at 1945BST(1445ET). No macro data are due for release, with focus on tomorrow's February retail sales figures.
  • Meanwhile, Reuters report that the government will halt incentives to Chinese EV manufacturers, under pressure from the US. Officials have apparently made it clear that they will not offer the same incentives as in the past and that they will also pause future meetings with Chinese automakers. The report also suggested that China’s BYD, which is looking to open a plant in the country, is now chasing incentives from state governments instead, even though these are substantially less beneficial than the federal ones.
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