MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

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

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

VIEW CHANGE: Deutsche Bank looks for first cut in June rather than May

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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GSAP Expected To Support India Auction

ASIA RATES
  • INDIA: Yields lower in early trade. Markets look ahead to today's INR 260bn auction, the sale is expected to be supported by the inclusion of the issues at auction in the final GSAP operation next week. . The RBI will buy INR 400bn of bonds on June 17 including INR 100bn of state debt. Eligible sovereign issues include: 6.97% 2026, 6.79% 2027, 7.17% 2028, 7.59% 2029, 5.85% 2030, 6.64% 2035
  • SOUTH KOREA: 10-year futures are higher but off best levels. BoK Governor Lee spoke and said the economic recovery would become clearer in the second half of this year and the bank would start to normalize when the recovery was certain, noting that the bank was taking the virus and financial imbalances into account around the recovery. Elsewhere South Korea's exports jumped 40.9% Y/Y in the first 10 days of June on the back of robust shipments of chips and autos.
  • CHINA: Repo rates are higher today but have stuck within recent ranges. Futures are lower but have seen sluggish moves and the contract still holds opening gains from Wednesday this week. A quiet session in terms of news flow, markets continue to digest comments from PBOC Governor Yi Gang who said he sees inflation well below the government's official target of around 3%.
  • INDONESIA: Yields lower across the curve, some bull flattening seen. Bonds are on track for their third weekly gain. The World Bank approved a $400mn loan to Indonesia, which will support the local financial sector. The loan is expected to help Indonesia implement reforms, which will "increase the depth, improve the efficiency, and strengthen the resilience" of Indonesia's financial markets.
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