MNI China Daily Summary: Thursday, March 28

MNI BRIEF: China Steel Demand Low In Q1

MNI BRIEF: China Sovereign Fund Continues To Purchase ETFs

MNI INTERVIEW: Central Bank Credibility To Be Tested In 2024

MNI BRIEF: Foreign Firms Needed For New Productive Force Drive

MNI BRIEF: China Should Address Overcapacity

MNI: ITALY MAR CONSUMER CONFIDENCE 96.5

MNI: ITALY MAR BUSINESS CONFIDENCE 97

MNI: GERMANY MAR UE RATE (SA) 5.9% (FCST 5.9%); FEB 5.9%

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Japan CPI Betters Expectations

FOREX

The rally in the greenback stalled in the final hours of US trade on Thursday and has moved in a range since. Movement so far limited with markets keeping one eye on the BoJ rate announcement later. USD/JPY is up 7 pips last, data earlier showed Japan's core measure of consumer prices rose for the first time in 14 months. Core CPI inflation printed at +0.1% Y/Y, while headline reading was -0.1%. All in all, inflation figures were marginally better than expected.

  • AUD/USD is up 3 pips, AUD is near its weakest in a year and is on track for the biggest weekly decline in 2021 so far.
  • NZD/USD is up 7 pips, markets digest reports from yesterday that New Zealand will begin mass vaccination against Covid-19 in late Jul, with rollout to be organised by age cohorts.
  • Offshore yuan is stronger, USD/CNH stalling after a five day rally. There some reports earlier that Chinese apps could face subpoenas, or even bans, under a Biden executive order aimed at protecting private information
  • GBP/USD caught a bid after reports in UK media that the government could considering shortening the extension of lockdown measures, meaning the economy could fully reopen on July 5, two weeks earlier than indicated.
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