MNI BRIEF: China March M2 Slows More Than Expected

MNI China Daily Summary: Friday, April 12

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: PBOC Injects Net CNY2 Bln Via OMO Fri; Rates Unchanged

MNI: US MAR IMPORT PRICES +0.4%

EZ/UK Bond Supply Calendar: Slovakia Auction, BoE APF on Monday

CHINA END-MAR M2 +8.3% Y/Y VS MEDIAN +8.8%; END-FEB +8.7% Y/Y

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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Korea Adjusts GDP/Inflation Forecasts, Announce Reforms

SOUTH KOREA

The South Korean government lowered its GDP forecast for 2022 to 2.6% (from 3.1%), while raising its inflation forecast to 4.7% from 2.2%. It also announced a number of reforms to boost the private sector.

  • The government's forecasts are close to the BoK estimates for 2022. The government has been highlighting the challenges faced in the current economic climate.
  • To this end, the new Yoon led government announced a series of reforms to revitalize the private sector. The corporate tax rate will be cut to 22% from the previous 25%. It also plans to expand tax incentives for investments in key sectors - like semiconductors.
  • Capital gains tax will also reportedly be cut for most stock investors, while onshore FX trading will be expanded to 2am onshore time, with an eventual plan to have 24 hours trading.
  • The initial market reaction has been muted. The Kospi is back to nearly flat on the day, after tracking +2% earlier. Regional sentiment has turned softer though and US equity futures have dipped into the red.
  • 1 month USD/KRW continues to climb, into line with a rebound in USD sentiment. We sit back close to 1288, which is +0.70 above NY closing levels.
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