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: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

MNI: US MAR PERSONAL INCOME +0.5%; NOM PCE +0.8%

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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Loses Ground Early, As Market Digests First Part Of The NPC

CNH

(MNI Australia) USD/CNH is slightly firmer in the first part of trade. The pair tracking back above the 6.9100 level. This is about 0.25% weaker, in CNH terms, relative to Friday's closing levels (close to 6.8950). The simple 200-day MA sits close by at 6.9160. Weakness in the pair sub 6.9000 hasn't proven sustainable in the near term.

  • Some disappointment at the conservative growth target of 'around 5%' announced yesterday at the NPC is driving some USD support in the first part of trading.
  • China growth could, of course, be firmer this year than the target, but there may be some disappointment that a more ambitious target was not set, and it may also signify no further major stimulus measures, which could disappoint equity investors and have a flow on effect to CNH.
  • Elsewhere, US-China tensions continue with the Biden administration reportedly preparing a new program that could limit US investment in certain sectors of the China economy (per the WSJ). This comes after the US administration added more China entities to the export ban list late last week.
  • The local data calendar is quiet until tomorrow, when trade figures are out for February.
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