MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1043 Mon; -4.74% Y/Y

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

NBH Data Watch

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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Marginally Cheaper In Asia

US TSYS

TYH3 deals at 114-20+, -0-07, just off the base of its 0-08+ range on volume of ~70k.

  • Cash tsys sit 1-3 bps cheaper across the major benchmarks.
  • After a muted start, spillover pressure from JGBs, post Tokyo CPI release, weighed on tsys at the margins resulting in mild cheapening.
  • The move marginally extended as Japan and Netherlands agreed to join US curbs on Chinese Chips. There was a bid in the greenback, however with liquidity impaired due to the Chinese holidays there was little follow through in Tsys.
  • There is a thin docket in Europe today. Further out we have a slew of US data including personal income/spending, PCE Deflator, U of Mich Consumer Sentiment and Pending Home Sales.
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