MNI China Daily Summary: Wednesday, April 24

MNI BRIEF: China Steel Demand Q2 Limited Rebound

MNI: Japan Nippon Life To Up Yen Bonds, Hedged Foreign Assets

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

MNI: PBOC Sets Yuan Parity Lower At 7.1048 Weds; -4.92% Y/Y

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

MNI: US MBA: MARKET COMPOSITE -2.7% SA THRU APR 19 WK

US MBA: REFIS -6% SA; PURCH INDEX -1% SA THRU APRIL 19 WK

CBI Price Expectations Highest Since February 2023

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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Mild Risk Aversion Keeps Most Asia EM FX At Bay

ASIA FX

Most Asia EM FX softened amid waning risk appetite, as participants mulled the fallout from the Evergrande saga.

  • CNH: USD/CNH crept higher amid mild risk aversion. The PBOC set their USD/CNY mid-point at CNY6.4330, 5 pips above sell-side estimate.
  • KRW: KRW reopened on a firmer footing but erased most gains thereafter amid escalating arms race on the Korean peninsula. Pyongyang confirmed test-launching rail-borne missiles during a drill held hours before Seoul successfully fired ballistic missiles from a submarine for the first time.
  • IDR: The rupiah was among the best performers in Asia EM basket but gave up most of its reopening gains as risk appetite waned. The currency may have drawn some support from strong data released yesterday, with both exports and trade surplus reaching all-time highs in August.
  • PHP: The peso underperformed even as Metro Manila switched to a more targeted system governing Covid-19 restrictions. It shrugged off the unexpected growth in Philippine overseas remittances reported yesterday.
  • THB: The baht sold off with amid souring risk appetite. Prachachat Turakij reported that the fiscal and monetary policy committee may meet on Sep 20 to discuss raising public debt ceiling to 70% of GDP.
  • SGD: Singdollar weakened along most of its regional peers, with little in the way of notable local headline flow.
  • Malaysian markets were closed in observance of a local public holiday.
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