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: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

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

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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MNI China Press Digest April 3: Yellen, Productive Forces, QE

MNI (BEIJING)
BEIJING (MNI)

MNI picks key stories from today's China press

USCentral Bank NewsPolicy NewsHomepagePBOCAPACChinaStoryEM Policy NewsEM Policy StoryEM Central Bank NewsPeoples Bank of ChinaPolicy StoryRegion
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Highlights from Chinese press reports on Wednesday:

  • U.S. Treasury Secretary Janet Yellen will visit China from April 4-9, the Ministry of Finance said on its website Wednesday following a phone call between the two heads of state on Tuesday. Xinhua News Agency described the call as a “candid and in-depth exchange”, while Chinese President Xi Jinping said the bilateral relations are stabilising but negative factors had also increased, which required the attention of both parties. The U.S. is not “de-risking” but creating risks by making an ever longer list of sanctions against Chinese companies, and China will take action if Washington insists on suppressing China's high-tech development, Xinhua cited Xi as saying.
  • SMEs form the backbone of China’s development of new productive forces, according to Zhang Guoqing, vice premier of the State Council. Zhang, speaking on a recent research tour, said SOEs should actively support emerging industries and better serve major regional strategies such as the development of the Beijing-Tianjin-Hebei region. Authorities need to support SMEs to actively participate in the construction of supply chains for large enterprises, Zhang added.
  • Central banks purchasing government bonds does not itself equal western-style QE, which carries the premise of zero interest rate policy when no other tools are available, according to Wang Jiaqiang, a senior researcher at the China Banking Research Institute. Answering questions from journalists regarding market discussions on the PBOC potentially buying government bonds, Wang added this was a normal operation used to adjust liquidity in the secondary market to affect yields. (Source: Yicai)
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Highlights from Chinese press reports on Wednesday:

  • U.S. Treasury Secretary Janet Yellen will visit China from April 4-9, the Ministry of Finance said on its website Wednesday following a phone call between the two heads of state on Tuesday. Xinhua News Agency described the call as a “candid and in-depth exchange”, while Chinese President Xi Jinping said the bilateral relations are stabilising but negative factors had also increased, which required the attention of both parties. The U.S. is not “de-risking” but creating risks by making an ever longer list of sanctions against Chinese companies, and China will take action if Washington insists on suppressing China's high-tech development, Xinhua cited Xi as saying.
  • SMEs form the backbone of China’s development of new productive forces, according to Zhang Guoqing, vice premier of the State Council. Zhang, speaking on a recent research tour, said SOEs should actively support emerging industries and better serve major regional strategies such as the development of the Beijing-Tianjin-Hebei region. Authorities need to support SMEs to actively participate in the construction of supply chains for large enterprises, Zhang added.
  • Central banks purchasing government bonds does not itself equal western-style QE, which carries the premise of zero interest rate policy when no other tools are available, according to Wang Jiaqiang, a senior researcher at the China Banking Research Institute. Answering questions from journalists regarding market discussions on the PBOC potentially buying government bonds, Wang added this was a normal operation used to adjust liquidity in the secondary market to affect yields. (Source: Yicai)