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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Notable Questions to Martin Schlegel on Inflation / FX Policy at the SNB:

SNB
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Q: On inflation dynamics. You mentioned that inflation coming down was mainly due to CHF appreciation, and imported inflation being very low. Domestic inflation remains elevated, however - are you concerned about that?

  • A: Our forecasts are subject to uncertainty, but generally it is looking much better now than recently. We are asking ourselves, if our policy rate is appropriate currently, and decided accordingly.
Q: How strong was the urge to not ease monetary policy through the policy rate but through FX policy?
  • A: In case we feel it is necessary to intervene on FX markets, we do not hesitate to do so. We are just saying we don't have a clear target mid-term to increase or decrease our FX reserves, but if we feel it is appropriate to sell or buy FX short-term, we will continue to do so.
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Q: On inflation dynamics. You mentioned that inflation coming down was mainly due to CHF appreciation, and imported inflation being very low. Domestic inflation remains elevated, however - are you concerned about that?

  • A: Our forecasts are subject to uncertainty, but generally it is looking much better now than recently. We are asking ourselves, if our policy rate is appropriate currently, and decided accordingly.
Q: How strong was the urge to not ease monetary policy through the policy rate but through FX policy?
  • A: In case we feel it is necessary to intervene on FX markets, we do not hesitate to do so. We are just saying we don't have a clear target mid-term to increase or decrease our FX reserves, but if we feel it is appropriate to sell or buy FX short-term, we will continue to do so.