MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

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 Higher At 7.1046 Fri; -5.03% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1046 FRI VS 7.1020

EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

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

INE Business Confidence Data Supports Upward Revisions In Q1 GDP Forecasts

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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November Gains Consolidate On Monday

IRON ORE

SGX Iron Ore Futures consolidated November’s gains on Monday, the December contract continued to hold above the $130/tonne handle and ranges were relatively narrow for the most part.

  • The contract finished at $131.80, little changed from opening levels. We sit an impressive 11% above November's opening levels and ~2.5% off recent cycle highs.
  • China's NDRC's move on Friday to seek measures against hoarding has not yet weighed on the space as the government's 1tn Yuan debt issuance last month continues to support Iron Ore.
  • Goldman Sachs noted yesterday it no longer expects a surplus of the metal in 2024 with a more balanced market expected (BBG). The bank also noted steel production has outperformed due to a lack of expected policy cuts and there has been tighter supply from Australia and Brazil.
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