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: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

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

MNI: US MAR PERSONAL INCOME +0.5%; NOM PCE +0.8%

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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NZGBS: Yields Lower, US Tsys Richer, House Price Decline Slows

BONDS

NZGBs are 0-2bp richer as US tsy yields decline by 3-7bp across major benchmarks. The session did see volatility after a downside miss for MNI Chicago PMI, higher than expected JOLTS job openings and then Jefferson (voter) and Harker ('23 voter) showing support for skipping a June hike.

  • Swap rates are 1-3bp lower with implied short-end swap spreads slightly tighter.
  • RBNZ dated OIS are little changed across meetings with an expected terminal OCR of 5.60%.
  • Based on CoreLogic's data, the rate of decline in New Zealand house prices showed a further slowdown in May, aligning with signals from the central bank that it may have reached the end of its 18-month cycle of policy tightening. House values decreased by 10.2% compared to the previous year, a slight improvement from the 10.3% decline in April and 10.5% in March. On a monthly basis, prices dropped by 0.7%. (link)
  • The local calendar is light tomorrow ahead of Q1 data for the Terms of Trade and Volume of All Buildings on Friday.
  • The NZ Treasury plans to sell NZ$200mn of the 0.25% 15 May 2028 bond, NZ$150mn of the 4.25% 15 May 2034 bond and NZ$50mn of the 2.75% 15 May 2051 bond today.
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