MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1043 Mon; -4.74% Y/Y

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

NBH Data Watch

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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Post-LIBOR Settle Update: New 3M High, Fed Terminal Climbs

US EURODLR FUTURES

Lead quarterly Dec'22 (EDZ2) extends overnight low to 95.00 (-0.015) after latest 3M LIBOR set' climbs +0.02700 to new 14Y high of 4.69186% (+0.05872 total last wk).

  • Dec step-down expectations steady as Fed funds implied hike for Dec'22 holds at 50.9bp, Feb'23 cumulative 87.9bp (+1.2bp) to 4.749%, terminal back over 5% at 5.05% in Jun'23 (5.08% pre-CPI) even after Atl Fed Bostic said Saturday the Fed might raise interest rates more than anticipated to combat high inflation but officials can slow the pace of tightening next month.
  • Balance of Whites through Golds (EDH3-EDU7) currently -0.010-0.025, Blues underperforming. Current deferred spds update:
    • Jun'23/Sep'23 -0.185;
    • Dec'22/Red Dec'23 at -0.145,
    • Mar'23/Red Mar'24 at -0.800,
    • Jun'23/Red Jun'24 at -1.175
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