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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Q&A begins - With First Question on the Surprise Rate Cut:

SNB
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Q: The cut was a bit of a surprise - SNB first major central bank to start cutting. How to you characterize the decision? Is it brave, or was it a parting gift?

  • A: Its 100% compatible with our MP framework, as well as our risk management considerations. Inflationary pressures became much lower than projected in December, so it was the right time to adjust MP now.
Q: You expect inflation to be in the price stability range in the forecast horizon, do you rule out further cuts?
  • A: We give no forward guidance on our interest rate decisions. We will look at the inflation forecasts in three months and take the appropriate decisions at that time.
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Q: The cut was a bit of a surprise - SNB first major central bank to start cutting. How to you characterize the decision? Is it brave, or was it a parting gift?

  • A: Its 100% compatible with our MP framework, as well as our risk management considerations. Inflationary pressures became much lower than projected in December, so it was the right time to adjust MP now.
Q: You expect inflation to be in the price stability range in the forecast horizon, do you rule out further cuts?
  • A: We give no forward guidance on our interest rate decisions. We will look at the inflation forecasts in three months and take the appropriate decisions at that time.