MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

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

March Final HICP Data Suggests “Easter Effects” Limited To Airfares

MNI: US MBA: MARKET COMPOSITE +3.3% SA THRU APR 12 WK

US MBA: REFIS +0.5% SA; PURCH INDEX +5% SA THRU APRIL 12 WK

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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Rally Resumes But Still Underperforming US Tsys

AUSSIE BONDS

ACGBs (YM +9.8 & XM +10.8) resume their rally (but not yet threatening session highs), after an initial muted reaction to the BOJ decision. The spark has been further firming in JGBs and a push to yield lows for U.S. Tsys in Asia-Pac trade. On a relative basis, ACGBs fail to keep pace with U.S. Tsys with the AU/US 10-year yield differential +6bp at -22bp versus its cyclical low of -32bp intraday yesterday. Swaps remain well bid with rates 12-15bp lower but are 3-6bp higher than session lows set in the morning Sydney trade.

  • Consistent with moves seen elsewhere in the rates space today, the bills strip is 4-12bp richer, but 5bp or so off best levels, led by the reds. RBA dated OIS softens 6-11bp for meetings beyond June with terminal rates expectations holding below the psychological 4.0% level at 3.98%. Noteworthy as well is that pricing for April has now fallen to less than a 50% chance of a 25bp hike.
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