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

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES -8.8B CAD IN FEB

ECB Underlying Inflation Metrics Support June Cut Consensus

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

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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Recovers Above $130/tonne Handle

IRON ORE

SGX Iron Ore futures erased losses of as much as 2.6% to finish the day marginally firmer, having recovered above the $130/tonne handle.

  • The December contract finished dealing at $131.05/tonne ~8% above November's opening levels and an impressive ~40% above the August lows.
  • Pressure was seen in early trade as China's NDRC said late Wednesday that its personnel visited the Dalian Commodity Exchange to explore stronger market supervision measures. Losses marginally extended after Chinese Home Prices fell the most in 8 years.
  • Losses were erased through the session as perhaps the impact of the Beijing government's 1Tn Yuan stimulus plan continues to add support.
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