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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Remains The Weakest Link In The G10 Space

JPY

Yen was once again the weakest link in the G10 space. The currency is around 0.80% weaker for Monday's session, last tracking near 130.70. Most other currencies were up against the USD, with positive risk appetite emanating from the equities space. USD indices were around flat, thanks in large part to yen weakness.

  • We got close to 130.90 in the NY session, while the 20-day EMA comes in close to 131.00, beyond that is the post BoJ highs above 131.50.
  • The strong take up of the loan for bonds program yesterday is expected to help cap JGB yields, while in the swap space differentials with the US continue to widen, now back out to +245bps, from sub +220bps in mid-January in the 10yr space.
  • Onshore, the country's top utility company is looking to raise power rates by around 30% for households, although it has to seek government approval. This would add to headline inflationary pressures.
  • On the data front today, preliminary January PMIs print for manufacturing and services, while later on department store sales are also due.
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