MNI China Daily Summary: Monday, April 15

MNI: China CFETS Yuan Index Up 0.22% In Week of Apr 12

MNI: PBOC Sets Yuan Parity Higher At 7.0979 Mon; -4.90% Y/Y

MNI China Press Digest April 15: A-Shares, Exports, Property

MNI: PBOC Conducts CNY100 Bln MLF Mon; Rates Unchanged

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

MNI: EUROZONE FEB IP +0.8% M/M, -6.4% Y/Y

IP M/M Improvement Broadbased Although Y/Y Remains Weak

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Ringgit Rangebound, Dust Settles After Blowout GDP Report

MYR

Spot USD/MYR trades at MYR4.4455, up 15 pips on the day, holding a narrow range in early trade. A break above Aug 8 high of MYR4.4633 would allow bulls to take aim at Jan 4, 2017 high of MYR4.5002. Bears would be pleased by a retreat under the 50-DMA, which kicks in at MYR4.4290.

  • FinMin Zafrul said he expects GDP growth to accelerate this year after a strong Q2 outturn. Malaysia's economy grew 8.9% Y/Y in the three months through June, beating Bloomberg consensus forecast of +7.0% and reaching the fastest pace in a year. The official warned that the outlook will be more challenging into 2023 amid global headwinds to growth.
  • Palm oil futures advanced last Friday, with the contract for October delivery reaching its best levels since Jul 4, even as the aggregate Bloomberg Commodity Index ticked lower. High-frequency data suggested that Malaysia's exports of the tropical oil increased in the first 10 days of the month, despite Indonesia's efforts to turbocharge shipments, pointing to strengthening demand for CPO.
  • Looking ahead, Malaysia's trade data will be published this coming Friday.
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