MNI China Daily Summary: Wednesday, February 19

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MNI BRIEF: China Unveils Plan To Attract Foreign Investors

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MNI BRIEF: China Bond Connect Holdings Down In January

MNI: China Tier-one Housing Markets Likely To Stabilise

MNI: US MBA: MARKET COMPOSITE -6.6% SA THRU FEB 14 WK

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

MNI: UK JAN CPI -0.1% M/M, +3% Y/Y

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

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INR: Rupee Dips Following Maturity of NDF Positions, RBI Intervenes

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The rupee has weakened moderately through Tuesday’s session, down 0.1% at typing against the dollar amid broad weakness across the Asia FX space. However, Reuters note that heightened dollar demand - spurred by the maturity of an estimated $4bln in the NDF market - was blunted by likely dollar-selling by the RBI (near the 86.94-86.95 level). They also note that “traders expect the central bank to continue stepping into the market to prevent excessive volatility”.

  • Meanwhile, Finance Minister Nirmala Sitharaman said at an event in Mumbai on Monday that “we are building to be an investor-friendly country, and as a result, the duty cuts and the rationalization that have been announced is a continuing process and we shall keep doing that,” Bloomberg report. That follows cuts to duties on imports as part of her budget outlined earlier in the month as the government looks to work around President Trump’s plans to impose reciprocal tariffs.
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The rupee has weakened moderately through Tuesday’s session, down 0.1% at typing against the dollar amid broad weakness across the Asia FX space. However, Reuters note that heightened dollar demand - spurred by the maturity of an estimated $4bln in the NDF market - was blunted by likely dollar-selling by the RBI (near the 86.94-86.95 level). They also note that “traders expect the central bank to continue stepping into the market to prevent excessive volatility”.

  • Meanwhile, Finance Minister Nirmala Sitharaman said at an event in Mumbai on Monday that “we are building to be an investor-friendly country, and as a result, the duty cuts and the rationalization that have been announced is a continuing process and we shall keep doing that,” Bloomberg report. That follows cuts to duties on imports as part of her budget outlined earlier in the month as the government looks to work around President Trump’s plans to impose reciprocal tariffs.