MNI China Daily Summary: Friday, March 29

MNI: PBOC Injects Net CNY148 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0950 Fri; -4.70% Y/Y

CHINA PBOC INJECTS CNY150 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0950 FRI VS 7.0948

MNI BRIEF: Size Of June Cut Still Undecided -BCB's Campos Neto

MNI: US FEB PERSONAL INCOME +0.3%; NOM PCE +0.8%

HICP Tracking at 2.4%Y/Y - One tenth below consensus

HICP 2 tenths softer than expected, but partly on clothing prices

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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Rupiah Slips In Muted Trade

IDR

Spot USD/IDR has added 31 figs so far and last changes hands at IDR14,220. Topside focus falls on the 100-DMA at IDR14,285 and a break here would give bulls a green light for targeting Jun 4 high of IDR14,322. Conversely, a slip past Jun 11 low of IDR14,185 would bring May 10 cycle low of IDR14,145 into view.

  • USD/IDR 1-month NDF last +15 figs at IDR14,257, with bulls looking for a jump above May 28 high of IDR14,381, followed by May 20 high of IDR14,475. On the flip side, a retreat under Jun 11 low of IDR14,198 would open up May 7 low of IDR14,133.
  • Indonesia has extended luxury tax relief on vehicles with smaller engines, as it seeks to support demand amid the outbreak of Covid-19. Meanwhile, the gov't is proposing a hike to personal income tax on people earning more than IDR5bn a year.
  • Indonesia's latest monthly trade report will be released tomorrow, while Bank Indonesia are set to deliver their monetary policy decision on Thursday. All analysts surveyed by BBG expect Indonesian policymakers to stand pat on benchmark interest rate.
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