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 Struggles Against Peers From Asia EM Basket

IDR

Spot USD/IDR trades 42 figs above neutral levels at IDR15,738, closing in on the IDR16,000 mark, the initial topside target. Bears look for a correction towards Oct 28 low of IDR15,523. The rupiah is the worst performer in emerging Asia today.

  • USD/IDR 1-month NDF have eased off and last trade -42 figs at IDR15,759. Bearish focus falls on Oct 26 low of IDR15,490, while bulls look to a rebound towards the IDR16,000 level.
  • Offshore investors were net sellers of $23.26mn in Indonesian stocks, although the Jakarta Comp snapped a two-day losing streak. The benchmark equity index resumed losses this morning, sliding towards support from its 200-DMA.
  • Palm oil futures have regained poise today, last trading +MYR78/MT, but are yet to re-test a cyclical high printed Thursday. During the ongoing industry conference in Indonesia, LMC Chairman Fry said the nation's palm oil output may increase by 2mn tons next year, while Malaysia's production will be limited by labour shortages.
  • Indonesia/U.S. yield spreads have widened at the margin, but remain near cyclical narrows.
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