MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Lower At 7.1043 Mon; -4.74% Y/Y

NBH Data Watch

INDON Sov Curve Flatter, Trade Surplus Soars, BI Decision Wednesday

MNI: BAKER HUGHES US RIG COUNT 619; OIL RIGS 511; GAS RIGS 106

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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Russia Test Benchmark for Russian Crude

OIL

Russian officials and oil producers are attempting to create a global benchmark for Russian crude.

  • The trading platform aims to attract enough buyers to establish Russian crude as its own benchmark by mid-2023.
  • The first test deals have been competed at Russia’s “virtual trading platform” according to First Deputy Minister Pavel Sorokin.
  • The buyer and sellers participating in the tests are unknown, but Sorokin says the test results are “encouraging, they have demonstrated a shrinking discount” of Russian oil compared to international prices. He says, “At the moment, demand for our oil exceeds supply”.
  • The futures trading platform will not be mandatory with many producer sales completed under term contracts.
Energy BulletsCommodities
Energy BulletsCommodities

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