MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

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

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

MNI: PBOC Sets Yuan Parity Higher At 7.1046 Fri; -5.03% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1046 FRI VS 7.1020

INE Business Confidence Data Supports Upward Revisions In Q1 GDP Forecasts

MNI: GERMANY FEB PRODUCER PRICES -2.9% Y/Y

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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Russian Price Cap Keeping Volumes on Market: Yellen

OIL

The Russian price cap is achieving its goals of keeping Russian oil on the market while limiting Russian revenues according to US Treasury Secretary Janet Yellen.

  • "While the crude oil price cap has only been in effect for around a month, we have already seen early progress towards both of those goals, with senior Russian officials having admitted that the price cap was cutting into Russia's energy revenues," Yellen said.
  • "Public reports indicate countries are using the price cap to drive steep bargains on the price of Russian oil imports," Yellen added.
  • Russian Urals grade crude has been quoted well below the $60/bbl cap since it has been in place.
  • G7 nations are currently working on price cap mechanisms for Russian refined products from February 5 when the EU import ban is imposed.
Energy BulletsCommodities
Energy BulletsCommodities

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