MNI China Daily Summary: Thursday, April 18

MNI BRIEF: M2 Growth To Slow On Weak Demand - PBOC's Zou

MNI BRIEF: PBOC To Watch CNY Moves Closely - Vice Governor Zhu

MNI BRIEF: China Aims To Digitalise 70% Of Firms By 2025

MNI BRIEF: Q1 Cross Border Activity Up 117.8% - Ministry

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

MNI: EUROZONE FEB CONSTRUCTION OUTPUT +1.8% M/M, -0.4% Y/Y

Q1 Industry Survey Suggests H1 Growth Tailwind

Indonesian Sov Curve Flattens, Barclays See BI Cutting Next Week

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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Saunders sounds like he will continue to vote for hikes

BOE
  • In essence, Saunders seems like he will continue to vote for hikes, but has said that he will not "definitely" vote for another 50bp hike.
  • He makes the argument that in his view, although getting inflation expectations under control risks overtightening and causing a big fall in output (which isn't his base case), that could be dealt with through conventional monetary policy. While not acting risks the BOE losing credibility and creating even more pain for people down the road.
  • He confirms that he is one of the members who think that further tightening may be appropriate.
  • Note that Saunders' term on the MPC is due to end shortly after the August MPC meeting (he will participate and vote in August).
  • Very little market reaction to Saunders' speech. There has been an upward move in SONIA Reds, Greens and Blues - but this trend was already in place before he started talking.
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