MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

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

VIEW CHANGE: BNP looks for first cut in August rather than June

March Final HICP Data Suggests “Easter Effects” Limited To Airfares

MNI: US MBA: MARKET COMPOSITE +3.3% SA THRU APR 12 WK

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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Sectoral Factor Model Inflation Hits Record, Prior Readings Revised Higher

RBNZ

The RBNZ's preferred gauge of core inflation (sectoral factor model) accelerated to +4.8% Y/Y in the second quarter, rising further above the upper end of the +2.0%-4.0% Y/Y target range and hitting a new all-time high in data series going back to 1993.

  • The entries for the three preceding quarters have been revised higher and now indicate that the gauge has been in breach of the RBNZ's tolerance band since 4Q2021.
    • 3Q2021 reading revised to +4.6% Y/Y from +4.2%
    • 4Q2021 reading revised to +4.2% Y/Y from +3.8%
    • 1Q2022 reading revised to +3.7% Y/Y from +3.5%
  • The Reserve Bank's assessment from last week's monetary policy review that its "core inflation measures are around 4 percent" now sounds somewhat outdated.
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