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 BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

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

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

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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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South Korea Will Not Increase Issuance To Fund Budget

ASIA RATES
  • INDIA: The RBI kept rats on hold and pledged to maintain an accommodative stance and acknowledged risks from the pandemic. The bank also downgraded growth forecasts by 1ppt to 9.5%, predict FY22 inflation at 5.1% In his speech accompanying the announcement RBI Gov Das said domestic liquidity is accommodative. The RBI plans to conduct an INR 1.2tn GSAP 2.0 in Q2 FY 2022, slightly lower than market expectations of INR 1.25tn. Markets seem broadly happy with the amount, yields lower across the curve.
  • SOUTH KOREA: Futures higher after South Korean Finance Minister Hong crossed the wires saying the MOF would review allocating a second extra budget but added that South Korea won't need to issue deficit bonds for the extra budget with the budget expected to be funded by tax revenue.
  • CHINA: Repo rates rose as the PBOC refrained from injecting liquidity again despite reports earlier this week of additional liquidity in June, futures lower giving back early gains. US President Biden signed an order yesterday which amends a ban on US investment In Chinese companies, extending a Trump era policy. The ban names 59 firms involved with China's military including Huawei and major telecoms companies.
  • INDONESIA: Yields higher across the curve, BI Deputy Gov said yesterday that the BI will ensure monpol remains accommodative in order to boost the recovery. The Deputy Gov added BI will persist in bond purchases in order to maintain an impact on inflation, the bank has purchased IDR 117.1tn so far in 2021, compared to IDR 473.5tn total in 2020.
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