MNI China Daily Summary: Tuesday, April 2

MNI BRIEF: China to Incentivise Equipment Upgrades, Trade-Ins

MNI: PBOC Drains Net CNY148 Bln Via OMO Tues; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0957 Tues; -4.95% Y/Y

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

CHINA SETS YUAN CENTRAL PARITY AT 7.0957 TUES VS 7.0938

MNI: US REDBOOK: MAR STORE SALES +3.9% V YR AGO MO

Services CPI Accelerates To 3.7% Y/Y In Line With MNI's Tracking

MNI: GERMANY MAR CPI +2.2% Y/Y

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Stimulus Headlines Drive Cautious Risk-On Tone

US TSYS SUMMARY

Full circle from late Tuesday when Trump cancelled stimulus negotiations, WH adv Kudlow annc'd Fri Trump had approved a revised stimulus package underscored risk appetite. (Largely ignored: Pelosi press conf over presidential capacity in relation to 25th amm; U.S. Destroyer JOHN MCCAIN entering China waters without permission)

  • Cross-current headlines ensued over next few hours: Tsy Sec Mnuchin to make $1.8T counteroffer vs Dem' $2.6T; SEN Ldr McConnell stated he didn't have enough votes to pass counteroffer, a new deal is "unlikely in next 3 wks" at KY event.
  • Taken with huge grain of salt: late headline that Trump "WANTS MORE AID THAN EITHER SIDE OF CONGRESS IS OFFERING" Bbg. No obvious headline driver in late trade, overall volume relatively thin after a decent start (TYZ only 875k after starting session near 300k). Apparent position squaring ahead extended holiday weekend for most., Yld curves bend flatter, update.
  • The 2-Yr yield is up 0.2bps at 0.1529%, 5-Yr is up 0bps at 0.3374%, 10-Yr is down 0.8bps at 0.777%, and 30-Yr is down 1.2bps at 1.5744%.
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