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: GERMANY MAR CPI +2.2% Y/Y

Services Stickiness To Offset Goods Pullback In State CPI Data

NBP Watch

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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The ongoing weakness in the Chinese yuan is...>

FOREX
FOREX: The ongoing weakness in the Chinese yuan is driving Asian FX
underperformance versus the euro.
- EURCNH continues to grind higher, making its way above resistance that marks
the downtrend from the August 2017 high. The pair looks to be heading to 8.0000,
from its current level of 7.8420, while a move back below 7.7700 would provide
some breathing room for yuan bulls. 
- Having cleared downtrend resistance from its February peak at 130.00, EURJPY
continues to trade higher, with its 200DMA the next hurdle at 131.94 (spot:
131.44). The euro's relative strength comes in spite of the ongoing widening in
real yield differentials in Japan's favour.
- EURKRW is testing 3-month highs today at 1319.60 after having risen 6% in the
past 6 weeks. Again, the euro's relative strength is out of line with trends in
real yields, suggesting that the rally does not have fundamental support.
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