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: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Lower At 7.1043 Mon; -4.74% Y/Y

NBH Data Watch

INDON Sov Curve Flatter, Trade Surplus Soars, BI Decision Wednesday

MNI: BAKER HUGHES US RIG COUNT 619; OIL RIGS 511; GAS RIGS 106

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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UBS also push back first hike to next year

BOE
  • "Although the recent inflation and labour market data arguably support the case for a rate hike, the latest comments from some MPC members, in particular Michael Saunders (generally seen as a hawk), suggest that the MPC might prefer to wait for more clarity on Omicron."
  • "We think that the MPC would be in a better position to gauge the economic fallout from the new variant in the following meeting on 3 February."
  • "For the time being, we assume relatively mild economic fallout from Omicron, implying no new lockdowns, and hence expect the MPC will deliver a 15bps hike at its first 2022 meeting on 3 February"
  • UBS now see the "first 15bps hike on 3 February 2022, followed by two more 25bp hikes in May and November 2022 (and two more hikes in 2023)."
  • "If the health risks stemming from Omicron turn out to be severe, thus warranting tighter mobility restrictions or even another lockdown, inflation could thus be somewhat lower in the near term but decline more slowly in 2022... should a new lockdown be introduced in Q1, we would envisage the first hike being pushed further out into 2022."
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