MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

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

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

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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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USD/CNH Pulls Back From Fresh Highs, Caixin Manufacturing PMI On Tap Today

CNH

USD/CNH got to fresh highs above 7.1300 (7.1340/45) post the Asia close, before pulling back sub 7.1150 in NY trade, amid broad USD weakness. We track a little higher currently just under 7.1200. CNH lost 0.40% for Wednesday's session, while USD/CNY finished at 7.1085. This left the CNY NEER at 123.22 (J.P. Morgan index), down a further 0.13%.

  • Much of the focus remained on the weaker than expected PMI prints, with focus on the growth outlook and potential policy stimulus.
  • Lian Ping, chief economist and head of the Zhixin Investment Research Institute stated that ""The PBC may cut the reserve requirement ratio by 0.25 percentage points, if the Chinese economy maintains a stable recovery in the second half of 2023 and requires more liquidity," he said." (see this link for more details).
  • We get additional data on the economic backdrop today, with the May Caixin manufacturing PMI. The market consensus is for a 49.5 outcome, unchanged versus the April outcome.
  • In the equity space, the Golden Dragon index lost a further 0.44%. To recap, the CSI 300 lost 1.02% yesterday, with Northbound stock connect outflows resuming (-3.80bn yuan).
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