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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USD/CNH Through 7.2000 Post CNY Fix ​​​

CNH

The USD/CNY fixing printed at 7.1107, versus a Bloomberg consensus of 7.1551.

  • The fixing outcome was again stronger than expected, but the error term was much lower at -444pips in USD/CNY terms. This compares with an average of -789pips for the previous 5 sessions.
  • This is a fresh high in the fixing since the start of June 2020. The CCF didn't produce a huge change in the fixing estimate (7.1551 today, versus 7.1563 yesterday).
  • This result, coupled with another firm rising relative to yesterday's fixing (+ 0.54%), has seen USD/CNH break to fresh record highs.
  • The pair is through 7.2000, touching a high just under 7.2100. The focus now shifts to onshore spot and whether we break through this level.
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