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

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

NBH Data Watch

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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CNY Fixed Stronger, But Onshore Breaks Above 6.8000

CNH

This was the 9th straight session providing a stronger than expected CNY fix. The market estimate was 6.7967, versus the actual print of 6.7898, a surprise of -69 pips.

  • We have to go back to Q1 2020 to see a larger downside surprise.
  • This step up in the firmer CNY fixing bias may reflect a lean against the break above 6.8000 in spot USD/CNH yesterday. Note onshore spot came close to breaking above this level yesterday, but in early trade has broken above this level.
  • Post today's fix we saw a brief dip below 6.8100, but the impact on sentiment has not been lasting. This has been the trend for much of the past week.
  • The early USD/CNH dip reflected better US equity futures, but we are now back to fresh highs of +6.8350, with stronger onshore spot levels for USD/CNY driving sentiment.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletHomepagemarkets-real-timeEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletHomepagemarkets-real-timeEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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