MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

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

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES -8.8B CAD IN FEB

ECB Underlying Inflation Metrics Support June Cut Consensus

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

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/INR Struggles For Fresh Downside, Equity Outflows Highest Since Adani Sell Off

INR

USD/INR prints at 82.60/65, little change, with earlier lows near 82.53 drawing USD support.

  • The pair printed a high of 82.70 yesterday before moderating gains, the 20-day EMA has provided support to USD/INR (82.45) in recent dealing.
  • Intervention risks will firm as USD/INR ticks higher, the RBI intervened in late February as we approached the 83.00 level.
  • Last week there were net outflows in Indian Equities of $205mn, this was the largest weekly outflow since the late January/early February Adani driven sell off.
  • Data wise the BoP current account balance for Q4 is due some time below now and 31 March. The Bloomberg Survey Median Estimate sits at -$23bn, the prior read was -$36.40bn.
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