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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USD/KRW Finds Some Support After Early Dip

KRW

The early impetus in USD/KRW has been to the downside, although we are starting to see some support emerge. The 1 month NDF got to a fresh low near 1341, but we are now back to 1347. This is still around -0.20% lower on NY closing levels. Higher beta plays in the G10 space, like AUD and NZD are seeing a pull back (-0.40%), which is likely weighing at the margin. USD/CNH is also higher, back close towards 7.1700 (+0.25%).

  • The Kospi is +2.60% higher, but is away from best levels (2465 last against an earlier high around 2482).
  • In a speech BoK Governor Rhee stated that the central bank needs to maintain financial stability, particularly outside the banking sector. This is no doubt a reflection of the recent stresses in the onshore credit market. Still, bringing inflation down is the key priority for the BoK.
  • Earlier the first 10-days of trade data for November showed similar trends to recent months, export growth remaining negative y/y and an on-going trade deficit.
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