MNI China Daily Summary: Tuesday, April 2

MNI BRIEF: China to Incentivise Equipment Upgrades, Trade-Ins

MNI: PBOC Drains Net CNY148 Bln Via OMO Tues; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0957 Tues; -4.95% Y/Y

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

CHINA SETS YUAN CENTRAL PARITY AT 7.0957 TUES VS 7.0938

Seasonally Adjusted CPI Series: Flat Core Goods, Higher Services

EZ/UK Bond Supply Calendar: Belgian 30Y USD and Bund Auction Weds

MNI: US BLS: JOLTS QUITS RATE 2.2% IN FEB

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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USD/PHP Trading Tight Ranges Ahead OF BSP Decision

PHP

Spot USD/PHP is down slightly in the first half of trading, as the market awaits the BSP decision, which is due in about three and a half hours. The pair sits close to the 55.88 level, basically unchanged on the day. This is very much within the ranges that have prevailed since the start of the week, albeit slightly up the upper end.

  • In recent weeks, moves towards 56.00 have generally drawn selling interest in the pair, while on the downside dips below 55.40 have been supported.
  • The market expects the BSP to raise rates by 50bps with 16 of 22 economists forecasting such a move. This is also in line with our own expectations, see the preview here for full details. It would be a surprise if the central bank doesn't move by this amount today, given the focus on bringing inflation back under control. This should take precedence over the the recent Q2 GDP miss.
  • Onshore equites are slightly higher, recovering from an earlier dip.
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