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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VdL Proposes Major European Chip Manufacture Shift As China Links Strained

EU

Speakingthe virtual Davos event for the World Economic Forum, European Commission President Ursula von der Leyen has stated her objective of having 20% of global chip and semiconductor manufacturing in the EU by 2030. Says that the EU 'cannot afford to be dependent on [imported] semiconductors'.

  • VdL states that the Commission will propose a 'European Chips Act' in early February.
  • Comes as concern in the West remains high regarding the long-term viability of having significant semiconductor manufacture based in Taiwan. Moreover, COVID and the increasing divergence between US and Chinese-oriented economic structures have exposed the risk of lengthy and complex supply chains. For products as crucial as microchips and semiconductors many nations and blocs looking to bring production in-house in years ahead.
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