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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VIEW CHANGE: Nomura looks for 5.25% terminal rate

BOE
  • "We now see three further 25bp hikes at the next three BoE meetings (Jun, Aug, Sep), bringing the terminal rate to 5.25% – a level that the Bank had pushed back on at the end of last year) . We see few signs of easing in UK inflation that would give the BoE an opportunity to stop hiking sooner rather than later."
  • "We maintain the view that Bank Rate will remain elevated for some time as the BoE seeks to bolster its credibility on reaching its 2% inflation target. Therefore, we only expect rate cuts from the second half of 2024."
  • "Undeniably today’s inflation print was strong, but there were a few April specific factors that mean we are unlikely to see such large monthly increases in seasonally-adjusted inflation again soon."
  • Nomura's previous view was for a final 25bp hike in June 23 but risks "seem skewed to the upside." They then expected 5x25bp cuts in Aug24, Sep24, Nov24, Dec24, Feb25 to 3.50%.
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