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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What to watch (2/2)

MARKET INSIGHT
  • For the Bank of England (12:00BST / 13:00CET decision/Minutes/MPR, 12:30BST press conference), a 25bp hike was unanimously expected by analysts in the 22 previews that we read through, with markets fully pricing 25bp with around a 20% probability of a 50bp hike. The focus will be on the vote split (which could easily be a 3 way split), the forward guidance (will the time contingency of further moderate hikes be "in the coming months"?) and how far below 2% will the inflation forecasts be at market rates in 2/3 years time? There is also expected to be some further commentary on gilt sales. We wouldn't expect an announcement on the timing/pace at this meeting, but we wouldn't rule it out. For the full MNI BOE Preview click here.
  • Against this backdrop ECB Chief Economist Lane is also due to speak on the euro area economic outlook at 11:30BST / 12:30CET at a Bruegel event. His comments will be watched closely as he is seen as one of the most influential members of the Executive Board, and if he guides towards a July hike, we are likely to see markets price in a higher probability than the round 2/3 probability priced in now.
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