MNI China Daily Summary: Friday, April 12

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: PBOC Injects Net CNY2 Bln Via OMO Fri; Rates Unchanged

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

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

Final March Inflation Reading Confirms Softening Core Dynamics

Inflationary Breadth Narrows, But Services HICP Stays Above 4%

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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Won Tumbles On Covid Numbers While Inflation Comments Receive Scrutiny

ASIA FX

Most spot USD/Asia crosses edged higher in the wake of yesterday's greenback strength (albeit the DXY ticked away from yesterday's peak), but some bucked the trend.

  • KRW extended its sharp sell-off as South Korea's daily Covid-19 infections remained at worrying levels, inspiring calls for tighter curbs. Meanwhile, South Korean Vice FinMin said that the gov't will make efforts to ease prices of farm products ahead of Sep 20-22 Chuseok holidays amid mounting inflation pressure. Spot USD/KRW reached its highest point since Sep 2020.
  • CNH ignored bubbling geopolitical tensions between China and some of its Western partners. The PBOC fix fell in line with expectations.
  • Onshore THB started on a firmer footing as Thai markets reopened after a local holiday, but sharply trimmed losses as Thailand reported another record-breaking increase in new Covid-19 infections.
  • USD/PHP continued to operate just shy of the PHP50.50 level, but struggled to stage a breach of that figure. BSP yesterday left interest rates unchanged, but revised its 2021 CPI forecast to +4.1% Y/Y from +4.0%.
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