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

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

MNI: US BLS: JOLTS OPENINGS RATE 8.756M IN FEB

MNI: US FEB FACTORY ORDERS +1.4%; EX-TRANSPORT NEW ORDERS +1.1%

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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Yuan Fixing Has Little Impact On USD/CNH

CNH

Spot USD/CNH has shown a muted reaction to the PBOC fixing, which saw the reference rate set at CNY7.1101 versus BBG estimate of CNY7.1569 and the notably lower RTRS estimate of CNY7.1248.

  • The PBOC set the mid-point of permitted USD/CNY trading band at CNY7.1101, little changed from the prior day. Today's fixing represents a -468 pips surprise relative to the Bloomberg consensus, which is narrower than yesterday's -647 error term.
  • On the geopolitical front, a defence blueprint issued by the White House labelled China as the sole competitor to the U.S. capable of disrupting the global order and pointed to the increasing alignment of China and Russia.
  • USD/CNH has pared its earlier losses and last deals +15 pips at CNH7.1765. Bears eye Oct 5 low of CNH7.0127 for initial support, while bulls look for gains towards Sep 28 high of CNH7.2674.
  • Chinese data on the radar this week include inflation figures and trade report, both due for release tomorrow.
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