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

CHINA END-MAR M2 +8.3% Y/Y VS MEDIAN +8.8%; END-FEB +8.7% Y/Y

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

Final March Inflation Reading Confirms Softening Core Dynamics

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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CNH

Spot USD/CNH sold off in early trade but has already recouped most losses and last sits -20 pips at CNH6.3586, after another in-line yuan fixing. A fall through yesterday's/Dec 31 lows of CNH6.3405/6.3379 would clear the way to Dec 8 low of CNH6.3305. Meanwhile, initial topside focus falls on Jan 6/Nov 26 highs of CNH6.3976/99.

  • As mentioned in our CNH bullets earlier this week, the PBOC will fix their benchmark loan prime rates this Thursday. The recent reductions in interest rates applied to 1-year MLF & 7-day reverse repo operations.
  • Dep Gov Liu touted the People's Bank increasingly proactive approach. He said Tuesday that the central bank will "open monetary policy tool box wider, maintain stable overall money supply and avoid a collapse in credit," adding that officials will take pre-emptive steps and stay ahead of the market curve.
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