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  • 2013-04-25 03:26

    BRUSSELS (MNI) - European governments are this year expected to rein in their deficits half as aggressively as they did last year, EU Economics and Monetary Affairs Commissioner Olli Rehn said on Thursday.

    "The pace of fiscal consolidation is already slowing down in Europe," Rehn told a conference on financial integration and stability organised by the European Commission and European Central Bank.

  • 2013-04-25 03:11

    BEIJING (MNI) - China's capital and financial account surplus soared to $101.8 billion in the first quarter, the State Administration of Foreign Exchange said Thursday, adding fresh evidence to big capital inflows starting from the beginning of the year.

    The release was a preliminary figure which includes net error and omissions and compared with the surplus of $20 billion in the fourth quarter of last year and a surplus of $56.1 billion in the first quarter of 2012.

    The foreign exchange regulator also said that the country's current account surplus stood at $55.2 billion in the first quarter, compared with the revised data of $45.1 billion in the previous quarter.

  • 2013-04-25 03:00

    - Forward Guidance, QE Not Easily Applicable In EMU

    FRANKFURT (MNI) - An interest rate cut would do little to help the Eurozone's periphery and could prove harmful for the core, European Central Bank Executive Board member Joerg Asmussen said Thursday.

    The ECB is widely expected to cut interest rates possibly as soon as next week as economic weakness has persisted this year and seeped into the Eurozone core economies.

    "Due to impaired monetary policy transmission, the pass-through of rate cuts to the periphery would be limited, and this is where they are most needed," Asmussen said in a speech for delivery at The Economist's Bellwether Europe Summit in London.

    "At the same time, rate cuts would further relax already unprecedentedly easy financing conditions in the

  • 2013-04-25 03:00

    FRANKFURT (MNI) - Europe must do more to ease credit access for small companies, European Central Bank Executive Board member Benoit Coeure told the Austrian newspaper Der Standard in an interview published Thursday.

    Despite the ECB's non-standard support measures, easy monetary conditions still fail to reach the periphery and in particular small and medium-sized companies, Coeure said.

    "European institutions must find ways to address these problems and we too are working on it," Coeure said. "But the ECB cannot solve all problems and is tied by its mandate."

    Fellow Executive Board member Yves Mersch in an opinion piece published in today's Financial Times warned against more aggressive ECB policy support.

  • 2013-04-25 00:19

    BEIJING (MNI) - Onshore China spot yuan hit fresh new record highs on Thursday after the central bank set a post-reform record reference rate.

    The yuan was traded at 6.1695 at the lunch break, the strongest ever intraday high since currency reforms started in July 2005. It closed Wednesday at 6.1781.

    The People's Bank of China set the yuan's central parity rate at 6.2300 earlier this morning, beating the previous record high of 6.2342 set on April 17.

    In the offshore market, the yuan 12-month NDF, non deliverable forward, contracts were last quoted at 6.2475/2505, versus 6.2490 closed Wednesday.

    --MNI Beijing Bureau; tel: +86 (10) 8532-5998; email:

    [TOPICS: M$A$$$,M$Q$$$,MK$$$$,MT$$$$,MBQ$$$,MN$FX$,MN$MM$]

  • 2013-04-25 00:12

    --All release dates are subject to change without notice

    Date GMT / ET Release Previous


    25-Apr 1300 / 0900 Feb Global econ activity IGAE (y/y) +3.2% 25-Apr 1500 / 1100 Feb Conference Board leading index +1.9% 26-Apr 1300 / 1000 --- Bank of Mexico monetary policy -50, 4.0% 26-Apr 1300 / 0900 Mar Trade balance (p) $46 mln (r) 26-Apr 1300 / 0900 Mar Trade balance,ex oil (p) -$1.1 bln (p)

    29-Apr 1300 / 0900 Feb Manufacturing employment +2.2% 29-Apr 1300 / 0900 Feb Manufacturing hours worked +2.9% 30-Apr

  • 2013-04-25 00:10

    Date Available through: April 24, 2013 Data are monthly unless otherwise noted

    Mar-13 Feb-13 Jan-13 Dec-12 Nov-12 Oct-12


    Payroll Level Change (thou) -54.5 +50.7 -21.9 +39.8 +59.3 +1.8 Unemployment Rate 7.2% 7.0% 7.0% 7.1% 7.2% 7.4% Average Weekly Earnings +0.1% +0.3% +0.5% +0.9%

    CPI (SA) +0.1% +0.7% Flat Flat -0.2% +0.2% BOC Core CPI (SA) +0.2% +0.4% +0.1% +0.1% Flat +0.1% Industrial Product Price Index +1.4% Flat Flat -0.3% -0.1% Raw

  • 2013-04-25 00:10

    Source: Bank of Canada Billions of Canadian Dollars

    Announce Date Offering Amount Auction Date Issue Date Maturity Date


    09-Apr-13 98-day 9.500 23-Apr-13 25-Apr-13 01-Aug-13 09-Apr-13 168-day 3.500 23-Apr-13 25-Apr-13 10-Oct-13 09-Apr-13 350-day 3.500 23-Apr-13 25-Apr-13 10-Apr-14 18-Apr-13 2-yr 3.300 24-Apr-13 25-Apr-13 01-Aug-15 23-Apr-13 98-day 7.800 07-May-13 09-May-13 15-Aug-13 23-Apr-13 182-day 2.850 07-May-13 09-May-13 07-Nov-13 23-Apr-13 364-day 2.850 07-May-13 09-May-13 08-May-14 25-Apr-13 10-yr -- 01-May-13 06-May-13

  • 2013-04-24 20:21

    BEIJING (MNI) - The People's Bank of China added liquidity to the banking system via its open market operations this week for the first time in 10 weeks to help banks meet tighter liquidity conditions because of a month-end squeeze and tax payments.

    The PBOC injected a net CNY124 billion, compared with last week's net drain of CNY14 billion.

    The seven-day repo rate fixing jumped to 4.75% on Wednesday, its highest level in more than a year while the overnight repo rate also surged to 4.10%.

    A total of CNY152 billion PBOC paper and repo matured this week, the highest amount in the past 12 months and higher than last week's CNY87 billion.

    April is usually when heavy tax payments could result in tighter liquidity as funds flow out of companies' bank accounts and

  • 2013-04-24 19:59

    TOKYO (MNI) - Bank of Japan Governor Haruhiko Kuroda said on Thursday that he would not consider dropping the BOJ's new 2% inflation target even if the bank's aggressive monetary easing triggered unstable financial gyrations.

    "I believe we can have both the stability of prices and the stability of the financial system at the same time.