China: the central bank reduced the reserve requirement and the credit is now showing signs of stabilizing. 1) Monetary policy: the national standing committee pointed out the timely use of reserve requirement reduction and other monetary policy tools; The central bank believes that the current liquidity has been at a reasonable and sufficient level. MLF will be renewed in equal amount this week, and the interest rate will remain unchanged; Carry out 60 billion yuan reverse repurchase operation, with a net investment of 20 billion yuan; It is decided to reduce the deposit reserve ratio of financial institutions by 0.25 percentage points on April 25, 2022. 2) Credit data: social finance increased by 4.65 trillion yuan in March, an increase of 1.28 trillion yuan year-on-year; New credit increased by 3.13 trillion, an increase of 395.1 billion year-on-year; In March, M2 increased by 9.7% year-on-year. 3) Economic data: in March, exports increased by 14.7% year-on-year and imports decreased by 0.1% year-on-year; In March, CPI rose by 1.5% year-on-year and PPI rose by 8.3% year-on-year. 4) Macro policy: opinions on accelerating the construction of a national unified market were issued; The policy briefing of the State Council pointed out that short-term treasury bonds will be flexibly used for financing when necessary. 5) Risk: the Central Commission for Discipline Inspection pointed out that it will earnestly do a good job in the overall connection between anti-corruption and risk disposal in the capital market; The people's Bank of China pointed out that it will do a good job in macro and micro cross cycle management and strive to stay ahead of the financial risk curve.
Overseas: high inflation data landed, and the negative impact did not appear in the short term. 1) Monetary policy: Federal Reserve governor Waller predicts that the inflation rate has reached the peak and inflation will increase interest rates by 50 basis points; The European central bank confirmed to accelerate the withdrawal from the bond purchase plan, and the "gradual" interest rate increase will be carried out "after a period of time"; The Federal Reserve of New Zealand and the Bank of Canada raised interest rates by 50bp respectively. 2) Economic data: the CPI of the United States increased by 8.5% year-on-year in March, the fastest since december1981; PPI in March increased by 11.2% year-on-year; The UK CPI increased by 7.0% year-on-year in March, the fastest since March 1992. The initial value of the University of Michigan consumer confidence index was 65.7 in April and 59.4 in March. The average 30-year mortgage interest rate of Freddie Mac further jumped from 4.72% to 5%. 3) Risk: Sri Lanka announced that it would temporarily suspend the repayment of all external debt; The United States has significantly raised import tariffs on Japanese beef.
