Singapore’s MAS Holds Policy Stance While Softening Dovish Tone
Bloomberg 1 day ago Michelle Jamrisko
(Bloomberg) Singapore’s central bank kept its main monetary settings unchanged, while signaling a slightly less dovish tone going forward as it cautiously eyes a brighter recovery from the pandemic.
While repeating its previous guidance that “that an accommodative policy stance remains appropriate,” the Monetary Authority of Singapore statement dropped the phrase “for some time.” It also said it expects economic growth to outpace its earlier expectations and noted a gradual pick-up in inflation.
The MAS, which manages the exchange rate of the local dollar as its main monetary tool, held the slope, width and center of its currency band unchanged Wednesday, as expected in a Bloomberg survey. The slope is currently 0%, a policy that implies the MAS isn’t seeking currency appreciation, which it implemented at the outset of the pandemic last year.
Release
Marubeni Signs a Power Purchase Agreement, Project Finance Agreement and Commences EPC Work for the Rabigh Solar PV IPP Project in the Kingdom of Saudi Arabia
Apr. 09. 2021
Marubeni Corporation
Marubeni Corporation (hereinafter, “Marubeni”) signed a Power Purchase Agreement with the Saudi Power Procurement Company (hereinafter, “SPPC”) through a Special Purpose Company (hereinafter, “SPC”) established with Al Jomaih Energy & Water Company Limited (hereinafter, “Al Jomaih”) in January 2021. In March 2021, a loan agreement for limited-recourse project financing for the Rabigh Solar PV IPP Project was signed, and EPC (Engineering, Procurement and Construction) work on the project proceeded the following month.
The SPC will develop, construct, operate, and maintain the 300MW capacity solar PV plant, which will be located in the Rabigh Industrial City of Makkah Province, on land leased by The Saudi Authority for Industrial Cities and Technology Zones, commonly
Yuan Erases Year’s Gains Against Dollar While PBOC Steps Aside
Bloomberg 2 hrs ago
China’s yuan is hurting after months of standing tall against the dollar.
In March, the currency gave up all its 2021 gains and then some. There are signs a short-term retreat may be starting as the drivers that lifted the yuan last year a quicker economic rebound from the pandemic and investors seeking yields get eroded, dimming the currency’s appeal.
Investors flooded into Chinese bond markets in 2020, boosting yuan usage and furthering China’s ambitions to internationalize its currency. But, a spike in Treasury yields is now cutting into the yuan’s yield premium, while an FTSE Russell index inclusion will now take place over a much longer period, slowing inflows. Throw in tensions between Beijing and Washington, and all these are speed-bumps for a currency that jumped almost 7% against the dollar last year.
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