TEST3, PLEASE IGNORE

TEST, PLEASE IGNORE

MNI China Daily Summary: Monday, June 17

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MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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1 Month USD/KRW Ends Last Week Above 1300, Despite Softer USD Trend

KRW

1 month USD/KRW finished off session highs by the NY close on Friday. We ended near 1302, down from earlier highs above 1306. Still the 1 month NDF ended last week comfortably above earlier lows near 1282, and off 0.66% for the week. This underperformed generally softer USD tones over this period (BBDXY -0.50% last week). Note onshore spot ended last week at 1306.30.

  • Yen underperformance likely weighed on the KRW at the margins. Additionally, local equities struggled somewhat through the tail end of last week. The Kospi couldn't consolidate above 2500, ending last Friday down 0.73%.
  • Offshore investors also sold $165.6mn of local shares on Friday. Net inflows were still positive for the week though at $510.6mn.
  • The lead for the Kospi today is mixed. The MSCI IT finished last week slightly lower, the SOX edged higher marginally though.
  • The local data calendar has retails on tap (release window 27-30 of Nov). Early tomorrow we get Nov consumer confidence out.
  • Note regulators will hold a meeting with commercial banks today to ease pressure on small businesses amid a higher interest rate backdrop (BBG).
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