MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

RPT-MNI INTERVIEW: ISM Choppiness Not A Clear Signal For Worry

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

DMP survey increases probability of August cut

MNI: UK JUNE CONSTRUCTION PMI 52.2 (FCST: 54.0); MAY 54.7

MNI: EUROZONE JUNE CONSTRUCTION PMI 41.8; MAY 42.9

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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A new era of more frequent communication? (1/2)

BOE
  • It is notable that there has been a recent ramp up in communication from MPC members since the November meeting. It is also notable that there seems to be a much more coherent and consistent message in all the MPC speeches and comments.
  • 2 week ago Greene (one of 3 members to continue to vote for a 25bp hike in November) seemed to subscribe to the Table Mountain view to some extent. She asked if rates were restrictive enough, but also said that she didn't think that markets had "clocked on" to higher for longer on a global basis yet (see more on here comments here).
  • Another of November's hawkish dissenters Haskel said yesterday that "Rates will have to be held higher and longer than many seem to be expecting." Yesterday was the first time that he really seemed to be more aligned with Table Mountain rather than Matterhorn.
  • We have also seen a number of interviews with Bailey recently in regional press. And the message at last week's TSC testimony was very much of higher for longer and risks are for more hikes.
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