MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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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ADB Cuts Growth Outlook, Raises Inflation Forecasts

ASIA
  • The Asian and Development Bank cut the 2022 growth forecast for Developing Asia to 4.6% in its latest report (5.2% prior) and raised its inflation forecast to 4.2% (3.7% prior).
  • China 2022 GDP growth forecast was downgraded to 4% (vs. 5%) given the surging uncertainty amid zero-Covid policy, which is still ‘optimistic’ relative to some sell-side forecasts.
  • For instance, GS cut China’s 2022 growth forecast to 3.3% (from 4% earlier) after weak GDP data.
    • As a reminder, China recorded its worst quarterly performance since the start of 2020, expanding by 0.4% YoY in Q2 (below BBG consensus of 1.2%).
  • Bank of Indonesia decided to keep its 7D reverse repo rate steady at 3.5% (as expected) despite the central bank expecting inflation to exceed the upper tolerance band at 4% this year.
  • We have seen that some central banks in Asia / SE Asia have entered into a tightening cycle this year after keeping a status quo for nearly 2 years (following Covid shock) as inflation has started to accelerate in the region.
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