MNI China Daily Summary: Friday, June 28

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

Inflation Slowed in June, Shaking Off May Hotel Price Jump

Broad-based Deceleration In June Core Metrics

MNI: ITALY JUN FLASH HICP +0.2% M/M, +0.9% % Y/Y; MAY +0.8% Y/Y

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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August Eurozone CPI Provides Mixed Messages For ECB Board

GLOBAL
  • Mixed messages for ECB policymakers in the August inflation data, but a tick lower in the core rate to 5.3% y/y will offer some respite, although the hawks will continue to point to the continuing elevated levels. According to Eurostat's flash inflation print, headline inflation was unchanged at 5.3% y/y in August, with the ex-energy, food, alcohol and tobacco rate at 5.3% y/y. Services inflation also slowed in the month, but remains elevated at 5.5% y/y.
  • China's August manufacturing PMI contracted for the fifth straight month (at 49.7), rebounding slightly from 49.3 in July though still below the 50 mark.
  • Separately, two of China’s biggest cities - Shenzhen, Guangzhou - lowered mortgage requirements following central government guidance, fanning expectations that more will follow suit to arrest a record housing slowdown. People who have had a mortgage previously will still qualify as first-time buyer (BBG).
  • China's major state-owned banks were seen selling dollars in onshore spot FX market today (RTRS).
  • Fitch Ratings has affirmed China's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'A+' with a stable outlook.
  • US: Bostic, Federal Reserve Bank of Atlanta President, says Fed is restrictive enough to get inflation to 2%; "Based on current dynamics in the macroeconomy, I feel policy is appropriately restrictive. I think we should be cautious and patient and let the restrictive policy continue to influence the economy, lest we risk tightening too much and inflicting unnecessary economic pain" (MNI).
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