MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

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Bailey due to speak at 10:10GMT

BOE
  • Governor Bailey is due to deliver a speech at the “Cost of Living Crisis Conference” with the text due for release at 10:10GMT here. (Note that the time of release was changed from 10:00GMT last Friday).
  • Focus will be on whether Bailey makes any attempt to pull back market expectations of future hikes which are currently pricing around 86bp of further hikes by year-end before some minor inversion next year. For comparison immediately after the February MPR and rate decision markets were pricing around 35bp of hikes by the summer but for the curve to then invert.
  • We are not, however, at the levels in excess of 5% that saw the Bank state that it thought it would tighten less than market pricing.
  • Any comments in reaction to the latest datapoints will be closely watched, as well as any steer towards whether he will vote for another 50bp hike in March, slow to 25bp or indeed thinks there is scope for no further hikes.
  • We think that there are two-way risks to the market here.
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