MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

Riksbank Shouldn’t Place Too Much Weight On The Q2 GDP Indicator

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

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Bailey: Our Judgment Is That Inflation Will Not Persist

BOE

Q: Are you worried about how inflation will affect those that have not managed to increase savings during the pandemic?

  • A (Bailey): There are some base effects built in so we are comfortable that inflation will pick up toward target during this quarter. The fact that inflation goes above target is due to a range of temporary base effects.
  • The key question is whether it persists. Our judgement is that this does not happen i.e. that base effects would otherwise translate into persistent inflation.
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