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

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Bank Keeps Rates Unchanged, Still Sees CHF as "Highly Valued"

SNB

SNB keep the policy rate unchanged at -0.75%, as expected.

Monetary Policy Assessment here: https://www.snb.ch/en/mmr/reference/pre_20210617_2...


Inflation forecasts tick higher, as expected:

  • CPI seen topping out at 1.0% in Q4 (Prev. 0.6%) this year, before drifting lower across the forecast horizon
  • Retains comms that "The Swiss franc remains highly valued."
  • Continues to assume H2 recovery
  • Flags that vulnerability of mortgage & real estate market has increased further
With decision broadly inline with expectations, very little response in CHF against either the USD or EUR.
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