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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Barclays on Copom Minutes - Due Top Of The Hour

BRAZIL
  • Barclays expect more details on the BCB’s commitment to “persist in its strategy until the disinflation process and the expectation anchoring around its targets consolidate,” possibly clarifying whether that means a higher terminal rate, its maintenance for a longer period before cuts can be entertained, or both.
  • The change from “achievement” of targets to “convergence” toward them could also be explored, perhaps confirming the intention to soon extend the horizon for monetary policy away from 2022 and into 2023.
  • Last, the board may explain why it dropped its forecast for regulated prices significantly for next year (from 5.2% to 3.8%), as that prevented the 2022 IPCA forecast from rising even more than it did according to the bank’s models (to 4.7%, from 4.1%).
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