MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

MNI BRIEF: Treasury's Yellen: Inflation Moving To Fed's Target

Japan Tokyo Jul Core CPI +2.2% Y/Y

MNI BRIEF: Japan July Tokyo Core CPI Rises 2.2% Vs. June's 2.1%

MNI JAPAN JULY TOKYO CORE CPI +2.2% Y/Y; JUNE +2.1%

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

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Barclays: Rates need to increase faster, but not necessarily more

BOE
  • “We think the message from the MPC is clear: rates need to increase faster, but not necessarily more.”
  • “We now expect the MPC to hike back-to-back until May before rates pause at 1%.” (Previously had looked for May 25bp hike with pause at 0.75%).
  • “We expect the Bank to start discussing active QT. We think the natural timing of this discussion is May, with a possible delayed implementation to August. In our view, such a program would lead to a balance sheet reduction of up to £50bn per year (sales and redemptions).”
  • “We see risks as fairly balanced as this stage, with incoming inflation prints likely still the most relevant indicators to assess how this balance may change in the coming months.”
  • “Haskel, traditionally perceived as rather cautious, cast a vote for 50bp. This is, however, very much consistent with his November speech, in which he suggested that specific labour market conditions (mismatch and lower labour supply) may call for a more “vigorous” normalisation.”
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