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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

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  • Despite lower copper prices on Thursday, USDCLP extended its recent downtrend, breaching below the 900 level. On the downside, sights are on 886.96 next, the 76.4% retracement of the Dec 1 ‘23 - Feb 26 bull leg. Initial key short-term resistance has been defined at 933.66, the 20-day EMA.
  • Today, the central bank’s traders survey of expectations, which will include market participants forecasts for the interest rate outlook, will be published at 1330BST(0830ET). The equivalent economists survey recently indicated that analysts expect a 50bp rate cut at the next monetary policy meeting.
  • Next week, Q1 GDP and current account data will be released on Monday, which will be followed by the central bank’s latest interest rate decision on Thursday.
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  • Despite lower copper prices on Thursday, USDCLP extended its recent downtrend, breaching below the 900 level. On the downside, sights are on 886.96 next, the 76.4% retracement of the Dec 1 ‘23 - Feb 26 bull leg. Initial key short-term resistance has been defined at 933.66, the 20-day EMA.
  • Today, the central bank’s traders survey of expectations, which will include market participants forecasts for the interest rate outlook, will be published at 1330BST(0830ET). The equivalent economists survey recently indicated that analysts expect a 50bp rate cut at the next monetary policy meeting.
  • Next week, Q1 GDP and current account data will be released on Monday, which will be followed by the central bank’s latest interest rate decision on Thursday.