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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Biden’s Gasoline Sales Won’t Move Needle Much on Prices: CNBC

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The Biden administration’s move to liquidate 1m bbl of gasoline from storage in the Northeast is unlikely to have a substantial effect on pump prices during peak driving season, market analysts told CNBC.

  • The Department of Energy announced the sale May 20 and said it would be timed to have maximum impact on prices.
  • However, the volumes released equate to just 2.6 hours of US gasoline consumption, or 2-3 days in the Northeast region, according to GasBuddy.
  • Congress ordered that the storage – set up in 2014 after Hurricane Sandy – be liquidated.
  • This upcoming Memorial Day Weekend marks the start of the US summer driving season against a backdrop of growing but seasonally sluggish demand. AAA predicts record travel but factors like higher efficiency, electric cars and shorter journeys are denting consumption.
  • For July, GasBuddy is forecasting prices in a range of $3.39-$3.72/gal.
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The Biden administration’s move to liquidate 1m bbl of gasoline from storage in the Northeast is unlikely to have a substantial effect on pump prices during peak driving season, market analysts told CNBC.

  • The Department of Energy announced the sale May 20 and said it would be timed to have maximum impact on prices.
  • However, the volumes released equate to just 2.6 hours of US gasoline consumption, or 2-3 days in the Northeast region, according to GasBuddy.
  • Congress ordered that the storage – set up in 2014 after Hurricane Sandy – be liquidated.
  • This upcoming Memorial Day Weekend marks the start of the US summer driving season against a backdrop of growing but seasonally sluggish demand. AAA predicts record travel but factors like higher efficiency, electric cars and shorter journeys are denting consumption.
  • For July, GasBuddy is forecasting prices in a range of $3.39-$3.72/gal.