MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Central Bank Traders Survey Due

CHILE
  • The central bank will publish its latest traders survey at 1130GMT(0630ET) today, with the focus being on expectations for next week’s monetary policy meeting. Following the larger-than-expected drop of inflation in December, decline of inflation expectations back to target and with activity remaining weak, market pricing has shifted towards the BCCh delivering a larger 100bp cut next Wednesday. The stabilisation of the peso in recent days, following the resumption of significant dollar sales from the Chilean finance ministry, also supports the case for a larger rate cut on Wednesday.
  • Analyst expectations already appear to have gradually shifted that way, with the latest BCCh analyst survey earlier this month showing that a slightly larger share of analysts (39.5% vs. 37.2%) expect a 100bp move rather than 75bp. Both Itaú and Santander have this week stated their expectations that BCCh will cut the policy rate from 8.25% to 7.25% next week.
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