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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CIBC Below Consensus For CPI, Eyeing Cuts As Early As 2Q24

CANADA
  • CIBC see headline CPI declining -0.1% M/M (-0.2% in SA terms) with the annual rate slowing to 3.0% Y/Y, below consensus of 0.2% M/M and 3.2% Y/Y.
  • Lower gasoline prices in both M/M and Y/Y terms are a main diver, whilst “food price inflation should also continue to ease, even though prices are still expected to be up modestly on the month”.
  • “In contrast, ex food/energy prices could look a little firmer than in the prior month, with a 0.3% seasonally adjusted increase expected.”
  • Breadth is still important though and “this increase is still anticipated to be more narrowly based than the inflation we were seeing in the first half of the year, with mortgage interest costs and rental prices the main contributors.”
  • They expect the BoC’s preferred trim and median measures to decelerate further on both a Y/Y and 3-month annualized basis, which along with the narrow breadth of inflationary drivers “would enable rate cuts to start as early as Q2 next year”.
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