MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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CLP Outperforming As Copper Rallies Further

LATAM FX
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  • Regional currencies have strengthened following the US CPI and retail sales data, though gains have been pared in recent trade.
    • CLP is the outperformer, gaining by 0.8% against the dollar, buoyed also by the further rally in copper prices today. USDCLP is now trading below 910, narrowing the gap to the 901.73 lows from Jan 22.
    • MXN is modestly stronger against the dollar on the day, ultimately continuing to trade in a tight range.
    • BRL remains the underperformer and continues to trade weaker against the dollar today following the previously reported news that Petrobras CEO Prates was fired by President Lula yesterday. The currency is trading off its lows for the day, however, benefitting from recent remarks from BCB Governor Campos Neto, reaffirming the central bank’s commitment to the inflation target and need to re-anchor inflation expectations.
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  • Regional currencies have strengthened following the US CPI and retail sales data, though gains have been pared in recent trade.
    • CLP is the outperformer, gaining by 0.8% against the dollar, buoyed also by the further rally in copper prices today. USDCLP is now trading below 910, narrowing the gap to the 901.73 lows from Jan 22.
    • MXN is modestly stronger against the dollar on the day, ultimately continuing to trade in a tight range.
    • BRL remains the underperformer and continues to trade weaker against the dollar today following the previously reported news that Petrobras CEO Prates was fired by President Lula yesterday. The currency is trading off its lows for the day, however, benefitting from recent remarks from BCB Governor Campos Neto, reaffirming the central bank’s commitment to the inflation target and need to re-anchor inflation expectations.