MNI China Daily Summary: Wednesday, July 3

MNI BRIEF:BOJ Q1 Output Gap Hits 16th Negative Reading In Row

MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

MNI: US MBA: MARKET COMPOSITE -2.6% SA THRU JUN 28 WK

US MBA: REFIS -2% SA; PURCH INDEX -3% SA THRU JUNE 28 WK

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

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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CNB Comments Take Centre Stage, CZGB Auction Due

CZECHIA
  • CNB comments stole the limelight yesterday, with officials doubling down on their pushback against overdone market rate-cut bets. However, while Eva Zamrazilova, Jan Frait and Jan Prochazka all insisted that current market pricing is too dovish, there were some differences in their rhetoric, with the former two conceding that a discussion on rate reductions may start later this year. On top of that, Monetary Department's Jakub Mateju said that the inflation target could be reached as soon as in January. Ceska Sporitelna wrote this morning that the CNB may "once again voice its preference for a strong koruna and emphasise its intervention commitment" to protect the domestic currency against the expected narrowing of interest-rate differentials associated with this week's Fed and ECB monetary policy meetings.
  • The Finance Ministry will auction CZK13bn of bonds maturing in 2029, 2031 and 2034 today. Komercni banka writes that Czechia has already issued CZGBs worth almost CZK300bn this year against the CZK400-500bn target for this year. They add that a smaller CZGB supply in 2024 should support a decline in yields next year compared to CZK IRS.
  • The Chamber of Deputies will debate the government's pension reforms that are part of wider efforts to contain budget deficits. The MPs are due to vote on the legislation from 11:30BST/12:30CEST and are widely expected to approve the amendments, despite a strong pushback from opposition parties.
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