MNI China Press Digest July 18: PBOC, Beijing, Arctic Shipping

MNI: PBOC Net Injects CNY47 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1285 Thurs; -1.29% Y/Y

CHINA PBOC CONDUCTS CNY49 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1285 THU VS 7.1318

MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

Australia Jun Unemployment Rate 4.0%

Japan Jun Exports +5.4% Y/Y; Imports +3.2% Y/Y

MNI:AUSTRALIA JUN UNEMPLOYMENT RATE +4.1%

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

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Commerzbank See Rate Cut at June 10 CBR Quite Likely

RUSSIA
  • Commerzbank write that the CBR rate cut was larger than the market consensus was expecting, but slightly narrower than they were anticipating (400-500bp).
  • They add that the CBR clearly signalled that it is now in a rate cutting cycle which will continue quite a bit further – after the rate reaches single-digit (probably at the next meeting), after which CBR might narrow down the step size to just 25bp a month.
  • As such, they think that another rate cut at the scheduled meeting of 10 June is quite likely. The motivation is that the (mostly artificial) exchange rate is proving no threat to inflation or financial stability, while high interest rates are choking lending activity.
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