MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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Copom Minutes Due at 1200BST/0700ET, New BCB Directors Chosen

BRAZIL
  • The BCB are scheduled to release the minutes of last week’s monetary policy meeting, where it left the key Selic rate unchanged at 13.75%. In a moderate adjustment to the prior statement, the BCB stated that although they will not hesitate to resume the tightening cycle if the disinflationary process does not proceed as expected, they now see this as a “less likely scenario”. The statement highlights that the current scenario “demands patience and serenity in the conduct of monetary policy”.
  • All analysts acknowledged the moderately dovish tweaks to the statement with most highlighting that the language is in keeping with an easing cycle that begins later this year. The full review with analyst views is here.
  • Separately, Finance Minister announced to reporters on Monday that Gabriel Galipolo (Deputy Finance Minister) and Ailton Aquino dos Santos have been chosen as the new central bank board members. The decision weighed on local asset prices on Monday as Galipolo’s appointment was considered as intensifying the President’s campaign against high interest rates.
    • Galipolo was chosen to serve as monetary policy director, while Ailton Aquino dos Santos, a career central bank employee, was tapped as director of supervision. Both need to be approved by the Senate before starting their mandates.
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