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

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MNI China Daily Summary: Wednesday, July 24

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Core CPI Exp. At Highest in Six Years

SOUTH AFRICA
  • Focus for the day will be on the May CPI release at 09:00BST/10:00SAST. Headline expected at +6.5% Y/Y vs. +6.8% prior; core expected at +5.2% Y/Y vs. +5.3% prior.
  • The SARB wants to anchor inflation near the mid-point of the +3%-6% Y/Y target band, however recent SARB comms suggest it wouldn't be satisfied with just reaching the upper end. Headline inflation has been above the +4.5% Y/Y mid-point since April 2021, despite 475bp worth of rate hikes delivered by the SARB so far this cycle.
  • Late yesterday, the SARB released a working paper detailing their progress on a new projection model for the South African economy. The new models should give the central bank an enhanced projection for the repo rate and provide more accurate forecasts for both core and headline inflation going forward.
  • As part of talks on energy cooperation, Ramaphosa held talks with the Dutch and Danish leaders Rutte and Frederiksen yesterday, at which Ramaphosa briefed the European leaders on his recent discussions with both the Ukrainian and Russian Presidents.
  • Standard Bank have warned that more clients are falling behind on debt repayments, according to ENCA. The bank states that the rapid rise in rates has prompted impairment charges to rise by almost 50% in the 5-months to end-May.
  • On the outlook for fuel prices, the Central Energy Fund sees petrol prices set for a small cut at the beginning of July, however diesel prices could be hiked in the next update. Fuel prices will be adjusted on 5th July.
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