MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI China Daily Summary: Tuesday, July 23

Market round-up post PMIs

PMIs indicate solid growth; less cost pressures from wage increases

MNI: UK JUL FLASH MANUFACTURING PMI 51.8 (FCST 51.0); JUN 50.9

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

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CPI slightly higher again

UK DATA
  • CPI a tenth higher than expected on both headline and core measures at 5.5%Y/Y and 4.4%Y/Y respectively.
  • Clothing and footwear look at first glance to be one of the drivers, with other upward movements from furniture and household goods.
  • The ONS notes on clothing and footwear that "the 2.9% fall in prices in January 2022 was smaller than the 4.8% fall a year earlier." This increased annual CPI by 0.19ppt in Jan.
  • "It is the smallest monthly fall for clothing and footwear prices in January since the National Statistic series began in February 2005, and the smallest since 1990 in the constructed historical series when it stood at negative 2.1%.": ONS
  • RPI saw a larger upside surprise than CPI again (4ppts above consensus) and was last higher in March 1991.
  • Market reaction rather muted, but expect there will be some downside pressure on SONIA futures at the open.
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