MNI China Daily Summary: Wednesday, July 24

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: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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

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Credit Agricole Expect Consistent 100bp Cuts to Effective Rate

HUNGARY
  • Credit Agricole believe that the normalisation of monetary policy will be continued in the coming months and that the one-day deposit rate will be gradually reduced at an average pace of 100bps per month to reach 13% in September.
  • The cuts may be delivered in smaller increments than 100bps, irrespective of monthly NBH meetings, as the one-day deposit rate is set at daily tenders, they say.
  • Moreover, Credit Agricole expect that in the coming months, as inflation quickly declines from the currently elevated levels, the NBH will continue to further narrow the interest rate corridor (i.e., by lowering the overnight collateralised lending rate).
  • They expect that the first cuts of the base rate will happen no sooner than in Q423, once inflation comes down. That view is consistent with the assessment of the NBH, according to which it is necessary to maintain the current level of the base rate over a prolonged period.
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