MNI China Daily Summary: Monday, June 3

MNI BRIEF: Caixin May Manufacturing PMI Hits Over Two-year High

MNI: China CFETS Yuan Index Up 0.03% In Week of May 31

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1086 Mon; -1.90% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: UK MAY MANUFACTURING PMI 51.2 (FLASH: 51.3); APR 49.1

Manufacturing PMIs Remain Contractionary, But Improvement Seen vs April

MNI: EUROZONE MAY MANUFACTURING PMI 47.3 (FLASH: 47.4); APR 45.7

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Disagreements Rise Between CNB and Finance Ministry Over Policy Outlook

CZECHIA
  • Candidates running for the lower chamber of Czech parliament in general elections next month are scheduled to debate public finances and other issue in a televised debate this evening (BBG).
  • Yesterday, policymakers Benda mentioned in an interview that a bigger hike was possible at the September meeting.
  • We have seen in recent weeks that policymakers' tone has turned more hawkish following the positive surprise in inflation in August, with CNB now expected to raise the policy rate by 50bps on September 30.
  • This was not supported by the Ministry of Finance after FinMin Alena Schillerova recently urged CNB not to raise interest rates as it would increase the borrowing costs and weaken the investment needed to help the economy recover from the pandemic.
  • This week, another member Holub said that he will 'quite likely' vote for a 50bps rate hike in September.
  • Four of the central bank's seven members (including Governor Rusnok) are likely to vote for a 50bps hike on September 30.
  • At 2pm, CNB is expected to announce board members' attendance at Sept. 30 policy meeting.
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