MNI China Daily Summary: Monday, July 29

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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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Economic Data Continue to Deteriorate

CZECHIA
  • The five opposition parties that pledged to create a joint government will sign a coalition agreement outlining their main agenda priorities (BBG).
  • This morning, economic data showed that industrial output fell more than expected in September, down 4% YoY (vs. -1.7% exp.), down from +1.4% the previous month.
  • Trade deficit also came in lower than expected at -13.3bn CZK in September (vs. -3.5bn), up from revised -27.7bn CZK the previous months.
  • Unemployment rate ticked lower to 3.4% in October (down from 3.5%).
  • We have seen that in the past few months, economic data have been worsening in Czech republic with the business and consumer sentiment indicators standing at their lowest level since April 2021.
  • The aggressive tightening cycle run by the CNB led to an inversion of the 2Y10Y yield curve in the end of October , increasing recession risks.
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