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EMERGING MARKETS: RBNZ Turns Dovish, China CPI Hits Three-Month Low

EMERGING MARKETS
  • NEW ZEALAND: RBNZ (MNI): MPC Holds, Turns Dovish - The Reserve Bank of New Zealand’s monetary policy committee held its official cash rate at 5.5% Wednesday, and shifted to a more dovish tone by stressing evidence of slowing inflation, excess productive capacity and an eased labour market. In its statement, the MPC noted the extent of the OCR’s “restraint will be tempered over time consistent with the expected decline in inflation pressures,” a departure from May’s statement that “monetary policy needs to remain restrictive."
  • CHINA/EU: China is investigating whether the European Union’s recent tariffs and actions against the world’s No. 2 economy constitute a barrier to free trade, underscoring tensions between the two blocs. The Ministry of Commerce launched the probe after receiving a request from the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, it said in a Wednesday statement.
  • US: (NYT)President Biden opened NATO’s 75th anniversary summit on Tuesday seeking to bolster confidence in both the alliance and his own political standing with a forceful speech warning of the threat posed by Russia and other authoritarian states as the world plunges into a new era of superpower conflict. 
  • CHINA DATA:  MNI (Beijing) China's Consumer Price Index hit a three-month low in June, rising 0.2% y/y, slowing from May’s 0.3% and missing the 0.4% consensus, data from the National Bureau of Statistics showed Wednesday.
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  • NEW ZEALAND: RBNZ (MNI): MPC Holds, Turns Dovish - The Reserve Bank of New Zealand’s monetary policy committee held its official cash rate at 5.5% Wednesday, and shifted to a more dovish tone by stressing evidence of slowing inflation, excess productive capacity and an eased labour market. In its statement, the MPC noted the extent of the OCR’s “restraint will be tempered over time consistent with the expected decline in inflation pressures,” a departure from May’s statement that “monetary policy needs to remain restrictive."
  • CHINA/EU: China is investigating whether the European Union’s recent tariffs and actions against the world’s No. 2 economy constitute a barrier to free trade, underscoring tensions between the two blocs. The Ministry of Commerce launched the probe after receiving a request from the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, it said in a Wednesday statement.
  • US: (NYT)President Biden opened NATO’s 75th anniversary summit on Tuesday seeking to bolster confidence in both the alliance and his own political standing with a forceful speech warning of the threat posed by Russia and other authoritarian states as the world plunges into a new era of superpower conflict. 
  • CHINA DATA:  MNI (Beijing) China's Consumer Price Index hit a three-month low in June, rising 0.2% y/y, slowing from May’s 0.3% and missing the 0.4% consensus, data from the National Bureau of Statistics showed Wednesday.