MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

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

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Forest Fires Prompt State Of Emergency

CHILE
  • The Chilean peso opened softer again today, with USDCLP testing Friday’s high of 950.25. Last week’s aggressive 100bp interest rate cut by the central bank has seen USDCLP maintain a positive tone and extend the bull cycle that started Dec 1. Last week’s breach of 931.83, the Jan 17 high, strengthens the short-term bullish condition and signals scope for 955.00, the Oct 16 high.
  • President Gabriel Boric declared two days of national mourning, starting today, as wildfires in the Valparaíso region killed more than 99 people. Power and water services were disrupted, causing Chile’s second-largest oil refinery to temporarily halt operations. In other news, Finance Minister Marcel said that he sees Chile’s economy growing by 2.5% this year, according to local media, despite the unexpected decline in activity in December. He also said that debt is expected to stabilise around 41% of GDP.
  • Data wise, IMCE business confidence for January is scheduled for release sometime early this week. The main focus this week, however, will be on January trade data on Wednesday, followed by the January CPI inflation release on Thursday.
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