MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

CBRT Data Watch

NBH Data Watch

Pay concerns push back easing expectations; curve flattens

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

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Goldman Sachs Expect Dec Inflation to Print at +7.6% Y/Y

RUSSIA
  • Goldman Sachs expect inflation to come in at +7.6% y/y, slightly above the latest CBR medium term forecast range of +7.0% to +7.5%, at tomorrow’s release (BBG consensus: +7.6%).
  • GS have lowered their forecast recently based on weekly inflation prints. The print benefits from helpful base effects as some utility tariffs were hiked last December that will only be adjusted in January this year, they say.
  • They say that at 16%, the CBR’s monetary stance is now highly restrictive and should slow the economy sufficiently over time to reduce the positive output gap. However, they note that risks are towards rates having to rise further should fiscal policy be loosened ahead of the election or oil prices make it more difficult for the CBR to keep the RUB reasonably stable into the election.
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