MNI China Daily Summary: Friday, June 28

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

Inflation Slowed in June, Shaking Off May Hotel Price Jump

Broad-based Deceleration In June Core Metrics

MNI: ITALY JUN FLASH HICP +0.2% M/M, +0.9% % Y/Y; MAY +0.8% Y/Y

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

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

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Goldman Sachs, ING Comment on January Inflation Data

CZECHIA
  • Goldman Sachs say the sharp decline in inflation in January was driven by base effects from a material annual repricing effect last year (and its lack thereof this year), the fading out of the statistical impact from the energy savings tariff in late 2022, as well as the continued weakening in sequential price pressures in Czechia.
  • Looking ahead, GS expect headline inflation to fall below target this year and Czech policy rates to return to neutral (3.00%) in early 2025. But with growth well below potential and core momentum trailing significantly lower than the target, they see a risk that rates can fall below neutral.
  • ING’s fresh forecast for headline inflation now stands at 2.1% for February and 2.2% for March, while the CNB expects 2.8% and 2.9%. They note that even if inflationary pressures return, we're unlikely to see the number go above 3%, adding that today's data clearly paves the way for 75bps of rate cuts.
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