MNI China Daily Summary: Monday, June 17

MNI BRIEF: China To Retaliate Against EU Pork Products

MNI BRIEF: China Consumption Can Continue Acceleration - NBS

MNI: PBOC Conducts CNY182 Bln Via 1Y MLF Mon; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1149 Mon; -1.41% Y/Y

CHINA PBOC CONDUCTS CNY4 BILLION VIA 7-DAY REVERSE REPOS MON

Labor Cost Index Revised Even Higher

NBH Data Watch

Japan Apr Machine Orders -2.9% M/M

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

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Gov Michl Says Central Bank Adopted Correct Strategy To Contain Inflation

CNB

CNB Governor Ales Michl believes that inflation is still at unacceptable levels, but the central bank has adopted the right monetary policy strategy, which is yielding partial results - according to a summary of his discussions with colleagues from other central banks during the Jackson Hole symposium.

  • Michl reiterated that a year ago the Bank Board adopted an inflation-fighting strategy based on two pillars, namely keeping the policy rate steady at 7% for a longer period of time and maintaining a strong koruna exchange rate.
  • The Governor said that "the problem in the Czech Republic was the quick switch from one extreme to the other - from a period of ultra-low rates and an attempt to induce inflation to a period of ultra-high rates and an attempt to tame inflation."
  • "The intention of the policy of the CNB Banking Board is low inflation as early as 2024. (...) Fiscal policy could provide big help if the fiscal deficit in our country decreased in 2023 versus 2022 and in 2024 versus 2023."
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