MNI China Daily Summary: Friday, August 2

MNI China Press Digest Aug 2: Hukou, Property, State Grid

MNI: PBOC Sets Yuan Parity Higher At 7.1376 Fri; -0.90% Y/Y

CHINA PBOC CONDUCTS CNY1.17 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1376 FRI VS 7.1323

MNI CNB WATCH: Cut Pace Slows To 25Bps, Price Pressures Remain

MNI: ITALY JUN INDUSTRIAL PRODUCTION +0.5% M/M ; -2.6% WDA Y/Y

Detailed Swiss July Data Suggests Lower Services Price Pressure

Industrial Production Rebounds Less Than Expected in June

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

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Government Raises $3bn From Eurobond Sale

PERU
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • The government raised $3bn from its first Eurobond sale since 2021 yesterday, as it sold $1.25bn of dollar notes maturing in 2035 and $1.75bn of bonds due in 2054 at a spread of 140bp and 165bp over USTs, respectively, according to Bloomberg. Earlier this year, the country issued international, local-currency denominated notes, but it last sold hard-currency debt in late 2021.
  • Yesterday’s CPI data confirmed a moderation in the annual rate of inflation to 2.13% y/y in July, which JP Morgan says leaves the door open for the BCRP to resume its easing cycle next week, after a two-month pause. They expect a 25bp rate cut to 5.5% when the central bank meets on Thursday.
  • In other news, Andina reports that a Chinese delegation will visit the country from September 21 to 24 to advance agreements and consolidate the access of new Peruvian agricultural products to the Chinese market. The visit follows President Boluarte’s visit to China in June, which led to an agreement to bolster cooperation in the areas of mineral resources, energy, manufacturing and agriculture.
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  • The government raised $3bn from its first Eurobond sale since 2021 yesterday, as it sold $1.25bn of dollar notes maturing in 2035 and $1.75bn of bonds due in 2054 at a spread of 140bp and 165bp over USTs, respectively, according to Bloomberg. Earlier this year, the country issued international, local-currency denominated notes, but it last sold hard-currency debt in late 2021.
  • Yesterday’s CPI data confirmed a moderation in the annual rate of inflation to 2.13% y/y in July, which JP Morgan says leaves the door open for the BCRP to resume its easing cycle next week, after a two-month pause. They expect a 25bp rate cut to 5.5% when the central bank meets on Thursday.
  • In other news, Andina reports that a Chinese delegation will visit the country from September 21 to 24 to advance agreements and consolidate the access of new Peruvian agricultural products to the Chinese market. The visit follows President Boluarte’s visit to China in June, which led to an agreement to bolster cooperation in the areas of mineral resources, energy, manufacturing and agriculture.