MNI China Daily Summary: Friday, July 12

MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

MNI BRIEF: China Steel Export Growth Slows In June

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

Retail Sales / Services Turnover Publications Postponed Indefinitely

CHINA H1 NEW LOANS CNY13.27 TRLN VS JAN-MAY CNY11.14 TRLN

Inflation Momentum Ticks Up Despite Lower-than-expected Print

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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Governor Diokno Fuels BSP Rate-Hike Bets Ahead Of Today's Decision

PHP

Spot USD/PHP has lost ground as onshore markets re-opened, digesting hawkish speak from BSP Governor Diokno's briefing held just ahead of the upcoming monetary policy decision. The pair changes hands -0.045 at PHP52.410, with bears looking for a sell-off towards May 12 low/50-DMA at PHP52.200/52.195. Topside focus falls on key resistance from PHP52.500.

  • USD/PHP 1-month NDF last seen -0.080 at PHP52.590. Bears keep an eye on May 11 low of PHP52.260, while bulls look to a clearance of May 9 high of PHP52.250.
  • Bangko Sentral ng Pilipinas will deliver its monetary policy decision later today (08:00 BST). Majority of economists expect the first rate lift-off since 2018 as inflation breached the upper end of the central bank's target range, while GDP growth in Q1 provided an upside surprise. Click here to see our preview of the rate decision.
  • Our call for a 25bp hike to the policy rate has been reinforced by Governor Diokno's comments on the eve of the policy announcement. The official noted that the space to keep monetary policy settings accommodative has "considerably narrowed." He said that "second round effects are starting to manifest" (a previously flagged threshold for potential interest-rate action) and the BSP "stands ready to act should it see any sign of inflation expectations becoming disanchored."
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