MNI China Daily Summary: Monday, June 24

MNI BRIEF: China Urges Removal Of Car Buying Restrictions

MNI: PBOC Net Injects CNY46 Bln Via OMO Mon; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1201 Mon; -1.20% Y/Y

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1201 MON VS 7.1196

MNI: UK JUN CBI INDUSTRIAL TRENDS TOTAL ORDERS -18

CBI Price Expectations Return to Similar Levels to Mar'24 High

IFO Suggests Stall in Recovery

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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Governor Macklem Speech Highlights

BOC
  • The BoC says progress to the 2% inflation target is slower than it hoped. 
  • The Bank remains concerned that short-term inflation expectations have been slow to come down.
  • Macklem said Wednesday "What we’re feeling today is reminiscent of the 1970s", but that the Bank is "confident we will get back to low inflation more quickly and at lower economic cost than we did in the 1970s."
  • The BoC says they don't want to repeat the mistake of the 1970s by not acting fast enough. 
  • "This tightening of monetary policy is working, and interest rates may now be restrictive enough to get us back to price stability"
  • Macklem said the economy is approaching balance as the excess demand in the economy that made it too easy to raise prices is now gone.
  • The Bank reiterated that if high inflation persists, it is prepared to raise the policy rate further.
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