MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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Greenback Bounces After Decline

FOREX

The greenback has risen in early Asia-Pac trade on Monday, retracing some of Friday's decline. AUD & NZD are both under pressure, AUD/USD down around 8 pips while NZD/USD has shed around 18 pips. Earlier in the session New Zealand PSI data for April came in at 61.2 from a revised 52.9, while Net Migration rose to 825 in March from 415 previously.

  • JPY is softer, USD/JPY up some 13 pips. PPI data for April came in at 3.6% compared to estimated for 3.1%. Elsewhere the Covid-19 state of emergency was formally declared in Hokkaido, Hiroshima and Okayama on Sunday.
  • Offshore yuan is weaker, retracing its move on Friday. Markets await the MLF rate announcement from the PBOC considering some of the implied steps towards tightening.
  • GBP is softer, shedding around 10 pips against the greenback. Data showed UK Rightmove April house price indicator rose 1.8% M/M in April from a 2.1% rise in March. Elsewhere there were reports in the Guardian that the UK faces labour shortage as the pandemic and Brexit fuel an exodus of overseas workers.
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