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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Headline Inflation Slows As Expected, CNB's Kubicek Flags Risks To Rate Outlook

CZECHIA
  • Czechia's headline inflation slowed to +15.0% Y/Y in March from 16.7% prior, falling in line with the median estimate in a Bloomberg poll of economists. The statistics office said that the base effect contributed to the decline in price growth, but continued food price inflation was key in keeping the headline rate elevated. The CNB will comment on the data at 12:00BST/13:00CEST.
  • Jan Kubicek, one of the CNB's two most recent joiners, told Hospodarske Noviny that a further deepening of fiscal deficit and a potential acceleration in wage growth are the key domestic economic risks which could justify an increase in Czech interest rates. Kubicek noted that he could support raising rates if the budget shortfall "continues as badly as in the first quarter." Conversely, he wants to see a clear decline in core inflation before voting for a rate cut.
  • Seznam Zpravy reported that President Petr Pavel will meet with Prime Minister Petr Fiala in the coming days to discuss the planned tax changes and austerity measures. Separately, Pavel is expected to tap Daniela Zemanova and Josef Baxa to become Constitutional Court judges.
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