MNI China Daily Summary: Wednesday, March 13

MNI BRIEF: China Macro Policy To Strengthen Investment Focus

MNI: PBOC Drains Net CNY7 Bln Via OMO Weds; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.0930 Weds; -3.82% Y/Y

CHINA PBOC INJECTS CNY3 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.0930 WEDS VS 7.0963

MNI: US MBA: MARKET COMPOSITE +7.1% SA THRU MAR 08 WK

US MBA: REFIS +12% SA; PURCH INDEX +5% SA THRU MARCH 8 WK

IP Dragged Down By Ireland, But Broader Weakness Evident

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Heath Comments on Inflation Indicate Importance of July CPI

MEXICO
  • Interesting comments late last night from Banxico Deputy Governor Jonathan Heath in a Natixis podcast interview released on Wednesday.
    • Banxico Had to Hike After Getting Inflation Path Wrong (BBG)
    • Holding rate would have disappointed market (BBG)
    • No merit to argument that members will accelerate hiking cycle based on the proposed makeup of the board next year (BBG)
    • Unemployment and economic forecasts were part of board members' decision making during the pandemic, but they shouldn't be part of the official Banxico mandate (BBG)
  • Initially the comments appeared hawkish at the margin, however, there is still no clear communication for further imminent tightening prospects. Previous rhetoric from Heath has mentioned the desire for headline inflation to fall nearer to 5% and therefore Monday's CPI data will be very important and remains the focus before the central bank decision on Thursday.
  • Today, Citibanamex publishes its biweekly survey of economists with forecasts for growth, inflation, exchange rate and policy moves.
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