MNI China Daily Summary: Monday, July 22

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MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

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MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

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Holub Says CNB Has No Need to Accelerate Rate-Cutting Pace

CZECHIA

The CNB has no need to accelerate its rate-cutting pace amid signs of a strengthening economy and expectations of delayed and more gradual easing by major central banks, policymaker Tomas Holub said as per Reuters. Below are some selected comments from the Reuters piece:

  • "There is no new argument to accelerate the pace. The new (arguments) are rather for a more cautious approach, so I think keeping the pace is a good compromise for me."
  • "I think it would be harder to communicate a larger rate cut than 50 basis points now than it would have been in March."
  • "We need to take on board that the crown may remain a bit weaker than previously expected for a few months or quarters."
  • "[...] We have signs of recovery in household consumption [...] We see real income growth has resumed. It was always likely that real wages would start growing by now but the pace seems to be a bit faster."
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