MNI China Daily Summary: Friday, June 28

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

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

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

Inflation Slowed in June, Shaking Off May Hotel Price Jump

Broad-based Deceleration In June Core Metrics

MNI: ITALY JUN FLASH HICP +0.2% M/M, +0.9% % Y/Y; MAY +0.8% Y/Y

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

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

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Hungary Still Reviewing 2023 Budget Gap Goal, FinMin Says

HUNGARY

Highlights of Finance Minister Varga's comments at a conference titled "Focus on the forint - Economic Policy and Investment Challenges in 2024" (via local newspaper Világgazdaság):

  • The current account is improving dynamically and is currently in surplus, which is why the danger of excessive deficits, considered one of the biggest fears by credit rating agencies, is becoming more and more important.
  • The Ministry of Finance and the Central Bank agree on one thing: inflation must be reduced. Regarding the past, there was no complete agreement on these issues.
  • Real wages may begin to increase from September.
  • Hungary is committed to reducing budget deficit to 2.9% of GDP in 2024. Still deciding on upward revision to 3.9% of GDP of deficit target for 2023.
  • On EU funds, he emphasised: we expect them to arrive, but the issue is not an economic one, but a political one.
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