MNI China Daily Summary: Tuesday, July 30

MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

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

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JP Morgan Say New CBRT Governor Positive for Disinflation and TRY

TURKEY
  • JP Morgan note that while sudden leadership changes bring discomfort for investors, they see the new CBRT Governor as positive for disinflation and the lira as they think the reshaped MPC is likely more hawkish. The stance of two MPC members - Elif Haykir Hobikoglu and Fatma Ozkul - is not known but the Governor and two hawkish deputy governors will likely drive MPC decisions with increased focus on disinflation, in JPM’s view.
  • It is now likely that the dovish tilt in its last MPC statement will be reversed, JPM note, adding that they expect that Governor Fatih Karahan will deliver hawkish forward guidance in CBRT’s Inflation Report Press Briefing on Thursday, if not earlier.
  • JPM now see a rate hike by the CBRT as more likely than a rate cut. However, they don’t yet believe that a rate hike will actually be delivered and keep the peak policy rate forecast at 45% - recognising upside risks.
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