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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JPM Raise 4Q21 GDP Estimate On Trade Data

CANADA
  • The net trade drag on real GDP growth in Q4 tracked much smaller than JPM expected despite real merchandise exports falling 0.7% M/M (albeit after two strong months) and import volumes rising 2.5% M/M in Dec.
  • At a drag of ~1pp, it sees JPM raise their 4Q21 real GDP forecast from 5.8% to 6.5% annualised.
  • “The strength in 4Q import volumes also supports the narrative that inventories were being rebuilt significantly.”
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