MNI China Daily Summary: Thursday, Aug 22

MNI: PBOC Sets Yuan Parity Lower At 7.1228 Thurs; +2.24% Y/Y

MNI: PBOC Net Drains CNY218.4 Bln via OMO Thursday

CHINA PBOC CONDUCTS CNY359.3 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1228 THURS VS 7.1307

MNI BRIEF: BOK Holds Rate, Downgrades GDP, CPI View

MNI: UK AUG CBI INDUSTRIAL TRENDS TOTAL ORDERS -22

MNI: UK AUG FLASH MANUF PMI 52.5 (FCST 52.2); JUL 52.1

MNI: EUROZONE AUG FLASH MANUF PMI 45.6 (FCST 45.8); JUL 45.8

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

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JPMorgan Say Scales Will Tip To 150BP Hike

COLOMBIA
  • JPMorgan think the scales will tip to a 150bp hike at the June 30 meeting, taking the policy rate to 7.5%, with a small risk the board will opt to do even more to catch up.
  • Since the last meeting in April, growth has boomed, led by domestic demand, the CA has continued to widen, core inflation looks stronger, and inflation expectations are still slipping higher.
  • Indeed, governor Villar has conceded the output gap is no longer negative and policy would likely need to be restrictive. Moreover, sovereign credit premium remains elevated, despite signs of moderation from the incoming administration.
  • President-elect Petro’s victory speech was rather conciliatory, and his economic advisors seem to be prioritizing a structurally robust tax reform as a first legislative project in order to define how much space will be available to responsibly pursue a historically ambitious social agenda.
  • To this end, signs point to Petro’s willingness to build a cabinet with experienced leaders from past centrist administrations, in conjunction with the construction of a working congressional majority including parties from the center-left Hope coalition and the Liberal Party—a project dubbed a “Grand National Agreement of Unity.”
  • Amid ongoing negotiations, markets are anxiously awaiting definition of the next Finance Minister, although the names being floated are generally moderate and experienced.

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