MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

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

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

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

CBRT Data Watch

NBH Data Watch

Pay concerns push back easing expectations; curve flattens

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

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Key Data Awaited Ahead Of NBP Rate Decision Next Week

POLAND
  • Poland's flash August CPI data and final Q2 GDP will steal the limelight today, both due for release at 09:00BST/10:00CEST. Market participants will scan the data for a confirmation that the NBP could cut interest rates as soon as next month. Crucially, a slowdown in headline CPI below +10% Y/Y would likely prompt the market to add dovish NBP wagers, as a single-digit inflation was mentioned by Governor Adam Glapinski as he outlined the conditions for lowering interest rates. In a Bloomberg poll of economists, the median estimate for CPI inflation is exactly +10% Y/Y.
  • State development fund PFR head Pawel Borys told PAP that the 2024 budget draft was prepared in a conservative way and the deficit could be lower than 4% of GDP (the spending plan assumes a fiscal gap of 4.5% of GDP). He noted that the plan involves the consolidation of public finances and the incorporation of off-budget funds into the central budget. Borys said that "certain fiscal stimulation" as well as interest-rate cuts would be justified amid economic slowdown.
  • The ruling Law and Justice (PiS) party are pressing ahead with the plan to establish a controversial panel to investigate Russian political influence in the country. Parliament yesterday approved nominations for all nine members of the committee. All were proposed by the ruling party, as others boycotted the procedure.
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