MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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Lagarde: Can't Attribute Rising Energy Costs To ECB

ECB
Q: There is an argument that the current policy is contributing to the dollar rising against the euro. Given that energy is rising in dollar terms, there is a criticism that the current monetary policy stance of the ECB is fuelling inflation. What are your thoughts on this?
  • A: At least 50% of the rise in inflation is being driven by energy prices. If the ECB was to reduce its asset purchases and then raise rates in short order, do you think it would have any impact on energy prices? No. It is not in the ability of central banks to determiner the price of energy outside of Europe.
  • It is true that most of those contracts are in the USD. The euro has depreciated a little bit, so I don’t think we can attribute to the ECB the high cost of energy which impacts 50% of inflation.
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