MNI China Daily Summary: Friday, July 5

MNI BRIEF: PBOC Plans To Borrow Hundred Bln Yuan CGB - Press

MNI BRIEF: BOJ Consumption Activity Index Flat M/M In May

MNI: PBOC Net Drains CNY48 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1289 Fri; -0.35% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: EUROZONE MAY RETAIL SALES +0.1% M/M, +0.3% Y/Y

Retail Trade Broadly In-Line With Consensus

Weak manufacturing in France and Germany in May; energy production up

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Lagarde: Possibility Of Upside Risk To Inflation

ECB
Q: The inflation outlook in 2023/2024 is not far from target. How do you see the upside risks to the medium term forecast and how would you react if these materialise? Would a potential reactivation of PEPP be announced and would this be done in the existing EUR1.85trn envelope?
  • A: We are making progress towards the inflation target. Looking at the three criteria of our forward guidance, we are not there yet. There is a possibility of an upside risk. The numbers are not telling us that we are seeing second round effects.
  • On PEPP, the decision will be taken by the GC, it won’t happen randomly. In the statement, we have not specified an amount. It is dependent on the GC and circumstances.
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