MNI China Press Digest July 17:  Investment, LPR, H2 Priority

MNI BRIEF: NZ CPI Prints Lower Than Expected At 3.3% Y/y

MNI: PBOC Net Injects CNY268 Bln Via OMO Wed; Rates Unchanged

CHINA PBOC CONDUCTS CNY270 BILLION VIA 7-DAY REVERSE REPOS WED

MNI: PBOC Sets Yuan Parity Lower At 7.1318 Wed; -1.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1318 WED VS 7.1328

Swift categories boost services CPI by 0.21ppt; headline by 0.10ppt

UK inflation a tenth higher than expected

MNI: UK JUN OUTPUT PPI -0.3% M/M, +1.4% Y/Y

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

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Lagarde Talks Credit Demand

ECB

Question: Were funding of banks discussed along with TLTRO and NPLs? Impact of second wave on European banks?

- A: TLTRO helps functioning of economy as there is conditionalities. Banks only get attractive rate of -100bp if they lend at least same amount to economy. June take up very successful. Bank lending survey shows banks think TLTROs have been critically important to them lending. Interest rates to corps and households are at lowest end. Volume of credit - significant amount demanded and taken up by households. This has slowed a little recently and banks are anticipating credit might tighten.

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