MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1346 Weds; -1.39% Y/Y

MNI BRIEF: China July PMI Contracts For Third Straight Month

CHINA PBOC CONDUCTS CNY251.67 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1346 WEDS VS 7.1364

MNI CNB WATCH: Fine-Tuning Set To Start, But 50Bps 'In Play'

Japan Jun Retail Sales +3.7% Y/Y

Japan Jun Ind. Output -3.6% M/M; First Fall In 2 Mths

MNI BRIEF: Aussie CPI In Line With Forecasts

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

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Lagarde: We Know Action Has To Be Taken When Conditions Are Ready

ECB
Q: Could you clarify what is the best way for the ECB to act when there is an increase in inflation driven most by supply? Have you seen and French and Italian proposals on the stability and growth pact, specifically the proposal to transfer bonds from the ECB balance sheet to another European agency?
  • A: The longer higher inflation lasts, the higher the likelihood of second round effects. We have a mandate to deliver price stability. We know the limits of what can be done and when it can be done. We know the action has to be taken when conditions are ready.
  • We have taken a view with the GC concerning the growth and stability pact because we have an interest in how fiscal rules will be applied. We want as much of a fiscal union as possible given that we have a monetary union and the current crisis has shown the synchronising both policies can be very efficient. However, I will not pass judgement on any particular proposal.
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