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

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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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Lane Says Not Time To Discuss R* Now

ECB
  • On normalization of policy, ECB are data-dependent. We need to think about probability distributions, will always be a judgement call on balance of risks- Have seen improvement in inflation expectations, drop in COVID-related uncertainty
  • Our task is make sure financing conditions are calibrated to deliver the 2% target. Those financing conditions will differ according to whether we are seeing inflation settling at 2% vs. Below 2%.
  • On R*, one issue in estimating is that it varies over time. When you're in a zone where rates are active policy instrument, this would be "super" important. That is not for today. What the ECB are talking about now is the sequence of policy I.e. Asset purchases, and rates would not be lifted until after the end of net asset purchases. As such, the time horizon for thinking about R* is not now.
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