MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

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

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Local Analysts Post CPI [1/2]

CANADA
Still consistent with the BoC's existing guidance.
  • BMO: Today's report shows that all roads do indeed point to 3% inflation in the months ahead, with most short-term underlying metrics settling into the low-3% range. We and the BoC think a 4.5% policy rate is sufficiently restrictive, but it will need to be patient there to push inflation back into the target zone below 3%. There’s not much here to change the near-term outlook for policy - the Bank remains on hold, with a bias to tighten further if necessary.
  • CIBC: The descent in inflation will likely stall in the 2.5%-3% range during 2H23. That should be low enough to prevent a further interest rate hike from the BoC, but not yet to a level at which policymakers will feel confident about easing interest rates. We continue to expect rates on hold this year before cuts begin early in 2024.
  • National: This morning’s data should convince the BoC that its pause remains appropriate. For the first time since early 2020, its real policy rate is positive, rare in recent history. We remain confident that annual inflation will fall below 3% this summer and approach the 2% target by the end of the year, paving the way for easing to potentially start in 4Q23.
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