MNI China Daily Summary: Thursday, July 11

MNI BOK WATCH: More Evidence Needed To Cut Rates, Says Rhee

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Lower At 7.1339 Thurs; -1.06% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1339 THURS VS 7.1342

June CPI Preview – Services Expected To Reverse May Acceleration

EZ/UK Bond Supply Calendar: EU-Bond Auction, BoE APF on Monday

CPI Details Show Disinflation Tapering Off for High-Rate Items (2/2)

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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Mann: 25bp vote for March to bide time ahead of May forecast round

BOE
  • Mann says that she voted for 25bp in March to bide time with the extra uncertainty ahead of the full forecast round in May. So she's seemingly very much waiting to see where those forecasts land before deciding on whether she will vote for 25bp or 50bp in May...However, the fact that a 25bp can be used to bide time suggests more front-loading of hikes is appropriate in her move and she is erring closer to 50 than zero. Markets currently price about 33bp for May (so roughly 25bp fully priced with 1/3 chance of a 50bp hike). Key part in her speech:
  • "For the May meeting, key topics for me are an assessment and judgment on how much and when the expected consumption drag materialises, and whether we start to see any indication of price forecast revisions in the DMP survey. If they do, this potentially would short-circuit the expectations-formation process underpinning the domestic inflation ratchet, which has been my central concern. Tracking these price expectations and forecast revisions is of paramount importance since inflation ultimately is due to firms systematically able to raise their prices."
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