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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Milei Remains Committed To Reforms Despite Jump Of Inflation

ARGENTINA
  • Consumer prices rose by 20.6% m/m in January, smaller than the 25.5% m/m increase in December and marginally below the 21.0% consensus. In annual terms, CPI inflation rose to 254.2% y/y, from 211.4%. Core inflation also rose to 275.9% y/y, from 229.4%. Going forward, Itau expect monthly inflation to remain in the double-digit range until at least the beginning of 2Q24, reflecting the pass-through of December’s FX devaluation and correction of energy, transport and fuel prices. They expect headline inflation to end the year at 180%, with upside risks.
  • Following the data, President Milei said that hyperinflation should be seen in the context of the reforms his administration is trying to implement. After recently being forced to withdraw his omnibus bill from Congress, he reiterated the government’s commitment to the zero deficit target and plan to clean up the central bank’s balance sheet. He also said that the IMF expects FX controls to be eliminated in H2 this year and reiterated his commitment to dollarisation.
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