MNI China Daily Summary: Friday, July 5

MNI BRIEF: PBOC Plans To Borrow Hundred Bln Yuan CGB - Press

MNI BRIEF: BOJ Consumption Activity Index Flat M/M In May

MNI: PBOC Net Drains CNY48 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1289 Fri; -0.35% Y/Y

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

MNI: EUROZONE MAY RETAIL SALES +0.1% M/M, +0.3% Y/Y

Retail Trade Broadly In-Line With Consensus

Weak manufacturing in France and Germany in May; energy production up

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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Minutes discusses potential Bank Rate hike ahead of the end of QE

BOE
  • On the labour market - the Bank is going to look into why there are still so many furloughed workers for the next MPR. They say uncertainty on the labour market is higher than previously.- On inflation " The Committee's central expectation continued to be that current elevated global cost pressures would prove transitory."
  • Key paragraph: "All members in this group agreed that any future initial tightening of monetary policy should be implemented by an increase in Bank Rate, even if that tightening became appropriate before the end of the existing UK government bond asset purchase programme."
  • For me on first read it seems as though most of the commentary was fairly balanced but then we have this statement about potentially tightening before the APF programme finishes via Bank Rate. That makes you re-read the rest of the MPS in a different light and there are a lot of potentially hwakish statements in here - there's just a lot of tempering of expectations through the number of times uncertainty is mentioned.
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