MNI China Daily Summary: Friday, July 5

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

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Mizuho Securities: Rates To Reach 7.00% At End Of Current Cycle In May

MEXICO
  • The tone of the statement was hawkish, dropping the mention that the surge in inflation was largely transitory. “The balance of risks for the trajectory of inflation within the forecast horizon deteriorated further and remains biased to the upside”, the bank said.
  • Policymakers also pointed out that short- and mid-term inflation expectations have increased further and although long-term inflation expectations have stabilized, they remain above target.
  • Although the statement did not provide clues about next steps, the fact that four out of five members of the board voted for a larger rate hike and the member who voted to keep rates unchanged at the prior meeting voted for a 25bp rate increase this time suggest that there was a broad-based change in view about inflation and how to fight it.
  • Mizuho now expect interest rates to reach 7.00% at the end of the current tightening cycle in May.
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