MNI China Daily Summary: Friday, June 28

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

Inflation Slowed in June, Shaking Off May Hotel Price Jump

Broad-based Deceleration In June Core Metrics

MNI: ITALY JUN FLASH HICP +0.2% M/M, +0.9% % Y/Y; MAY +0.8% Y/Y

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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FI MARKETS ANALYSIS: RBNZ Negative Rates a Possibility

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Following the RBNZ's surprise 50bps cut in its OCR to 1.00%, Governor Adrian Orr said the bank could have to shift to negative rates if it found itself needing to stimulate the economy further, given global rates were now so low. Governor Orr also noted the Bank was looking at effectiveness globally of quantitative easing, adding a drop in the OCR to 1.00% helps the export sector more, due to a lower exchange rate. Japan, Sweden and Switzerland have been operating with negative interest rates for a while. It could see banks charging interest on their deposits, but in theory should boost economic activity and stave off inflation.

MNI_MARKETS_ANALYSIS_-_RBNZ_Negative_Rates_a_Possibility.pdf

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