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: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

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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MNI PODCAST: FedSpeak-Cecchetti Sees More Financial Turmoil

  • Stephen Cecchetti, ex-BIS adviser and former NY Fed research director, says the financial turmoil is not over, but it's hard to know what's the next shoe to drop.
  • "Will the system require certain kinds of support in the future that we can’t envision today? Probably. Will the central bank have to adjust those and create programs to provide that support? Probably. Can I tell you what they are? No."
  • Cecchetti says Fed policy has just recently become restrictive, meaning the central bank will have to tighten a bit further in order to ensure inflation comes back down to target.
  • He says a recession is all but inevitable but doesn't think it will be especially deep.

Listen to the full podcast here.

MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com
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MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com
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