MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

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: BELGIUM JUL BNB BUSINESS SURVEY -12.3

MNI: US Q2 GDP +2.8%

MNI: US JOBLESS CLAIMS -10K TO 235K IN JUL 20 WK

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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MNI RBNZ Preview - February 2022: OCR Hike Plus Guidance On QT

EXECUTIVE SUMMARY

  • The RBNZ are expected to resume raising the OCR this week after a three month break since the last MPC meeting. The market sees an outside chance of a bold 50bp hike but we stand by the consensus view that a standard-sized 25bp move is more likely.
  • Inflation keeps running hot which warrants aggressive response from the Reserve Bank but: the details of most recent jobs data were more questionable than before, the outbreak of Omicron placed a speed bump ahead of New Zealand's economy, key data outturns are coming closer to RBNZ projections following a series of beats, and the housing markets is showing signs of cooling.
  • Apart from the expected move in benchmark interest rate, focus will fall on the updated OCR track and economic projections, with RBNZ watchers also on the lookout for the details of the central bank's plan to roll back the LSAP programme.

Click here to view the full preview: MNI RBNZ Preview February 2022.pdf

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