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

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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MPC Not Ending Rate-Hike Cycle, Expects Inflation To Reach +7.0%-9.0% Y/Y By Year-End

NBP

NBP Governor Adam Glapinski says that the NBP's inflation projection is being realised and if that trend continues, the inflation target could be reached at the beginning of 2025.

  • He highlights the importance of getting to single-digit levels of headline inflation, which is expected to happen later this year.
  • Glapinski says that headline inflation should be within the +7.0%-9.0% Y/Y range at the end of 2023, he hopes that it will be closer to the lower end of that band.
  • The official says that the NBP are not formally ending the rate-hike cycle and no such proposals were even discussed by the MPC.
  • The Council will decide on monetary policy on a meeting-by-meeting basis and stands ready to respond to shocks in either direction.
  • Glapinski says that scope for cutting interest rates "may appear" in late 2023 but the MPC is not currently discussing rate cuts "at all."
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