MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Italy, UK Auction on Thursday

US Treasury Auction Calendar

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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NatWest Markets: 1.25% Bank Rate by Aug-22 rather than May-23

BOE
  • “Now look for +25bp at the next meeting on 17 March to 0.75%, with further +25bp increases in May 2022 to 1.0% and August 2022 to 1.25%. On our forecast, Bank Rate gets to the same end-point (1.25%) but much earlier (May 2023 previously).”
  • “We project the QE gilt stock to stand at £838bn at end-2022 and £803bn at end-2023 – essentially a symbolic move from a monetary policy perspective but perhaps a much more important one ‘politically’”
  • “The BoE’s constant and market rate CPI projections suggest that a 25bp rise in Bank Rate is expected to reduce CPI inflation by 15-20bp 1-2 years down the line. In other words, the projected CPI undershoot of target (~27bp during the final year of the forecast) suggests that the MPC judges that Bank Rate needs to rise to 1-1¼%.”
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