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

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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

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NBH Deputy Governor Virag to Hold Presser Shortly

HUNGARY
  • Central Bank Deputy Governor Barnabas Virag will speak at a conference at 0830BST/0930CET following Tuesday’s 100bp effective rate cut (See our full review of the decision here: https://roar-assets-auto.rbl.ms/files/53150/MNINBH...)
  • Hungary's unemployment rate fell in April to 3.9% (Est: 4.1%) from 4% in March, according to data released by the Central Statistical Office this morning.
  • Finance Minister Mihály Varga said the 2024 draft budget would be a "defence budget", protecting the country's security, families, pensions, jobs and the utility price caps, MTI report. The draft budget calculates with 4% economic growth and a deficit of 2.9% of GDP. State debt is expected to go down to 66.7% and inflation to an annual 6%, he said during a regular government press briefing on Thursday.
  • Meanwhile, the head of the Prime Minister's Office said the European Commission has no right to recommend that Hungary scrap price caps on household utility bills, adding that Hungary would preserve the scheme. Note the budget deficit has been recording increasingly deep deficits recently, while more than EUR30bln in EU loans remain frozen.
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