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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NBH & FinMin Statement Could Be Sign of Thawing Inter-Department Tensions

HUNGARY
  • Today's joint NBH/FinMin statement could help ease perceived tensions between the government and the central bank going forward, and even impact the timing of any policy tweak from the NBH.
  • Matolcsy today held talks with FinMin Varga, where they agreed that “Continued close cooperation between fiscal and monetary policy” is necessary, and that "Working together contributes to curbing inflation, reducing interest rates, further cutting the deficit and the state debt, and returning to balanced growth,"
  • Orban's government and the NBH have been at odds over interest rate policy in recent months, after several cabinet members called for rate cuts - contrasting with NBH's preference for patience in tackling inflation.
  • Ministers are still set to decide on whether they will extend food price caps beyond the end of April - a policy pledge criticised by Matolcsy. An extension would follow the late-March decision to curb access to the NBH's credit facility - a de facto loosening of monetary conditions - and could further delay any NBH policy turn beyond the sell-side consensus forming around June.
  • Of note - economy minister Nagy today met with food industry reps to discuss pricing strategies, boost competition and curb staples-based inflation.
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