MNI China Daily Summary: Tuesday, July 30

MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

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

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NBP Expected To Remain On Hold On June 9

POLAND
  • Next policy meeting is on Wednesday June 9, with NBP expected to keep its benchmark rate steady at 0.1%; market could start to take profit on PLN following the sharp appreciation we have seen in the past two months if participants realize that NBP will let inflation run hot in H2.
  • Even though inflation has been rising significantly in recent months mostly driven by the surge in fuel prices, some policymakers aim to keep financial conditions as loose as possible to stimulate the economic recovery after a difficult first quarter.
  • However, disagreements over the trajectory of short-term rates have increased in the second quarter as some policymakers are concerned that the inflationary pressures will remain elevated in 2022 and are pushing for a first 15bps hike this summer (i.e. Hardt).
  • Yesterday, PFR president Pawel Borys (a state-owned financial group) said on TOK FM that rate hike may be needed in late 2021/early 2022.
  • USDPLN has been trading sideways in the past two weeks, oscillating between 3.64 and 3.70; on the topside, resistance to watch above 3.70 stands at 3.77. On the downside, first support stands at 3.62.
  • Poland 10Y yield ticked slightly higher yesterday after failing to break below its ST support at 1.80%; next level to watch on the downside stands at 1.72%. On the topside, key resistance remains at 2%.
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