MNI China Daily Summary: Wednesday, July 17

MNI China Press Digest July 17:  Investment, LPR, H2 Priority

MNI BRIEF: NZ CPI Prints Lower Than Expected At 3.3% Y/y

MNI: PBOC Net Injects CNY268 Bln Via OMO Wed; Rates Unchanged

CHINA PBOC CONDUCTS CNY270 BILLION VIA 7-DAY REVERSE REPOS WED

MNI: PBOC Sets Yuan Parity Lower At 7.1318 Wed; -1.32% Y/Y

Final June HICP Confirms Sticky Services Narrative

MNI: EUROZONE JUN FINAL HICP +0.2% M/M, +2.5% Y/Y

Survey date avoids Swift concerts - but accomodation is still very high

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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NBP May Start Cutting Rates As Early As 2023 (Dabrowski)

POLAND
  • Yesterday, MPC member Litwiniuk mentioned in an interview that rate hikes should be small due to recession risks, though he added that there is still scope for more hikes .
  • This followed Dabrowski comments that he would favor no hike or at most one 25bps hike at the next meeting.
  • Dabrowski added that Poland will not experience stagflation and that inflation path in the latest central bank’s projection is realistic and that the NBP may start cutting rates as early as 2023.
  • Poland is analyzing windfall tax as “one of the possible solutions” to shield consumers from the impact of surging energy prices, Finance Minister Magdalena Rzeczkowska tells Dziennik Gazeta Prawna in an interview (BBG).
  • Economic data to watch this morning will be PPI inflation, average gross wages and consumer confidence.
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