MNI China Daily Summary: Thursday, Aug 22

MNI: PBOC Sets Yuan Parity Lower At 7.1228 Thurs; +2.24% Y/Y

MNI: PBOC Net Drains CNY218.4 Bln via OMO Thursday

CHINA PBOC CONDUCTS CNY359.3 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1228 THURS VS 7.1307

MNI BRIEF: BOK Holds Rate, Downgrades GDP, CPI View

MNI: US JOBLESS CLAIMS +4K TO 232K IN AUG 17 WK

MNI: UK AUG CBI INDUSTRIAL TRENDS TOTAL ORDERS -22

MNI: UK AUG FLASH MANUF PMI 52.5 (FCST 52.2); JUL 52.1

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

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NBP Raised Its Policy Rate By 50bps to 2.25%

POLAND
  • Yesterday, NBP decided to raise its benchmark rate by 50bps to 2.25% (as expected).
  • Even though the 50bps hike was largely priced in by the market, momentum on PLN remained firm with EURPLN breaking below its 200DMA support during yesterday’s trading session.
  • NBP commented in its statement that it will continue to act against inflationary pressures in the coming months.
  • NBP also repeated that it may intervene in the FX market and that the scope of the tightening will depend on data (especially inflation updates).
  • A few participants were expecting a 75bps+ hike yesterday, but NBP policymakers may prefer to prolong the tightening cycle rate rather than hike rates aggressively as an aggressive tightening cycle generally weighs on growth expectations.
  • Next important data to watch will be December CPI inflation coming out on January 7, expected to accelerate to 8.2% YoY (from 7.8% in November).
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