MNI China Daily Summary: Thursday, July 11

MNI BOK WATCH: More Evidence Needed To Cut Rates, Says Rhee

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: PBOC Sets Yuan Parity Lower At 7.1339 Thurs; -1.06% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1339 THURS VS 7.1342

Core Goods Above-Expected, But Headline Weakest Since Pandemic(2/2)

CPI Miss Driven By Comprehensively Slower Services Inflation (1/2)

MNI: US JUN CPI UNROUNDED M/M -0.056%, CORE 0.065%

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's Wnorowski Says Plan to Widen Budget Deficit Will Likely Delay Rate Cuts

POLAND
  • The new Polish government’s plan to widen next year’s budget deficit is likely to make inflation more sticky and delay interest-rate cuts, MPC member Henryk Wnorowski said in an interview to Bloomberg.
  • The new draft budget “is unfortunately looser fiscally and with a very high deficit,” Wnorowski said. “This is the main argument justifying a ‘higher for longer’ stance. Certainly, it’s not an argument for rate cuts in the near term.”
  • “The loosening of fiscal policy, which may strengthen the persistence of inflation, is naturally an argument for monetary tightening, and it surely delays monetary easing,” he said, adding that he doesn’t foresee any interest-rate increases in 2024.
  • Wnorowski's thoughts on rate cuts long known. He spoke back in late November to say: "There is a strong case for ‘higher for longer’ strategy for interest rates"
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