MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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NEER Softer On Thursday, Retail Sales Growth Fastest Since Aug 22, MAS In View

SGD

The SGD NEER (per Goldman Sachs estimates) is softer this morning, we remain well within recent ranges and below cycle highs seen in March. We sit ~0.8% off the upper end of the band.

  • USD/SGD is marginally firmer today, the pair is up ~0.1% at $1.3290/1.3300. Broader greenback trends are dominating once again this week, the USD is firmer in Asia as US equity futures and regional equities soften weighing on risk sentiment.
  • The next downside target for bears is the 2023 low at $1.3032. Bulls first look to break the 20-Day EMA ($1.3329).
  • Retail Sales printed their largest growth since August 2022. The February print came in at 12.7%, well ahead of the 2.0% expected.
  • This is however unlikely to move the dial for next week's MAS meeting, which due on Friday 14th. Q1 GDP is also due on Friday 14th, there is no estimate for the print, the prior read was 2.1%.
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