MNI China Daily Summary: Wednesday, Aug 21

MNI: PBOC Net Drains CNY111.2 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1307 Weds; +2.41% Y/Y

CHINA PBOC CONDUCTS CNY258 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1307 WEDS VS 7.1325

China Repo Rates Rise On Tuesday

US MBA: REFIS -15% SA; PURCH INDEX -5% SA THRU AUG 16 WK

MNI: US MBA: MARKET COMPOSITE -10.1% SA THRU AUG 16 WK

MNI: UK JUL PSNCR GBP19.23 BN

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

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Nordea on 7:00GMT data

SWEDEN
  • Nordea notes that "in Q4, the level of GDP was higher than forecasts made before the outbreak of the pandemic... despite exports being hampered by shortage of input goods."
  • On the monthly GDP growth in December, Nordea states that "GDP rose despite the imposed restrictions, underlining the strength of the growth trend."
  • On retail sales: "The sharp decline was mainly due to a large seasonal adjustment penalty as more consumption than usual had shifted from December to November."
  • In terms of the impact on Nordea's view: "The exceptionally strong economy supports our view that the Riksbank will soon start to reduce some of the stimulus measures. We think the Riksbank will reduce its bond holdings, starting already in Q2, while the repo rate will be kept unchanged at zero. As the inflation outlook is uncertain, a rate hike cannot be ruled out late this year."
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