CANADA JUNE CPI +2.7% YOY VS FORECAST +2.8%, PRIOR +2.9%

MNI China Daily Summary: Tuesday, July 16

MNI: PBOC Net Injects CNY674 Bln Via OMO Tue; Rates Unchanged

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MNI: PBOC Sets Yuan Parity Higher At 7.1328 Tue; -1.79% Y/Y

CHINA PBOC CONDUCTS CNY676 BILLION VIA 7-DAY REVERSE REPOS TUE

US JUN RETAIL SALES $704.3B VS MAY $704.5B

MNI:US JUN RETAIL SALES +0.0%; EX-MOTOR VEH +0.4%

MNI: US JUN IMPORT PRICES +0.0%

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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Offshore Yuan Claws Back Initial Losses

CNH

Spot USD/CNH edged higher in early trade, but has erased those initial gains thereafter, as the DXY has retreated. The rate last operates at CNH6.3630, virtually unchanged on the day. Bears look for losses past Feb 4 low of CNH6.3489 and a breach of that level would clear the way to Jan 26 low of CNH6.3238. Conversely, a jump above Jan 31 high of CNH6.3864 would allow bulls to set their sights on Jan 6/Nov 26 highs of CNH6.3976/99.

  • The PBOC set the USD/CNY reference rate at CNY6.3599 today, perfectly in line with the average estimate based on a Bloomberg survey of market participants.
  • China's preliminary Q4 BoP current account balance will be eyed tomorrow, while January credit data should hit the wires at some point in the coming days.
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