MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

MNI BRIEF: Treasury's Yellen: Inflation Moving To Fed's Target

Japan Tokyo Jul Core CPI +2.2% Y/Y

MNI BRIEF: Japan July Tokyo Core CPI Rises 2.2% Vs. June's 2.1%

MNI JAPAN JULY TOKYO CORE CPI +2.2% Y/Y; JUNE +2.1%

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

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Outlook and Recap

CANADA
  • Today's focus is on BoC’s Macklem speaking at 1200ET with text and Q&A (plus a further media press conference at 1330ET).
  • The topic is “The role of productivity in fostering non-inflationary growth” having noted at last week’s testimony that the rate path will hinge on expected productivity gains.
  • Recap: 2Y GOC yields reached parity with US Tsys yesterday after the spread narrowed 5bps, leaving the entire yield curve at or below USTs and removing a previously positive rate differential.
  • Alberta announced plans to lift Omicron-linked restrictions, starting with the vaccine passport, and Quebec plans to lift most restrictions by mid-March, but the ‘Freedom Convoy’ protests continue.
  • A second U.S.-Canada border crossing has been disrupted, although police late yesterday managed to establish limited traffic on the Ambassador Bridge, linking Windsor, Ontario to Detroit and a key connection for the auto industry on both sides of the border.
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