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MNI China Daily Summary: Friday, July 12

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Peso Weakens On Risk-Off Flows, BSP Reminder That RRR Cut Is On The Table

PHP

The issue of a potential cut to the reserve requirement ratio (RRR) resurfaced as BSP Gov Diokno reaffirmed that a reduction to single digits from the current 12% is on the table before his term expires in mid-2023. Diokno added that the authorities want to see a sustained economic recovery before withdrawing monetary policy support.

  • Separately, Bangko Sentral said they are encouraging banks to extend financial relief to borrowers affected by the Covid-19 pandemic.
  • Spot USD/PHP has crept higher, last sits +0.157 at PHP50.545. A break above Nov 22 high of PHP50.765 would expose Oct 22 high of PHP50.907, while losses past the 100-DMA at PHP50.340 would open up Nov 15 low of PHP49.775.
  • USD/PHP 1-month NDF last +0.180 at PHP50.610. A jump above Nov 23 high of PHP50.890 would please bulls, while bears look for a slide through Nov 19 low of PHP50.290.
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