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

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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PHP Leads Gains While TWD Lags

ASIA FX
  • CNH: Offshore yuan is weaker, US President Biden criticized the Chinese government saying that the situation in Hong Kong is deteriorating and the US was planning to issue an advisory to US businesses as a result and sanction US officials over Hong Kong
  • SGD: Singapore dollar is weaker, data showed Singapore June non-oil exports rise 15.9% Y/Y against estimates of 8.0%.
  • KRW: Won is flat, fluctuating in a range after a more hawkish than expected BoK yesterday saw KRW strengthen. Coronavirus cases remain elevated but dropped from the previous day.
  • TWD: Taiwan dollar is weaker, markets digest the latest earnings report from TSMC where the company issued guidance slightly below estimates and warned that the global chip shortage could start easing in the next few months.
  • MYR: Ringgit is stronger. Director-General of Health Noor Hisham suggested that Malaysia's daily Covid-19 case count could fall below 1,000 in October or November, if the current pace of vaccinations is sustained. Noor Hisham added that officials expect all Klang Valley residents to be vaccinated next month.
  • IDR: Rupiah is weaker. Indonesia reported another record-breaking surge in new virus cases on Thursday, adding 56,757 infections while S&P lowered growth forecasts.
  • PHP: Peso is higher, Pres Duterte's spokesman announced that the NCR+ region (Metro Manila and neighbouring provinces) will remain under loose mobility curbs through the end of the month, but no additional restrictions will be implemented.
  • THB: Baht is lower. The World Bank downgraded Thailand's growth outlook to +2.2% Y/Y in a report published Thursday from +3.4% forecast in March, noting that the projection may be cut further to +1.2% if Thailand fails to quickly contain the outbreak of Covid-19.
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