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

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PLN To Experience A Series of Obstacles In the Near to Medium Term

POLAND
  • PLN faces multiple obstacles in the near to medium term:
    • 1. Quiet NBP: policymakers aim to keep interest rates low while recovery is taking place
    • 2. Political instability following the dismissal of 'Agreement' leader Jaroslow Gowin
    • 3. Deterioration in relations with US following media bill and property bill
    • 4. FX loans settlement
    • 5. Series of legal dispute with EU
  • We saw that PLN has been trading at multi month lows against some of the major crosses (GBP, USD, CZK).
  • Yesterday, NBP member Jerzy Kropiwnicki mentioned in a interview in Biznes24 TV that he would support a 15bps hike in November. Polish rate trajectory will depend on CPI projection. Kropiwnicki confirms that a rate hike before November is unlikely
  • This morning (9am London time), economic data to watch are Q2 Prelim GDP, current account balance and final July CPI print (Prelim came in at 5% YoY).
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