MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

CBRT Data Watch

NBH Data Watch

Pay concerns push back easing expectations; curve flattens

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

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###POV: The ECB releases accounts of its...>

ECB VIEW
ECB VIEW: ###POV: The ECB releases accounts of its Jun 13/14 GC meeting at
1130GMT today and following an ECB sources story by Reuters yesterday, markets
will have a close eye for any differences of opinion on timing of first interest
rate hike.
- What also makes this more interesting is news that both French and German
version of the initial statement have been amended, adding to the confusion.
- As a reminder in the English version the statement said that interest rates
would remain at current levels "at least through the summer of 2019", which
markets took as meaning September was the earliest rates could be raised.
- However it has been reported that the original French and German translations
have been revised to say that rates will remain unchanged "until summer 2019"
from unchanged until the "end of summer 2019". Hence some difference of opinion
on the governing council in recent comments (Villeroy in particular).
- MNI PINCH calculate markets pricing in just 2.5bps of rate hikes in July 2019,
close to 5bps in Sep, 10bp in Oct and 13.5bps in December. Confirmation of
differences of opinion in the minutes could easily cause markets to reprice.
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