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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Putin, Jinping Expected to Cement Bilateral Partnership

RUSSIA
  • ITAR-TASS report that Russian Naval ships completed active drills in the Mediterranean Sea this weekend. The drills involved guided missile frigates, submarines and missile cruisers and follows recent diplomatic tension between Russia and the UK, after a UK warship sailed in close proximity to Crimea last week.
  • This week's OPEC+ meeting will take some focus, with markets expecting the group to boost output by around 500,000bpd (an increase that falls short of forecasts for the demand recovery) which may remain supportive of oil prices. OPEC meet via videoconference on 1st July.
  • President Putin is due to be holding a video call with his Chinese counterpart Xi Jinping Monday, in which both leaders are expected to confirm their strategic bilateral partnership and could unsettle Western leaders further.
  • Focus this week turns to Wednesday's current account balance and unemployment rate data as well as Thursday's manufacturing PMI.
  • USD/RUB remains within range of the June cycle low of 71.5542 and any further strength in oil prices could support prices to a test of this level. A confirmed break through here opens 69.2719 in the pair, the 61.8% retracement for the 2020 range.
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