MNI China Daily Summary: Tuesday, July 30

MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

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

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Rand Ekes Out Gains On Firmer Commodity Complex

ZAR

Spot USD/ZAR has traded with a bearish bias today, with a downleg in the BBDXY index to fresh cyclical lows facilitating the move. South African Rand is among the best EMEA performers despite continued domestic headwinds.

  • The pair last deals at ZAR16.8705, down 475 pips on the day. Yesterday's low has given way and the next stop on the downside is Jan 4 low of ZAR7815, followed by Aug 25 low of ZAR16.7102. Conversely, bulls look for a rebound towards Jan 6 high of ZAR17.4343.
  • South Africa's Finance Minister Godongwana said that the economy likely grew 1.6% Y/Y last year, which is a downgrade from the previous +1.9% forecast. He warned that the outlook "isn't impressive either" amid issues with electricity supply.
  • The aggregate BBG Commodity Index has added ~0.5% reaching one-week highs. The precious metals subindex is up ~0.7%, with gold trading on the front foot, likely lending some support to the Rand.
  • Local-currency bond yields are slightly lower across the curve, while 10-year inflation breakeven rate has slipped to 6.14%.
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