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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Rand Garners Some Strength Ahead Of Local Data Releases

ZAR

Spot USD/ZAR last changes hands at 19.1890, down ~860 pips on the session and still within yesterday's range. A dip through Feb 21 low of 18.7622 is needed to revive bearish sentiment, while bulls look for a renewed push through Feb 23 high of 19.3899 and towards Oct 6 high of 19.6399.

  • The composite BBG Commodity Index has shed 0.1% this morning, while the precious metals subindex has added 0.2%.
  • SAGB yields have ticked higher across the curve, with 10-year breakeven inflation rate last seen at 6.46%.
  • South Africa's PPI data at 09:30GMT/11:30SAST will provide some more insight into domestic inflation dynamics. Trade and budget data will hit the wires later in the day (12:00GMT/14:00SAST).
  • China's PMI data will provide some interest overnight, with market participants looking for fresh signals on the economic condition of the top buyer of South African commodities.
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