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

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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RBC On Q1 Household Debt

CANADA
  • The combination of higher inflation and debt payments already soaked up all of the growth in household after-tax incomes last year, and looks likely to do so again in 2023.
  • The household debt service ratio is set to hit record levels, potentially already in Q2 as the lagged impact of higher interest rates continues to filter through to household borrowing costs.
  • The economy's resilient performance early in 2023 and sticky core inflation pressures pushed the BoC to hike in June for the first time since January, but headwinds from higher interest rates continue to build and we continue to expect a softer labour market and weaker GDP data over 2H23.
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