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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Recent Ranges Hold As Liquidity Tightens, Onshore FX Markets Open Today, Equities Shut

CNH

USD/CNH mostly gravitated higher post the Asia close on Thursday, although ran short of a breach above 7.2200. In early Friday dealings we track near 7.2150. Spot USD/CNY ended near 7.1970, while the CNY NEER (J.P. Morgan Index) rose 0.22% to 124.44.

  • Note onshore FX markets are open today, but local equity markets are shut. Onshore FX markets are closed all off next week, along with local equity markets. HK markets are open today but are shut on Mon/Tues next week.
  • Late yesterday we had comments from China President Xi, which reiterated the need to enhance the economic rebound in China, while vowing to enhance economic vitality alongside a comprehensive deepening of reforms.
  • We also had familiar tones from the PBoC Quarterly Monetary Policy Implementation Report. Policy will be kept prudent, while the yuan will be kept basically stable at an equilibrium level. CPI pressures are expected to rebound moderately.
  • For CNH liquidity we saw a continued surge in CNH T/N, comfortably into positive territory. This is designed to curb CNH depreciation pressures.
  • In the equity space, the Golden Dragon lost 1.06% in Thursday US trade. Onshore equities finished the period ahead of LNY in positive territory yesterday (the CSI 300 up 0.64%).
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