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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Recovers Further On China Demand Outlook, But Still Tracking Lower For THe Week

OIL

Brent crude has firmed through the Asia Pac session today, up another 0.90%, to be back above the $79/bbl handle. This follows Thursday's 0.88% gain as well. Sentiment has been buoyed today after China's top fuel producer, Sinopec, stated demand growth should be more than 10% in 2023. Demand growth was 6.7% in Q1 and is expected to be stronger in Q2. Note we also get China PMIs on Sunday which will provide a further economic update.

  • Still these gains need to be seen in the context of broader trends. Brent is still tracking 3.20% lower for the week and is down modestly for April as a whole.
  • In terms of levels recent lows towards $77/bbl have been supported. On the topside we are comfortably off resistance at $83.06/$85.15 (Apr 25/19 highs).
Energy BulletsCommodities
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