MNI China Daily Summary: Friday, June 28

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

Inflation Slowed in June, Shaking Off May Hotel Price Jump

Broad-based Deceleration In June Core Metrics

MNI: ITALY JUN FLASH HICP +0.2% M/M, +0.9% % Y/Y; MAY +0.8% Y/Y

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Renewed COP Weakness In Focus, Petro Disapproval Rises

COLOMBIA
  • USDCOP rose the best part of two percent on Monday as risk off reverberations from China weighed on Latin American currencies. There was nothing idiosyncratic behind the COP underperformance with analysts noting the stretched positioning for the likes of COP and MXN exacerbating the unwind.
  • Citi noted their traders have been seeing outflows in both NDF and cash markets since Friday, with both RM and HFs cutting their long COP exposure while corporate clients are generally RHS given month end. Strong oil prices and carry have been supporting COP as of late and now that's reversing, COP is catching up with peers.
  • Itaú pointed out that a Datexco poll showed that Petro’s approval rating remained at 30% during the third week of September, stable from the mid-September survey. The disapproval rate rose to 63%, the highest point since Petro assumed the presidency. A weakened government coalition will likely contain the extent of planned structural reforms ahead.
  • Business sentiment for August is expected to be released on Tuesday with the docket remaining light before Friday’s BanRep decision. Itaú noted that with the economy expected to slow ahead as interest rates remain high and global financial conditions tight, business confidence appears unlikely to improve.
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