MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI China Daily Summary: Tuesday, July 23

Market round-up post PMIs

PMIs indicate solid growth; less cost pressures from wage increases

MNI: UK JUL FLASH MANUFACTURING PMI 51.8 (FCST 51.0); JUN 50.9

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

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  • Due to the volatile nature of this release, we don't place much weight on it (and we don't think the MPC does either). However, any big surprises still have the potential to be market moving.
  • Another negative M/M print is expected in April, according to the Bloomberg consensus. The BRC sales index for April fell 4.0% Y/Y, although bear in mind that the survey period for the BRC data began on Easter day and hence was distorted.
  • The BRC had noted that due to Easter distortion, that the average growth for the combined period of March and April together was +0.2% Y/Y - still the lowest since June 2022- suggesting a further deterioration in retail sales this month.
  • The ex-fuel Bloomberg consensus looks for -0.8% M/M (with analyst estimates ranging from -1.5% to 0.4%, prior was -0.3% ), -1.1% Y/Y (prior +0.4%) while the inc fuel, consensus looks for -0.5% M/M (with analyst estimates with a slight skew downwards ranging between -1.3% and 0.5%, prior 0.0%), -0.3% Y/Y (prior +0.8%).
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  • Due to the volatile nature of this release, we don't place much weight on it (and we don't think the MPC does either). However, any big surprises still have the potential to be market moving.
  • Another negative M/M print is expected in April, according to the Bloomberg consensus. The BRC sales index for April fell 4.0% Y/Y, although bear in mind that the survey period for the BRC data began on Easter day and hence was distorted.
  • The BRC had noted that due to Easter distortion, that the average growth for the combined period of March and April together was +0.2% Y/Y - still the lowest since June 2022- suggesting a further deterioration in retail sales this month.
  • The ex-fuel Bloomberg consensus looks for -0.8% M/M (with analyst estimates ranging from -1.5% to 0.4%, prior was -0.3% ), -1.1% Y/Y (prior +0.4%) while the inc fuel, consensus looks for -0.5% M/M (with analyst estimates with a slight skew downwards ranging between -1.3% and 0.5%, prior 0.0%), -0.3% Y/Y (prior +0.8%).