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MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

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1 and 3-Year Consumer Inflation Expectations Remain Unchanged

MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 2.8%

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

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Risk Aversion Undermines Kiwi, Gov't Unveils Cautious Border Reopening Plan

NZD

PM Ardern unveiled the timeline for reopening borders this morning. New Zealand is due start easing rules from end-Feb by allowing vaccinated Kiwis returning from Australia to self isolate upon their arrival in Aotearoa instead of going into MIQ. This will be followed by a phased relaxation of border rules, with the last stage (i.e. full reopening for travellers from anywhere in the world who require a visa) pencilled in for October.

  • FinMin Robertson expressed hope that reopening borders will help alleviate labour shortages, but forecast that the jobs market will remain competitive. Quarterly data released yesterday out of New Zealand confirmed that acute tightness persists in domestic labour market, with the unemployment rate dropping to a historic low.
  • NZD/USD snapped a two-day winning streak Wednesday, while a tech-led retreat in U.S. e-mini futures has amplified selling pressure to risk-sensitive currencies this morning. The pair has extended losses as a result.
  • The rate last sits at $0.6610, down 21 pips on the day. The low print of Jan 28 at $0.6530 draws initial bearish attention and a break here would expose Sep 24, 2020/Aug 20, 2020 lows of $0.6512/0.6489. Bulls need a rebound above Feb 2 high of $0.6662 before taking aim at former support area at $0.6702/03.
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