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

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

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

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Saunders chose between 25bp and 50bp - not 75bp

BOE
  • "The choice at the last policy meeting was between 25 and 50. I can't talk for other Committee members but that was the choice for me."
  • "The individual accountability of individual MPC members is very important. When we vote the same way, it's because we agree rather than sort of being forced into a consensus. And if members disagree on the policy outlook, they vote accordingly. I think that process of individual accountability and separate voting allows uncertainties and diverging views on the economic outlook to be brought to the surface and debated more openly than if there was an attempt to force into a consensus."
  • "On steering by r*... you can't use r* as a fine tuning policy because of uncertainties around it but I'm pretty sure the policy stance over the past year has been accomodative and my preference has been to get relatively quickly back to something more like neutral. As you get into a range of where neutral rate might be, you can't lean so much on r* as an estimate of where a policy choice should be."
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