MNI China Daily Summary: Thursday, July 25

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CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

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South Korea's Tax Revenue Rises

KRW

Spot USD/KRW sits +2.50 figs at KRW1,180.90 as we type, after trimming some of its opening gains. Bulls set their sights on Nov 11 high of KRW1,186.90 and a breach of that level would bring Oct 18 high of KRW1,188.40 into play. Bears look for a break below the 50-DMA at KRW1,177.14 before targeting Oct 26 low/100-DMA at KRW1,164.05/1,163.51.

  • USD/KRW 1-month NDF last seen at KRW1,182.28, ~1.60 fig lower on the day. Losses past Nov 9 low of KRW1,174.85 would open up the 100-DMA/Oct 26 low at KRW1,167.30/1,165.03. Bulls look for a rally above Nov 4 high of KRW1,188.75 before taking aim at Oct 12 high of KRW1,201.63.
  • Finance Ministry released monthly public finance report, which showed that tax revenue rose KRW59.8tn Y/Y in the first 9 months to KRW274.5tn. Ruling party's Yun told YTN radio that excess tax revenue this year could reach around KRW50tn, considerably more than the KRW31tn forecast by the gov't in July.
  • Worth noting that South Korea's October PPI will hit the wires on Friday. Factory-gate prices rose 7.5% Y/Y in September.
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