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MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

MNI BRIEF: 'Noise' Driving Economic Deterioration- Campos Neto

MNI China Daily Summary: Tuesday, July 2

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MNI: AUSTRALIA MAY RETAIL SALES +0.6% M/M

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

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Summary – May 17

LATAM
BulletEM BulletEmerging Market NewsHomepageBank of Japan (BOJ) Market News
  • BCCh will release its traders survey on Friday. The equivalent economists survey recently indicated that analysts expect a 50bp rate cut at the May 23 monetary policy meeting. Elsewhere, Mexico same-store sales for April will cross. In the G10, data releases are few and far between Friday, leaving the focus on central bank communications. The ECB’s Vasle, Holzmann and Kazaks are still set to speak, as well as the Fed’s Waller, Kashkari and Daly.
  • Global News:
    • EU (MNI) – Although not pushing back on the likelihood of a June rate cut, ECB executive Board member Isabel Schnabel told Japan's Nikkei that the prospects of a back-to-back cut in July "does not seem warranted" on current data. Schnabel says she still sees inflation risks tilted to the upside and that a "front-loading of the easing process would come with a risk of easing prematurely".
    • JAPAN (MNI) – The BoJ is concerned that the market could interpret any reduction to its Japanese government bond buying programme as an attempt to curb yen weakness and a sign of earlier-than-expected rate hikes, and will hold off plans to shrink its purchases until stability returns to the foreign-exchange market, MNI understands.
    • CHINA – The PBoC will establish a nationwide program to unleash 300 billion yuan ($41.5 billion) in cheap funding to help state-owned companies buy unsold homes, officials announced. China’s central bank Deputy Governor Tao Ling said the “relending” funds would be extended to 21 providers, including policy banks, state-owned commercial lenders and joint-stock banks, at a rate of 1.75%.
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  • BCCh will release its traders survey on Friday. The equivalent economists survey recently indicated that analysts expect a 50bp rate cut at the May 23 monetary policy meeting. Elsewhere, Mexico same-store sales for April will cross. In the G10, data releases are few and far between Friday, leaving the focus on central bank communications. The ECB’s Vasle, Holzmann and Kazaks are still set to speak, as well as the Fed’s Waller, Kashkari and Daly.
  • Global News:
    • EU (MNI) – Although not pushing back on the likelihood of a June rate cut, ECB executive Board member Isabel Schnabel told Japan's Nikkei that the prospects of a back-to-back cut in July "does not seem warranted" on current data. Schnabel says she still sees inflation risks tilted to the upside and that a "front-loading of the easing process would come with a risk of easing prematurely".
    • JAPAN (MNI) – The BoJ is concerned that the market could interpret any reduction to its Japanese government bond buying programme as an attempt to curb yen weakness and a sign of earlier-than-expected rate hikes, and will hold off plans to shrink its purchases until stability returns to the foreign-exchange market, MNI understands.
    • CHINA – The PBoC will establish a nationwide program to unleash 300 billion yuan ($41.5 billion) in cheap funding to help state-owned companies buy unsold homes, officials announced. China’s central bank Deputy Governor Tao Ling said the “relending” funds would be extended to 21 providers, including policy banks, state-owned commercial lenders and joint-stock banks, at a rate of 1.75%.