MNI China Press Digest July 18: PBOC, Beijing, Arctic Shipping

MNI: PBOC Net Injects CNY47 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1285 Thurs; -1.29% Y/Y

CHINA PBOC CONDUCTS CNY49 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1285 THU VS 7.1318

MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

Australia Jun Unemployment Rate 4.0%

Japan Jun Exports +5.4% Y/Y; Imports +3.2% Y/Y

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

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Thedeen: 50% Chance Of May Rate Cut

RIKSBANK

The Riksbank’s press conference has concluded. EURSEK was generally little moved through the press conference, with Governor Thedeen’s comments generally in line with the policy statement/MPR communication. A few highlights:

  • The new policy path indicates about a 50% chance of a rate cut in May.
  • The Riksbank is happy to move before the Fed/ECB if its latest forecasts are met. However, he noted that this includes “all” forecasts, not just those for inflation.
  • Favourable wage developments in Sweden (vs in Europe) may also allow for a move before the ECB.
  • The long-term policy rate path (i.e. past the next three quarters) is more reflective of a general macroeconomic forecast, rather than an explicit rate forecast.
  • While the recent rise in services inflation momentum has been concerning, the Riksbank still views the overall trend as declining.
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