MNI: PBOC Sets Yuan Parity Lower At 7.1334 Tues; -1.30% Y/Y

CHINA PBOC CONDUCTS CNY267.3 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1334 TUES VS 7.1335

MNI PBOC WATCH: PBOC Cuts 7-Day Rate As Reconfigures Framework

MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

CBRT Data Watch

NBH Data Watch

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

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Unemployment Rate Dips, Esquivel Comments

MEXICO
  • Data just published:
    • MEXICO SEPT. UNEMPLOYMENT RATE 3.34%; EST 3.50% (BBG)
    • MEXICO SEPT. TRADE DEFICIT $895.40M; EST. -$4.531B (BBG)
  • A reminder of the Reuters exclusive that was run late in yesterday’s session:
  • (Reuters) - Bank of Mexico board member Gerardo Esquivel cautioned against increasing the monetary policy rate to "excessively" restrictive levels as the economy remains weak, saying the bank's current rate-hiking cycle could end with rates between 10%-10.25%.
    • Esquivel did not project when the rate would hit what he called its terminal level in an interview with Reuters on Tuesday.
  • Worth noting the comments are broadly in line with prior commentary from Esquivel who is well known as the most dovish member of the committee:
    • He stressed that it was "important to start thinking about" what that level would be using the so-called ex ante real rate.
    • "Once we reach the terminal rate, the discussion needs to be how long we stay there and we would have to see how observed inflation evolves in 2023," he said.
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