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

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Unemployment Rate Edges Higher, Participation Expands

PHP

Spot USD/PHP trades -0.072 at PHP51.280, showing little reaction to Philippine labour market data. Bears need a clean break below PHP50.920/50.900, which limited losses on Feb 3/Jan 5, to find some poise. Bulls look to a move through the nearest key resistance level, which has been defined at PHP51.500.

  • USD/PHP 1-month NDF last +0.010 at PHP51.430. A break above Feb 8 high of PHP51.780 would bring Jan 18 high of PHP51.950 into play. Bears look for a slide through Feb 1 low of PHP50.830.
  • BSP Gov Diokno said Wednesday that the central bank is in "no rush to tighten monetary policy at this point," in the middle of an economic recovery.
  • The whole of the Philippines is now at low to moderate risk for Covid-19, according to the latest update from the Dept of Health, with the sole exception of Soccskargen, which remains at high risk.
  • The unemployment rate in the Philippines edged higher to 6.6% in December from 6.5% prior, which was paralleled by an uptick in the participation rate to 65.1% from 64.2%.
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