MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

VDMA Factory Orders Remain Weak in June

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

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USD/CNH Back Sub 7.1700, On Firmer Equities, Lower US yields

CNH

After getting close to 7.1800 earlier today, we now sit sub 7.1700 (just above session lows of 7.1679). USD/CNY onshore spot has opened with a softer tone, tracking back sub 7.1600 at the time of writing.

  • Helping CNH is the better tone to HK and mainland equities in early dealings, while the majors are also generally firmer against the USD, led by NZD and AUD. Softer US yields, 2yr off by near 2bps, is helping.
  • We are still some distance from post US CPI lows for USD/CNH, which came in just under 7.1500.
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