MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

US EIA: CRUDE OIL STOCKS EX SPR -3.44M TO 445.1M JUL 05 WK

MNI:US MAY WHOLESALE INV 0.6%; SALES 0.4%

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

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

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

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USD/CNH Down From Earlier Highs

CNH

USD/CNH sits comfortably off earlier highs. The pair last near 7.0550/60. We touched 7.0750 earlier, while dips to the 7.0500 region appear supported. USD/CNY has also moved away from earlier higher, the pair back to 7.0430/40 (earlier highs were above 7.0600).

  • There doesn't appear a direct catalyst for the turnaround, although HK equities are away from their respective lows. The HSI last tracking around 1% weaker. Onshore equities are also away from lows but remain in the red.
  • President Xi gave a speech earlier, aimed at boosting ties with central Asia countries from both an economic and defense perspective. This follows a 2 day summit in the city of Xi'an.
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