MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI China Daily Summary: Tuesday, July 23

MNI: PBOC Net Drains CNY408.7 Bln Via OMO Tues

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: US NAR: JUN EXISTING HOME SALES 3.89M SAAR

MNI: US REDBOOK: JUL STORE SALES +4.8% V YR AGO MO

ECB Not Currently Concerned About Core Goods Re-acceleration (2/2)

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

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USD/IDR Spot Sub 14700, YTD Lows Within Sight

IDR

The rupiah rally is extending. USD/IDR spot is now printing sub 14700m -0.90% for the session. This brings previous YTD lows from mid-April into focus at 14645. This continues the sharp correction lower in the pair that started not long after yesterdays open.

  • Earlier we had news around palm oil export ratios, which didn't appear bullish for IDR at face value, although frozen quotas will be released steadily over the next 9 months.
  • Onshore equities have continued to rally, after a quiet start, the JCI is up around 0.80% at this stage. The index is above its 200-day MA (6929.73), last around 6963.65, which is highs back to early Dec last year.
  • This is likely seeing some positive spill over to IDR, particularly as offshore investors continue to purchase local equities.
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