MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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VIEW: ANZ Don’t Believe Employment Data Enough For May RBA Hike

AUSTRALIA

ANZ economists believe that since the RBA paused in April to assess the impact of 350bp of tightening on the economy given the “long and variable lags”, the stronger-than-expected March employment report will not be enough for them to hike on May 2. ANZ expects another hike but not until August.

  • "We don’t think this will be enough for the RBA to return to hiking the cash rate in May, given its reasoning for pausing in April: to assess the impacts of the cumulative 350bp of hikes delivered so far, given the long lags of monetary policy," ANZ said.
  • "Given the RBA is forecasting unemployment of 3.6 per cent in 2Q and that a materially lower result than that looks unlikely, the probability of a positive surprise for the RBA in the near term is low."
    - The Australian
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