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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View Change: Berenberg: Look for two more 25bp hikes this year (up from one)

BOE
  • “Reacting to the sharper inflation surge, we now look for a more front-loaded monetary tightening – with two instead of one more 25bp hikes this year. This will take the bank rate to 1.5% by end-2022, instead of 1.25%. With two further hikes in 2023 and one more in 2024, we keep our end-2024 bank rate forecast unchanged at 2.25%.”
  • “The BoE presumes that the hit to demand from the negative confidence effects of economic weakness and Putin’s war will not dramatically dampen wage setting or soften labour market conditions. As a result, policymakers will probably place more weight on incoming labour market developments than near-term inflation trends. Downside surprises to wage growth and vacancies may encourage a more cautious approach to tightening.”
  • “Conditional upon the UK avoiding a recession, the BoE remains on track to begin its balance sheet unwind in November – with risks skewed towards August in case inflation data continue to surprise to the upside.”
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