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

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

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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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Virag Says 11% Year-End Rates "Realistic"

HUNGARY

At a press conference, NBH deputy-governor Virag noted that the central bank's monetary policy had entered "a new phase" at the previous monthly policy meeting with the base rate becoming the "effective" policy rate. He also said 11% year-end rates are "realistic". The following comments from Virag were cited by MTI:

  • The Council will take decisions on a "step by step" basis, in a "careful, data-driven manner" in light of factors impacting inflation and the development of the risk environment.
  • "Strong disinflation" and a reduction in Hungary's vulnerability paved the way for the rate cut on Tuesday, he said, revealing that policy makers had also weighed options for a 50bp and a 100bp cut, before taking a unanimous decision.
  • Growing external risks warrant the continuation of a "careful" approach and the continuation of rate cuts "at a slower pace than earlier".
  • Said disinflation had to continue in 2024, too. "We can't sit back."
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