MNI China Press Digest July 15: Consumption, Exports, FDI

MNI: PBOC Conducts CNY100 Bln Via 1Y MLF; Rates Unchanged

CHINA PBOC CONDUCTS CNY129 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1313 Mon; -1.35% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1313 MON VS 7.1315

MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

CHINA JUN INDUSTRIAL OUTPUT +5.3% Y/Y VS MEDIAN +5.0% Y/Y: NBS

CHINA Q2 2024 REAL GDP +4.7% Y/Y VS MEDIAN +5.0% Y/Y: NBS

House Price M/M Falls Pared, But Still Some Distance From Positive Territory

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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Westpac Shifts Rate Hike Call To February 2024

RBNZ

The local bank has updated its RBNZ view post this morning's Q3 CPI data. It no longer expects a November rate hike. It has shifted this view to February next year. ANZ made a similar shift earlier today.

  • Westpac notes "On balance, we still don’t think the job has been done. Core inflation pressures, especially those related to domestic prices pressures, are still running at high levels. The onus is on the data to show a strong and sustained downward trend in core inflation if we are to see inflation back in the range in 2024 or 2025. We have pencilled in a 25bp OCR increase in at the February 2024 Statement. We still see some reasonably strong domestic inflation pressures out there – most notably from the historic population boost coming from net migration which is yet to show any signs of easing. We think that the summer period will show the strengthening in the housing market that the RBNZ indicated it was still not sure about in its October Monetary Policy Review. Those trends will add to medium term inflation pressures and likely eventually force the RBNZ’s hand in 2024."
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