MNI China Daily Summary: Thursday, July 11

MNI BOK WATCH: More Evidence Needed To Cut Rates, Says Rhee

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: PBOC Sets Yuan Parity Lower At 7.1339 Thurs; -1.06% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1339 THURS VS 7.1342

US EIA:NAT GAS STORAGE +65 BCF TO 3,199 BCF JUL 05 WK

Core Goods Above-Expected, But Headline Weakest Since Pandemic(2/2)

CPI Miss Driven By Comprehensively Slower Services Inflation (1/2)

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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Zloty Extends Move Away From Recent Cyclical Lows

PLN

EUR/PLN has edged higher and last deals +109 pips at 4.4591, with bulls keeping an eye on the 20-EMA, which kicks in at 4.4625 and has already been attacked today. Bears look for losses past Jun 22 cycle low of 4.4195, which would expose the PLN4.4 figure.

  • POLGBs are slightly firmer across the curve, with belly outperforming. The Finance Ministry will offer PLN4-7bn of bonds at today's auction.
  • S&P raised its 2023 GDP growth outlook for Poland by 0.2pp to +1.1% Y/Y and lowered the 2024 outlook by the same amount to +3.2%. They expect one 25bp rate cut from the NBP by the end of this year.
  • State development fund PFR head Pawel Borys said that the extension of mortgage payment holidays would be justified if interest rates remained high. PM Morawiecki yesterday suggested that the decision on a potential extension could be announced within two months.
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