In today’s briefing:
- Dr BoE Brings Bonds to Heel for Healing
- The Philippines: Limited Upside To Peso Even If Dollar Strength Abates
- CX Daily: Cash-Strapped Local Governments Turn to Financing Vehicles to Plug Fiscal Shortfalls
- CX Daily: Has China’s Monetary Policy Reached Its Limit?
Dr BoE Brings Bonds to Heel for Healing
- UK market misfunctioning has forced the BoE to intervene in-between meetings. It will buy gilts every day until 14 October without an overall limit.
- That aggressive intervention is reassuringly responding to the real issue rather than blindly following commentators calling for rate hikes to match dysfunctional pricing.
- The BoE has postponed its active gilt sales until 31 October. However, the forced U-turn within a week should highlight the risk of its worryingly non-state-dependent policy.
The Philippines: Limited Upside To Peso Even If Dollar Strength Abates
- Both the consumer and business confidence surveys shine a light on the negative spillovers from rising inflationary pressures in the Philippines.
- CPI inflation may have peaked, in our view, but the higher price pressures will weigh on household spending just as the effects of monetary tightening become more apparent.
- Longer-Term, a structurally weaker Peso is likely under the incumbent administration, given the dearth of FDI from a timid reform agenda and slowing remittances and BPO revenues.
CX Daily: Cash-Strapped Local Governments Turn to Financing Vehicles to Plug Fiscal Shortfalls
In Depth: Cash-strapped local governments turn to financing vehicles to plug fiscal shortfalls
Communist Party elects delegates ahead of 20th National Congress
Charts of the Day: Yuan’s cross-border settlements grew in 2021
CX Daily: Has China’s Monetary Policy Reached Its Limit?
Monetary / In Depth: Has China’s monetary policy reached its limit?
Cyberattack / Alleged U.S. cyberattack targeted China’s key telecom infrastructure
Pensions / China announces tax breaks to kick start personal pensions market
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