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According to analysts at TD Securities, there were no surprises from the China CPI data released this morning as the 1.9% y/y increase in June was in line with consensus (previous 1.8%).

Key Quotes

“CPI has been well contained over recent months and shows little sign of pushing higher. Core CPI rose 1.9% y/y. China is likely to continue its targeted easing path, with a PBoC adviser quoted (China Daily) as stating that there is still room for further liquidity injection in the short term. This could take the form of further RRR cuts in our view.”