The decision by the central bank in the Philippines to raise its benchmark policy rate by a further 75bp (to 3.25%) at an unscheduled meeting reflects mounting concerns about inflation. Further hikes seem likely, and we are changing our end-year forecast to 4.0%.
China Drop-In (Friday, 15th July): Did China’s economy contract in the second quarter? How much stimulus is the government willing to pump in to drive a recovery? Join our China team for a briefing after the release of the NBS Q2 report on Friday. Register here.
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