MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

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/CHINA: Pelosi Looks Set To Visit Taiwan Amidst Sino-U.S. Brinkmanship

US

The market will be on the lookout for any fallout from U.S. House Speaker Nancy Pelosi's potential visit to Taiwan after a number of press reports suggested that it may happen as soon as on Tuesday.

  • According to a report from the CNN, Pelosi is expected to stay in Taipei overnight, while sources told Bloomberg that the Speaker is expected to land in the capital of the self-governed island on Tuesday. One source told Bloomberg that Pelosi will meet with Taiwan's President Tsai Ing-Wen, with the FT suggesting they will hold talks on Wednesday. Reuters cited a source noting that the U.S. has informed some of its allies in the region about Pelosi's visit to Taiwan.
  • Meanwhile, Beijing continued to flex its military muscles, with Foreign Ministry spokesman Zhao Lijian warning that the PLA "won't sit idly by" if Pelosi heads to Taipei. Chinese state media continued to issue threats of a military response, which might involve flying warplanes over the territory of Taiwan, forcing the island's authorities to decide whether to activate air defence.
  • U.S. National Security Council spokesman Kirby called on China not to "turn a potential visit consistent with long-standing U.S. policy into some sort of crisis or conflict" and insisted that the U.S. "will not take the bait or engage in sabre rattling." However, Kirby also said that Washington "will not be intimidated" and outlined a repertoire of retaliatory actions China could take.
  • Note that the U.S. has moved some of its military assets closer to Taiwan in anticipation of a potential stand-off. USNI News reported that aircraft carrier USS Ronald Reagan and big deck amphibious ship USS Tripoli as well as their escorts are operating near the island, "prepared to linger as a contingency option."
  • The plane carrying U.S. House Speaker has been pulled from tracking services after it became the most watched aircraft on FlightRadar24. We will likely know that Pelosi is in Taiwan only after her plane touches down.
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