MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI: BELGIUM JUL BNB BUSINESS SURVEY -12.3

MNI: US Q2 GDP +2.8%

MNI: US JOBLESS CLAIMS -10K TO 235K IN JUL 20 WK

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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CJEU Ruling Falls In Line With Advocate-General Opinion In FX Loan Case

POLAND

The Court of Justice of the European Union sided with the advice from its Advocate General and ruled that after the annulment of a mortgage loan agreement due to unfair terms, consumers may pursue claims against banks that go beyond reimbursement of monetary consideration, which banks cannot do.

  • The ruling is set to increase the number of lawsuits against banks offering controversial CHF loans. According to NBP statistics, there are currently around 111,000 such cases in Polish courts.
  • The verdict removes a key hurdle for consumers to pursue claims against banks. They no longer face the risk of costs associated with the annulment of unfair loan contracts, with banks no longer able to seek compensation for the use of their capital.
  • The zloty holds its earlier range, despite an uptick in EUR/PLN; POLGBs have shown little reaction to the verdict. The WIGBANK Index has extended losses after the CJEU's ruling.
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