MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1728 Thurs; -0.64% Y/Y

US EIA:NAT GAS STORAGE -62 BCF TO 1,698 BCF MAR 07 WK

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

MNI: US JOBLESS CLAIMS -2K TO 220K IN MAR 08 WK

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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ARGENTINA: Congress Commission To Discuss IMF Decree Today

ARGENTINA
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  • A bicameral commission in Congress will meet from 1600GMT(1200ET) today to discuss President Milei’s executive decree seeking to approve a new agreement with the IMF. The decree requires approval from just one of the legislative chambers to move forward. Economy Minister Caputo recently said that an agreement with the IMF had already been reached on a loan amount and programme details, but that this still had to be approved by the IMF executive board. He said that a programme would be finalised by the end of April.
  • Meanwhile, the government has set changes to the 2025 budget, including a new regime for the payment of electricity distributors debt and new financing mechanisms for the provinces. Despite ongoing protests against pension cutbacks, which escalated this week, the government has reiterated its commitment to austerity. It has also announced a $190mn fund to help repair damages from recent floods in the city of Bahia Blanca.
  • In other news, late rains have failed to revive the corn and soy crops, according to the Rosario Board of Trade. Harvest projections have been reduced further, with soybean output expected to reach 46.5mn metric tons, 1mn less than predicted last month, while corn output is seen at 44.5mn tons, 1.5mn less than previously expected.
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  • A bicameral commission in Congress will meet from 1600GMT(1200ET) today to discuss President Milei’s executive decree seeking to approve a new agreement with the IMF. The decree requires approval from just one of the legislative chambers to move forward. Economy Minister Caputo recently said that an agreement with the IMF had already been reached on a loan amount and programme details, but that this still had to be approved by the IMF executive board. He said that a programme would be finalised by the end of April.
  • Meanwhile, the government has set changes to the 2025 budget, including a new regime for the payment of electricity distributors debt and new financing mechanisms for the provinces. Despite ongoing protests against pension cutbacks, which escalated this week, the government has reiterated its commitment to austerity. It has also announced a $190mn fund to help repair damages from recent floods in the city of Bahia Blanca.
  • In other news, late rains have failed to revive the corn and soy crops, according to the Rosario Board of Trade. Harvest projections have been reduced further, with soybean output expected to reach 46.5mn metric tons, 1mn less than predicted last month, while corn output is seen at 44.5mn tons, 1.5mn less than previously expected.