MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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

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Debt Ceiling Deal Done "In Principle"; X Date Pushed to June 5

US
  • Wires reported a bipartisan agreement to suspend the debt limit for the next two years while keeping non-defense spending flat for the next year (+1% in the second year) was announced Saturday.
  • Now comes the hard part: securing support from enough lawmakers on both sides of the aisle. The NY Times writes Republican "lawmakers have a history of doing everything they can to block spending deals they disapprove of. They could do so again, and they have sufficient power to kill the deal because McCarthy has only a nine-vote majority."
  • Short "X-Date" reprieve: Focus has been on reaching a deal before the government would run out of cash to honor it's debt obligations, estimated at around June 1. In a late Friday letter to House Speaker McCarthy, Treasury Secretary Yellen stated the deadline has been extended to June 5.
  • "During the week of June 5, Treasury is scheduled to make an estimated $92 billion of payments and transfers, including a regularly scheduled quarterly adjustment that would result in an investment in the Social Security and Medicare trust funds of roughly $36 billion. Therefore, our projected resources would be inadequate to satisfy all of these obligations."
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