MNI China Daily Summary: Tuesday, July 23

MNI: PBOC Net Drains CNY408.7 Bln Via OMO Tues

MNI: PBOC Sets Yuan Parity Lower At 7.1334 Tues; -1.30% Y/Y

CHINA PBOC CONDUCTS CNY267.3 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1334 TUES VS 7.1335

MNI PBOC WATCH: PBOC Cuts 7-Day Rate As Reconfigures Framework

EZ/UK T-Bill Calendar: 3/6-Month RATB Auction on Tuesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

Philippine's FinSec Open To Rate Cuts, Front-End Yields Lower

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

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Expected Duty Rises On Vapes/Tobacco/Flights, Higher Rate CGT On Houses Cut

UK

Chancellor Jeremy Hunt delivering Budget statement:

  • In widely-expected measures, Hunt announces a tax on vaping products from October 2026, an increase in tobacco duty.
  • Also increases Air Passenger Duty on business and first class flights.
  • Increased resources for HMRC: "I will provide HMRC with the resources they need to ensure everyone pays the tax they owe leading to an increase in revenue collected of over £4.5bn across the forecast period."
  • Hunt has abolished the "Furnished Holiday Lettings regime."This is hoped to reduce rental costs / house prices in tourist hotspots and encourage some owning holiday homes to sell up / switch to long-term rentals- increasing housing supply.
  • Capital gains tax for the higher rate residential property reduced from 28% to 24%. Which is said to increase revenue by increasing property sales.
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