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

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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G7: Yellen To Push For Consensus On Using Russian Frozen Assets @ Fin Min Meet

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A US Treasury Dep't official has been talking on Treasury Secretary Janet Yellen's upcoming trip to the G7 finance ministers and central bank governors meeting in Stresa, Italy taking place 23-25 May. Official: 'Yellen will discuss at G7 meeting the need to tackle China's excess industrial capacity in key sectors and new US tariffs on EVs, solar power equipment, and semiconductors.'

  • Official: 'Yellen will discuss proposals to bring forward future proceeds from frozen Russian assetst to give more money to Ukraine more quickly, hopes G7 finance officials can reach a consensus on a plan for Russian assets to advise G7 leaders for summit in June.' Treasury official claims the G7 is 'making progress' towards agreement on the issue. Reuters reported on 16 May that an Italian Treasury official had said that the G7 is set to back the EU line on using around EUR3bn/annum in windfall profits from frozen Russian assets to fund and arm Ukraine. 
  • Treasury official says that en route to Italy, Yellen will make a stop in Frankfurt for talks with German officials. She will deliver remarks 'on the importance of the Transatlantic alliance, including disrupting Russia's war machine, and developing clean energy'. 
  • The Italian presidency of the G7 lists the main agenda items for the fin min/CB gov meetings as : "Support for Ukraine and Russian financial assets, artificial intelligence (AI), global economy, multilateral development banks, initiatives on health and finance and international taxation". Schedule for the meetings can be found here. 
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A US Treasury Dep't official has been talking on Treasury Secretary Janet Yellen's upcoming trip to the G7 finance ministers and central bank governors meeting in Stresa, Italy taking place 23-25 May. Official: 'Yellen will discuss at G7 meeting the need to tackle China's excess industrial capacity in key sectors and new US tariffs on EVs, solar power equipment, and semiconductors.'

  • Official: 'Yellen will discuss proposals to bring forward future proceeds from frozen Russian assetst to give more money to Ukraine more quickly, hopes G7 finance officials can reach a consensus on a plan for Russian assets to advise G7 leaders for summit in June.' Treasury official claims the G7 is 'making progress' towards agreement on the issue. Reuters reported on 16 May that an Italian Treasury official had said that the G7 is set to back the EU line on using around EUR3bn/annum in windfall profits from frozen Russian assets to fund and arm Ukraine. 
  • Treasury official says that en route to Italy, Yellen will make a stop in Frankfurt for talks with German officials. She will deliver remarks 'on the importance of the Transatlantic alliance, including disrupting Russia's war machine, and developing clean energy'. 
  • The Italian presidency of the G7 lists the main agenda items for the fin min/CB gov meetings as : "Support for Ukraine and Russian financial assets, artificial intelligence (AI), global economy, multilateral development banks, initiatives on health and finance and international taxation". Schedule for the meetings can be found here.