MNI China Daily Summary: Wednesday, July 3

MNI BRIEF:BOJ Q1 Output Gap Hits 16th Negative Reading In Row

MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

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MNI: EUROZONE MAY PPI -0.2% M/M, -4.2% Y/Y

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

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Gallagher May Stay On In Congress Following Johnson Decision On Foreign Aid

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Rep Mike Gallagher (R-WI), the Chair of the House Select Committee on China, may delay his planned April 19 resignation from Congress in light of House Speaker Mike Johnson's (R-LA) decision to move a national security supplemental package, according to Fox News.

  • Chad Pegram at Fox News reports: "...Gallagher may slightly delay his resignation to stick around for the weekend to help the House pass the now-released foreign aid package. Fox is told there have been talks between Gallagher and House leaders about the need for his vote and the prospects of when he might make his resignation effective."
  • If Gallagher remains in Congress until the voting process is complete it could be consequential for the passage of the national security supplemental package and any move to oust House Speaker Mike Johnson (R-LA) as the GOP majority will shrink to just one vote after Gallagher departs.
  • Pegram also notes that Senate Majority Leader Chuck Schumer (D-NY) told reporters a short time ago: "We are still waiting to see how Speaker Johnson and House Republicans will proceed on the national security supplemental package. One way or another, I hope I fervently hope that we can finally finish the job in the next couple of days, but that is not certain and will depend a lot on what the House does. The entire world is waiting to see what House Republicans will do..."
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Rep Mike Gallagher (R-WI), the Chair of the House Select Committee on China, may delay his planned April 19 resignation from Congress in light of House Speaker Mike Johnson's (R-LA) decision to move a national security supplemental package, according to Fox News.

  • Chad Pegram at Fox News reports: "...Gallagher may slightly delay his resignation to stick around for the weekend to help the House pass the now-released foreign aid package. Fox is told there have been talks between Gallagher and House leaders about the need for his vote and the prospects of when he might make his resignation effective."
  • If Gallagher remains in Congress until the voting process is complete it could be consequential for the passage of the national security supplemental package and any move to oust House Speaker Mike Johnson (R-LA) as the GOP majority will shrink to just one vote after Gallagher departs.
  • Pegram also notes that Senate Majority Leader Chuck Schumer (D-NY) told reporters a short time ago: "We are still waiting to see how Speaker Johnson and House Republicans will proceed on the national security supplemental package. One way or another, I hope I fervently hope that we can finally finish the job in the next couple of days, but that is not certain and will depend a lot on what the House does. The entire world is waiting to see what House Republicans will do..."