MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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Government Funding Might Derail Build Back Better

US

Senate Majority Leader Chuck Schumer (D-NY) and Senate Minority Leader Mitch McConnell (R-KY) have today spoken on their respective positions on government spending.


  • Schumer: 'We very much want to get an omnibus done. We're all on the same page, and we're awaiting what the Republican counteroffer will be.'
  • Schumer is under immense pressure to reach an agreement with the GOP on topline spending. The GOP is concerned with overweight non-defence spending in the Democrat proposal.
  • It is likely that McConnell will use the tight government funding deadline (Feb 18) to apply pressure on Democrat plans to resuscitate BBB.
  • McConnell on BBB: 'Washington Democrats are trying again to revive talk of yet another another reckless bout of spending this year. American families are already hurting enough and they need that bad idea to stay buried.'
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