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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Government To Help Pemex With Taxes Deferral

MEXICO
  • The government will bolster state-owned oil firm Pemex's capacity to pay down debt this year by deferring about $2 billion in taxes, Deputy Finance Minister Gabriel Yorio said on Thursday.
    • "We can do this quickly to provide liquidity to Pemex, not through a capitalization, but by allowing it not to immediately pay the royalty, the profit sharing rate," said Yorio. "That roughly gives them $2 billion in cash flow."
  • Separately, Yorio said Mexico would not need to issue debt to finance its $6 billion deal to buy 13 power plants from Spanish energy company Iberdrola. A financial vehicle, which will bring together public investors including state infrastructure fund Fonadin, would be created within a year to buy the assets, he added.
  • Late on Thursday, headlines crossed indicating that BBVA, Santander and Bank of America are among a group interested in financing the $6 billion deal with Iberdrola, according to people familiar with the talks.
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