MNI BRIEF: Foreign Firms Content In China

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

Unemployment Falls To 11.3% In Q2, Driven By Services

1 and 3-Year Consumer Inflation Expectations Remain Unchanged

MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 2.8%

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

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Grey List Addition Seen as Highly Likely

SOUTH AFRICA
  • The load shedding schedule remains fraught this week, with Eskom announcing stage 4 load shedding during the day on Monday, escalating to stage 6 during the evening peak, before falling back to stage 4 overnight. This timetable will be in place for most of the week, however the utility expects to reduce outages by moving to stage 2 load shedding by the weekend.
  • On Eskom’s debt burden, News24 report that the Treasury is working on a solution to restructure the R400bln debt pile – which is expected to be submitted to cabinet by October.
  • Petrol prices are expected to rise further this week. The Department of Mineral Resources and Energy are yet to publish the latest price adjustments due to take effect on Wednesday, but BusinessTech cite Central Energy Fund data as pointing to a R1.60-R1.80 hike for petrol and a R1.55 hike for diesel. However, the halving of the general fuel levy intervention means another 75 cents per litre is expected on top.
  • Fin24 report that South Africa is set to be placed on a ‘grey list’ by the G7’s Financial Action Task Force after failing to take sufficient action against terrorism funding and money laundering. Such a move would raise South Africa’s risk profile, and could attach a higher risk premium to relationships between South African banks and international financial institutions.
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