MNI China Daily Summary: Tuesday, July 30

MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

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

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McConnell Re-Elected As Top Senate Republican

US

Senate Minority Leader Mitch McConnell (R-KY) has been re-elected as top Republican in the upper chamber following a vote from Senate Republicans.

  • McConnell faced the first significant challenge to his 16 year tenure as leader of GOP in the Senate, with conservatives led by Senator Rick Scott (R-FL) blaming McConnell for an underwhelming midterm performance which failed to win control of the upper chamber, despite a favourable political environment for Republicans.
  • Scott said in a Tweet: "The status quo is broken and big change is needed. It’s time for new leadership in the Senate that unites Republicans to advance a bold conservative agenda. That’s why I’m running to be the Senate Republican Leader."
  • Scott's policy document the "12 Point Plan to Rescue America" was seized upon by Democrats as evidence an extreme faction of the GOP was planning to scrap social security and Medicare, should Republicans flip the chamber, in what turned out to be an effective strategy.
  • McConnell now faces an uphill challenge to restore unity to a fractious Republican caucus ahead of a busy lame-Duck session of Congress.
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