MNI China Daily Summary: Tuesday, July 2

MNI BRIEF: China Aims For AI Standards By 2026

MNI China Press Digest July 2: PBOC, FDI, Land Revenue

MNI: PBOC Net Drains CNY298 Bln Via OMO Tues; Rates Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1291 Tues; -0.09% Y/Y

MNI: US REDBOOK: JUN STORE SALES +5.6% V YR AGO MO

Moderation In Core Momentum In June, But Services Remain Elevated

Wider Italian Debt Dynamics Remain Concerning (2/2)

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Mexico June Activity & Final GDP, Brazil Federal Debt

LATAM
  • The LatAm docket will start with the final reading of Mexico second quarter GDP as well as economic activity data for June. Brazil will disclose its federal public debt and Colombia is expected to release its industrial and retail confidence index. US JOLTS job openings and US conference board consumer confidence are also expected today.
  • China’s biggest state-owned banks are considering lowering deposit rates for at least the third time in a year, according to people familiar with the matter, as they ramp up efforts to boost the economy and protect margins. Lenders may cut rates on local currency deposits across key tenors by between 5 and 20 basis points, according to a Bloomberg article. Bloomberg also reported this morning that China may cut rates on existing mortgages as soon as today.
  • Separately, China vowed to strengthen policy support and speed up government spending as the economy’s recovery comes under strain (BBG).
  • US Commerce Secretary Raimondo and Chinese Vice Premier He Lifeng spoke today in Beijing to discuss ties between the world’s two largest economies. “The US-China commercial relationship is one of the most globally consequential,” Raimondo told He. “Managing that relationship responsibly is critical to both of our nations and indeed to the whole world.” (AP/BBG).
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