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CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

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MNI China Daily Summary: Tuesday, July 23

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

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Minimum Wage to Be Hiked in July; Businesses Struggle to Access Credit

TURKEY
  • Vedat Bilgin, the Minister of Labor and Social Security, made a statement regarding the discussions about the increase in the minimum wage before his meeting with President Erdogan, Ekonomi report. Giving a date on the subject, Minister Bilgin said, "The minimum wage hike is in July."
  • Parliament Speaker Mustafa Sentop has suggested that there is no legal obstacle regarding President Erdogan’s presidential candidacy after three oppositional parties appealed to the election watchdog for the annulment of Erdogan’s bid on the grounds he has already been elected twice for the post, Hurriyet report.
  • Dunya interview several sector representatives on the state of credit to the real economy, with industry reps stating that banking system is 'locked in' on credit, and banks are withholding the extension of new credit lines until the election. Other industry sources see cash flow deteriorating across businesses, with access to credit becoming more difficult. They cite 'endless' credit procedures, short maturities for credit products and real interest rates rising as high as 35%.
  • President Erdogan will address his party’s lawmakers at noon while central bank Governor Kavcioglu attends the Ankara Chamber of Industry meeting this morning. There are no major data released scheduled today.
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