MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

MNI BRIEF: 'Noise' Driving Economic Deterioration- Campos Neto

MNI China Daily Summary: Tuesday, July 2

Australia May Total Dwelling Approved +5.5%

Australia May Retail Trade +0.6%

MNI: AUSTRALIA MAY RETAIL SALES +0.6% M/M

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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MNI POLITICAL RISK - Senate To Vote On Border Bill This Week

Daily roundup of news from the US.

Political Market NewsPolitical Risk

Executive Summary:

  • Senate Majority Leader Chuck Schumer (D-NY) is expected to bring the bipartisan border security package, which failed to pass the Senate earlier this year, to the floor for a vote this week. The vote, which is expected to fail again, will serve as an exercise in messaging on one of the most salient issues of the election cycle.
  • The House will consider two pieces of legislation this week which could bolster the crypto industry. The first would take some regulatory powers away from the SEC. The second would bar the Federal Reserve from issuing its own digital currency.
  • Treasury Secretary Janet Yellen will be tasked with convincing G7 counterparts to back a plan to use frozen Russian sovereign assets to fund Ukraine at this week's meeting of G7 finance ministers and central bank governors in Italy. Yellen said ahead of the trip that the US intends to pursue a plan short of the outright seizure of assets but will do, “something more ambitious with the windfall profits.”
  • The Biden administration has issued a memo outlining strategy for countering rising costs, arguing that former President Donald Trump’s agenda would exacerbate inflation.
  • It appears increasingly unlikely that Trump will testify in his ‘hush money’ criminal trial. If Trump declines to take the stand, the Manhattan jury could begin deliberations as soon as this week.
  • Poll of the Day: Biden's weakness in the Sun Belt pushes presidential race towards Trump.

Please find the full article attached below:

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Executive Summary:

  • Senate Majority Leader Chuck Schumer (D-NY) is expected to bring the bipartisan border security package, which failed to pass the Senate earlier this year, to the floor for a vote this week. The vote, which is expected to fail again, will serve as an exercise in messaging on one of the most salient issues of the election cycle.
  • The House will consider two pieces of legislation this week which could bolster the crypto industry. The first would take some regulatory powers away from the SEC. The second would bar the Federal Reserve from issuing its own digital currency.
  • Treasury Secretary Janet Yellen will be tasked with convincing G7 counterparts to back a plan to use frozen Russian sovereign assets to fund Ukraine at this week's meeting of G7 finance ministers and central bank governors in Italy. Yellen said ahead of the trip that the US intends to pursue a plan short of the outright seizure of assets but will do, “something more ambitious with the windfall profits.”
  • The Biden administration has issued a memo outlining strategy for countering rising costs, arguing that former President Donald Trump’s agenda would exacerbate inflation.
  • It appears increasingly unlikely that Trump will testify in his ‘hush money’ criminal trial. If Trump declines to take the stand, the Manhattan jury could begin deliberations as soon as this week.
  • Poll of the Day: Biden's weakness in the Sun Belt pushes presidential race towards Trump.

Please find the full article attached below:

Keep reading...Show less