MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Monetary Policy Becomes Restrictive, Parliament Approves Eskom Debt Relief Bill

SOUTH AFRICA
  • The rand collapsed to new record lows while government bond yield curve steepened as the SARB took a unanimous decision to raise interest rates by the expected 50bp and said that some "short-term pain" is needed to avoid having to deliver more tightening further down the road. Governor Lesetja Kganyago for the first time described the current monetary policy stance as "restrictive" but refused to speculate how long South Africa will stay in this territory. The central bank warned that the rand will likely depreciate further, while the Governor said that the MPC will not adjust policy based on exchange-rate developments.
  • The Kremlin said that the format of President Vladimir Putin's participation in the August BRICS summit hosted by South Africa is yet to be determined. Meanwhile, President Cyril Ramaphosa said in a speech that South Africa will maintain its "independent" and "non-aligned" foreign policy, sticking with its "position on the peaceful resolution of conflict wherever those conflicts occur," despite being pressured to change tack.
  • Parliament passed the Eskom Debt Relief Bill, approving the utility's ZAR254bn bailout, as the opposition failed to break the quorum. The National Treasury says it will only transfer the money if Eskom complies with strict conditions, such as no new borrowing and generation projects.
  • Deputy President Paul Mashatile confirmed that the government is working on amending the legislation governing coalition formation. He said the process will involve a national dialogue on coalitions, possibly within two months, a list of criteria on coalition formation, and then legislation.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.