MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI: US Q2 GDP +2.8%

MNI: US JOBLESS CLAIMS -10K TO 235K IN JUL 20 WK

MNI:US JUN DURABLE NEW ORDERS -6.6%; EX-TRANSPORTATION +0.5%

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

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Mounting Concerns Over Provincial Debt Outlook

ARGENTINA
  • Argentina’s La Rioja province has reportedly hired advisers to negotiate with bondholders as it is struggling to make principal and coupon payments on notes maturing in 2028. The province said that it hasn’t received its co-participation funds from the federal government, making its revenue insufficient to cover expenditures.
  • Separately, local media report that Rio Negro province will use a loan from local bank Banco Patagonia to pay part of the $47mn it has to pay on its 2028 bond by March 10. Governor Alberto Weretilneck said that the province will pay the remainder of the $47m with its own funds.
  • Local media also reported yesterday that the government has cut off a flow of funds to the province of Buenos Aires. These developments all come after President Milei announced plans to cut funding for the provinces as part of his austerity drive. Local analysts expect provincial bonds to come under increasing pressure this year, as this austerity plan continues to bite.
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