MNI China Daily Summary: Thursday, July 11

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

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NBP Governor To Hold Press Conference, Judicial Reform Gets Stuck In Constitutional Tribunal

POLAND
  • NBP Governor Adam Glapinski will hold a press conference at 15:00CET/14:00GMT after the central bank left interest rates unchanged, while staff introduced only cosmetic changes to the macroeconomic projections, which showed that the NBP continues to see inflation gradually return to the target over the forecast horizon. There was no indication of a formal end to the rate-hike cycle in the statement, but market participants will keep looking for any hints on the outlook for monetary policy in Glapinski's presser this afternoon.
  • Poland's EU Minister Szymon Szynkowski vel Sek told TVN24 that in his opinion judicial reforms proposed by the government to unlock EU recovery funds are constitutional, which was a core condition in negotiations with the European Commission. He noted that the President's decision to ask the Constitutional Tribunal to review the bill delays but hopefully does not derail the disbursement of EU funds. The Tribunal remains locked in an internal procedural dispute, which reportedly saw six judges boycott yesterday's closed-doors meeting to discuss the bill.
  • Parliament resumes its session today and lawmakers may vote on liberalising the rules on setting up onshore wind farms, another condition needed to secure access to EU recovery funds.
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