MNI China Press Digest July 17:  Investment, LPR, H2 Priority

MNI BRIEF: NZ CPI Prints Lower Than Expected At 3.3% Y/y

MNI: PBOC Net Injects CNY268 Bln Via OMO Wed; Rates Unchanged

CHINA PBOC CONDUCTS CNY270 BILLION VIA 7-DAY REVERSE REPOS WED

MNI: PBOC Sets Yuan Parity Lower At 7.1318 Wed; -1.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1318 WED VS 7.1328

June Exports Miss, Electronic Exports Fall, Lagging Other Parts Of Asia

EZ/UK Bond Supply Calendar: Greece, UK, Germany Due Wednesday

EZ/UK T-Bill Calendar: Portugal, EU Auction on Wednesday

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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Pinera Changes Stance, Will Submit Alternative Pension Withdrawal Plan

CHILE
  • Sebastian Pinera's government will submit an alternative proposal letting citizens access as much as 10% of their retirement savings, following the original bill's final congressional approval on Friday. Unlike the approved bill this one will include contributions from employers and the state to return the withdrawn money to pension accounts. It also envisions tax-free access for most workers, and includes cash transfers to people who have no money left in their funds, the President said.
  • Previous opposition to the third pension withdrawal had prompted widespread social unrest and these increasing political tensions may have spurred the shift in stance.
  • The news may ease some pressure on the local currency. The Chilean Peso dropped two percent late last week, once again rejecting the 700 level in USDCLP.
    • JPMorgan reiterated an underweight recommendation for Chilean bonds on concern that pension funds could sell $3.3 billion of Treasury bonds, according to an April 21 note by strategists.
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