MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

Australia Jun Total Dwelling Approved -6.5%

MNI: AUSTRALIA MAY BUILDING APPROVALS -6.5% M/M, -3.7% Y/Y

MNI: AUSTRALIA JUN DWELLING APPROVALS -6.5% M/M

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

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President Biden To Deliver Remarks On "Junk Fees"

US

US President Joe Biden is shortly due to deliver remarks on eliminating "junk fees," part of a pledge he made in his State of the Union address in February.

  • Livestream: https://www.whitehouse.gov/live/
  • The White House said in a statement that, "a large body of research has shown that fees charged at the back-end of the buying process, along with other types of junk fees, make it harder to comparison shop, impede competition, and lead to consumers paying more."
  • The New York Times reports, "With inflation still a potent political issue, President Biden is stepping up his war on so-called junk fees... it’s a popular issue. Most Americans support limits on bank fees, while economists are increasingly accepting the idea of “greedflation,” where price gouging by companies pushes up inflation."
  • The drive is likely to form part of Biden's 2024 presidential election campaign and address criticism that his administration hasn't done enough to address inflation and pocketbook issues.
  • NEC Director Lael Brainard said in a statement: “President Biden has been working to lower costs for hardworking families by bringing down inflation, capping insulin prices for seniors, and eliminating hidden junk fees."
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