MNI China Daily Summary: Wednesday, Aug 21

MNI: PBOC Net Drains CNY111.2 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1307 Weds; +2.41% Y/Y

CHINA PBOC CONDUCTS CNY258 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1307 WEDS VS 7.1325

China Repo Rates Rise On Tuesday

MNI: UK JUL PSNCR GBP19.23 BN

UK Public Sector Finance Due at 7:00 BST

August Exports On Solid Footing,  Country Detail Shows Double Digit Y/Y Pace

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

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President Bolsonaro Vows to Offset States for Fuel Tax Cut

BRAZIL
  • Market participants will be attentive to any reaction caused by subsidies proposed by the government to cut ICMS tax on diesel to zero, announced by President Jair Bolsonaro alongside Senate Head Rodrigo Pacheco, Speaker Arthur Lira and Economy Minister Paulo Guedes.
  • The measure to be valid by Dec. 31 and the government also announced it will propose a constitutional amendment to offset states.
  • Bolsonaro and Guedes did not disclose the measure’s fiscal impact. Govt to use extraordinary revenues that have not yet been included in the budget to pay the subsidies, Guedes said.
  • The Brazilian real may come under pressure as markets assess the fiscal premium of the proposals. Short-end DI swap rates may also fall as measure should reduce inflation pressure.
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