MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

CBRT Data Watch

NBH Data Watch

Pay concerns push back easing expectations; curve flattens

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

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Ramaphosa’s Party Standing Takes A Blow

SOUTH AFRICA
  • Ramaphosa’s efforts to clean up and tighten the ANC’s stance against graft took a blow over the weekend on the eThekwini elections, in which former mayor Zandile Gumede was elected chair of the region. Gumede had been facing charges surrounding a R320mln waste contract, and has agreed to allow her deputy chair to step up to the role until the charges are cleared. Ramaphosa had backed Thabani Nyawose in the vote, who garnered 181 votes vs. Gumede’s 210.
  • Wastewater testing in Gauteng has shown levels of COVID-19 could be rising in the area, prompting the SAMRC to warn that this could mark an early signal for an upswing in cases. The Omicron variant continues to dominate in all samples so far processed.
  • Biden and Ramphosa held talks over the weekend following South Africa’s abstention from a vote on suspending Russia’s UN Human Rights Council. Ramaphosa called the call with Biden “productive”, adding that they share the view that the there is a need for a ceasefire and continued dialogue between Russia and Ukraine.
  • Manufacturing Production data is the calendar highlight Monday, with M/M figure seen falling 0.1%, while gaining 2.8% on a Y/Y basis. Data is released at 1200BST/0700ET.
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