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MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

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CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

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Reforms To Be Filed In Congress

COLOMBIA
  • On Tuesday, the U Party declared independence from the Government of Gustavo Petro, which could further hinder the progress of reforms that have been sent to Congress. Dilian Francisca Toro, president of the party, said in a series of tweets that its lawmakers will support government-promoted reforms that have a positive impact and reject those that don’t.
  • The government is filing the labor reform in congress today with which it seeks to increase benefits for formal workers, such as greater compensation for working overtime, Sundays and holidays. Central bank governor Leonardo Villar told lawmakers that the labor reform proposal would hurt the labor market on higher hiring costs.
  • Separately, the government will propose a more ambitious savings fund that would help reduce the nation’s long-term pension liabilities, Finance Minister Ricardo Bonilla told lawmakers in Bogota on Tuesday. Bonilla said the new savings fund proposal will be included in the new text of pension reform bill.
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