MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

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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Ruling Coalition Intends To Finalize IMF Deal On Econ Plan This Year.

ARGENTINA
  • Reuters exclusive: According to a Government source:
    • Argentina to agree multi-year economic plan with IMF staff before sending to congress.
    • [RTRS] Argentina ruling coalition intends to finalize deal with IMF on economic plan this year.
    • [RTRS] Outstanding issues with IMF over economic plan include pace of fiscal consolidation, reduction of monetary financing.
  • From the Reuters report:
  • Argentina plans to agree a new long-term economic plan with International Monetary Fund staff before submitting it to Congress, a government source said, as talks continued to secure a deal to roll over $45 billion owed to the IMF.
  • The person said the government wanted to raise funds by improving tax collection and through agreements with other multilateral lenders, rather than cutting public spending.
  • A new deal will need the IMF to be on board with the plan, which will be debated in Congress with opposition parties emboldened by a strong showing in the mid-term vote.
  • The government is trying to hammer out improvements in tax administration that it hopes will increase revenue by reducing tax evasion. It is also pushing for more financing from other multilateral lenders like the World Bank.
  • With inflation of more than 50%, speculation has been rife in the markets about a possible shock currency devaluation.
  • The government source said this was not being planned, adding: "It is the understanding of the Argentine government that neither side wants an abrupt jump in the exchange rate".
  • The IMF did not respond to a request for comment.
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