MNI China Daily Summary: Friday, July 12

MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

MNI BRIEF: China Steel Export Growth Slows In June

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

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

Retail Sales / Services Turnover Publications Postponed Indefinitely

CHINA H1 NEW LOANS CNY13.27 TRLN VS JAN-MAY CNY11.14 TRLN

Inflation Momentum Ticks Up Despite Lower-than-expected Print

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 To Probe NBP Governor, Batch Of Polish Data On Tap Today

POLAND
  • Prime Minister Donald Tusk said that a motion to probe NBP Governor Adam Glapinski is ready and will be tabled in parliament in the coming days. The governing coalition, which accuses Glapinski of showing political bias towards the previous administration, has the votes to trigger a procedure which could end with his ouster. Should lawmakers agree to launch a probe, the first step would involve a series of hearings with Glapinski in front of a parliamentary committee, which would then recommend whether to refer his case to the Tribunal of State. Parliament would then hold another vote on whether the official should be put on trial and an approval would automatically trigger Glapinski's suspension. The ruling coalition's plan to investigate and possibly prosecute the sitting NBP Governor has raised controversies, with the central bank trying to muster support from the ECB and international financial institutions, and to prepare necessary resources for the expected legal battle. Furthermore, the Constitutional Tribunal populated by the appointees of the previous administration ruled that parliament cannot suspend Glapinski - but the validity of its verdicts is contested by the new ruling coalition.
  • Presumptive Republican presidential candidate Donald Trump said that he would "100%" defend NATO allies who "start to play fair" over defence spending obligations. The prospect of another Trump presidency has raised concern in East Europe amid the threat of a potential expansion of the Russian aggression. Comments from some Polish officials (especially from the Presidential Palace) indicated hopes that the country's emergence as NATO's top per-GDP military spender could persuade a potential Trump administration to honour US security commitments.
  • Farmers resume their nationwide protest action against the EU Green Deal, the inflow of Ukrainian agricultural imports, tighter regulations on animal husbandry and the general "dramatic situation" in the agricultural sector.
  • Poland's February wage, employment, industrial output and PPI data will cross the wires alongside March consumer confidence at 09:00GMT/CET. Another batch of monthly economic activity indicators is due tomorrow morning.
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