MNI China Daily Summary: Monday, July 1

MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

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

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

EZ/UK T-Bill Calendar: Spain, Belgium, ESM Auction on Wednesday

MNI: US MAY CONSTRUCT SPENDING -0.1%

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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Russia Open to Higher Yuan Purchases

OIL

Russia will start buying yuan on the currency market next year if oil and gas revenues meet expectations according to Reuters sources.

  • Russia stated its intentions earlier in the year to try and move away from dollar denominated trade, particularly for energy. Rouble only transactions were the catalyst for initial gas flow cut offs to some European nations who refused to do so.
  • Daily yuan-rouble trading volumes on the Moscow Exchange are already exceeding dollar-rouble trades on some days, according to Refinitiv data. Higher energy trade with China is expected to exacerbate this trend going forward.
  • “If next year’s budget revenues from the export of oil and gas exceed 8 trillion roubles, then the central bank will buy yuan," the Reuters source said.
Energy BulletsCommodities
Energy BulletsCommodities

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