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

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Pay concerns push back easing expectations; curve flattens

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

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Russian Hopes on Siberia 2 Deal by Year End

NATURAL GAS

Russia hopes the Power of Siberia 2 pipeline deal with China can agreed “by the end of the year” according to Deputy Prime Minister Alexander Novak.

  • It would have a capacity of 50 bcm, almost entirely replacing the flows no longer heading to Europe via Nord Stream.
  • Novak said on Tuesday that instructions had been given to gas company Gazprom to reach a deal as soon as possible after China’s Xi Jinping and Putin met in Moscow this week.
  • "Now the contract terms are being finalized between Gazprom and the Chinese company CNPC. A feasibility study is already underway, the design of the gas pipeline route through the territory of Mongolia," Novak said.
  • China are in a strong position to driven a hard bargain against Moscow with few other options to direct its gas towards. China is understood to not need the extra volumes until 2030 because of other pipeline projects and a swathe of new LNG import deals with the US and Middle East.
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