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 MAY WHOLESALE INV 0.6%; SALES 0.4%

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

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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SARB Dep Gov Tenders Resignation, ANC Takes Action To Discipline Its Lawmakers

SOUTH AFRICA
  • SARB Deputy Governor Kuben Naidoo indicated his intention to step down almost 18 months before the expiry of his second five-year term. The former Treasury and presidency official has been serving as Deputy Governor since 2015. BusinessDay reports that "it is understood that Naidoo has over the past year floated the idea inside the Bank that he might want to leave before the end of his second term" and met with President Cyril Ramaphosa to discuss the matter on July 4 but has not yet received a response. Separately, the Daily Maverick reported that "there is no real succession plan in the works," with a source noting that "it's a bit of a mess". Should Naidoo's resignation be accepted, Ramaphosa could start the reshuffle of central bank leadership before the 2024 general elections. Naidoo's departure will be followed by the expiry of Deputy Governors Fundi Tshazibana's and Rashaad Cassim's terms in August 2024, with Governor Lesetja Kganyago's term ending in November 2024. BusinessDay cited talk suggesting that Naidoo's departure could push the MPC to the hawkish side amid the official's reputation as one of its more dovish members.
  • SARB Governor Lesetja Kganyago said in a lecture that climate change is set to amplify fiscal policy risks in emerging and developing economies. The official stressed that governments will need to allocate more funds for the repairs of damaged infrastructure or compensate farmers, while tax revenue will decline.
  • The ruling African National Congress (ANC) is launching disciplinary action against several of its MPs, according to a report circulated by the Daily Maverick. The party has removed three MPs from parliament (Tyotyo James, Nomsa Kubheka and Sibusiso Kula) and will take action against lawmakers who failed to toe party line on various occasions. The latter group includes Nkosazana Dlamini Zuma, who last year defected in the vote on whether to accept the Phala Phala report.
  • Electricity Minister Kgosientsho Ramokgopa expressed optimism about progress in the improvement of South Africa's electricity situation, while simultaneously warning of the potential catastrophic consequences of losing both generating units at the Koeberg nuclear power station.
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