MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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SARB Gov Defends Central Bank Independence, Eskom Temporarily Eases Loadshedding

SOUTH AFRICA
  • South African Reserve Bank (SARB) Governor Lesetja Kganyago spoke in defence of central bank independence, arguing that "in countries where central banks are captives of the political process, they tend to be willing to fund whatever the government wants, or to adjust monetary policy to suit election timetables." The official has repeatedly pushed back against proposals to expand the SARB's mandate to include employment.
  • Eskom announced that "due to sufficient emergency reserves and a slight increase in available generation capacity, resulting from the return to service of two units, loadshedding will be reduced to Stage 1 from 10:00 today until 14:00," after which Stage 2 power cuts will return until further notice.
  • President Cyril Ramaphosa is expected to use his SONA to tout the ruling ANC party's track record and may announce the date for the upcoming elections. Presidential spokesman Vincent Magwenya recently noted that the announcement was "imminent."
  • South Africa's gross reserves shrank to $61.19bn in January versus $62.40bn expected. Net reserves fell to $56.66bn versus $56.70bn expected.
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