MNI China Daily Summary: Friday, September 6

MNI BRIEF: China To Address Consumption In Next Five-year Plan

MNI: PBOC Net Injects CNY111.4 Bln via OMO Friday

CHINA PBOC CONDUCTS CNY141.5 BLN VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.0925 Fri; +2.94% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.0925 FRI VS 7.0989

MNI: EUROZONE Q2 GDP +0.2% Q/Q, +0.6% Y/Y

MNI: FRANCE JUL INDUSTRIAL PRODUCTION -0.5% M/M, -2.2% Y/Y

MNI: GERMANY JUL EXPORTS +1.7% M/M; IMPORTS +5.4% M/M

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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Sec Yellen To Testify Before Senate Amid Pressure Over Inflation Comments

US

10:00 ET 15:00 BST: Treasury Secretary Janet Yellen is due to testify before the Senate Finance Committee at the top of the hour amid increasing political pressure following comments which appeared to suggest that the Biden administration had miscalculated inflation.

  • A livestream of the hearing can be followed here: https://www.finance.senate.gov/hearings/the-presid...
  • The hearing is officially on President Biden's FY23 budget request but Republican lawmakers, led by Senator Mike Crapo (R-ID), are expected to grill Yellen on the remarks in which she conceded she was 'wrong about the path inflation would take.'
  • The Treasury walked back Yellen's comments, clarifying that the Secretary misjudged the extent of exogenous influences on the economy rather than impugning her own judgement as an economist.
  • NYT: "After months of pinning rising prices on temporary supply chain problems that would dissipate, Ms. Yellen acknowledged last week that she had gotten it “wrong,” putting the Biden administration on the defensive and thrusting herself into the middle of a political storm."
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USHomepagePolitical Market NewsPolitical RiskPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

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