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MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

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Senate Expected To Approve Pension Reform Bill Today

COLOMBIA
  • The Senate is expected to vote to approve President Petro’s pension reform proposal today, opening the door for the bill to become law, given the government’s controls of the lower house. Amongst the articles approved so far by the Senate was a new clause that will allow pension funds to charge 0.7% on assets managed, in addition to the fees charged upfront. Senator Moreno said that the proposal will help private funds to remain financially viable as the government’s bill cuts private pension savings by moving more workers into the public system.
  • In other news, the country is expected to resume regular working hours today, after emergency holidays which were imposed due to the severe drought which is straining the electricity supply. Last week, it was reported that the government is taking further measures to stem the risk of power shortages, given the critically low water levels in hydro reservoirs.
  • On the data front, the focus this week will be on March industrial and retail confidence numbers, due for release tomorrow.
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