MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

MNI BRIEF: 'Noise' Driving Economic Deterioration- Campos Neto

MNI China Daily Summary: Tuesday, July 2

Australia May Total Dwelling Approved +5.5%

Australia May Retail Trade +0.6%

MNI: AUSTRALIA MAY RETAIL SALES +0.6% M/M

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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Senator Wants Act Amended With Full Employment Mandate, External Members

BOC
(MNI) OTTAWA
  • While the Liberal government is highly unlikely to back proposed amendments to the Bank of Canada Act, independent Quebec Senator Diane Bellemare on Wed introduced a bill to amend the legislation guiding the central bank
  • Bill S-275 seeks changing the Bank's mandate to "promote sustainable and equitable prosperity and the well-being of all Canadians"
  • Also proposes adding six external members to members from Governing Council to set monetary policy; expanded committee would vote on policy rate instead of current practice of decision by consensus
  • Adds mandate beyond price stability to "the maximum sustainable level of employment"
  • Bank would also have to report every 3y on "the redistributive effects of monetary policy on the regions and groups specified by the Permanent Committee"
  • Senators in Canada aren't elected and most legislation that passes Parliament comes from the elected House of Commons; furthermore most economic legislation passed is seen as govt purview
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
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MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
Homepagemarkets-real-timePolitical RiskPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

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