MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: PBOC Net Injects CNY57 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1315 Fri; -0.52% Y/Y

Intermediate PPI Deflation Continues To Fade in June

MNI: GERMANY JUNE PPI  +0.2 % M/M (+0.1% FCAST, 0.0% PRIOR)

Disappointing data but no market reaction

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

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SOUTH AFRICA: Ramaphosa's Policy Speech, SARB Rate Decision Both Due Thursday

SOUTH AFRICA
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  • Bloomberg reported that Finance Minister Enoch Godongwana discussed South Africa's fiscal parameters during a closed-doors meeting (lekgotla) of the new coalition government on Saturday. The cabinet convened to discuss policy priorities before President Cyril Ramaphosa outlines the programme of action during the formal opening of parliament on Thursday.
  • Ramaphosa will speak on the same day when the SARB delivers its next monetary policy decision. As many as 17 analysts polled by Bloomberg expect an on-hold decision, with the three dissenters calling for a 25bp cut. Market bets on a cut increased after the release of below-forecast US CPI data last week.
  • According to a BusinessDay piece, South Africa will send a high-level delegation in the coming two weeks to lobby against a review of bilateral relations. This comes after the US House of Representatives passed legislation calling for such a review, albeit the approval of the Senate and the President is still needed for it to become law. The South African delegation will be visiting the US for the annual African Growth and Opportunity Act (AGOA) summit on July 24-26 and officials want to use this occasion to defuse bilateral tensions.
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  • Bloomberg reported that Finance Minister Enoch Godongwana discussed South Africa's fiscal parameters during a closed-doors meeting (lekgotla) of the new coalition government on Saturday. The cabinet convened to discuss policy priorities before President Cyril Ramaphosa outlines the programme of action during the formal opening of parliament on Thursday.
  • Ramaphosa will speak on the same day when the SARB delivers its next monetary policy decision. As many as 17 analysts polled by Bloomberg expect an on-hold decision, with the three dissenters calling for a 25bp cut. Market bets on a cut increased after the release of below-forecast US CPI data last week.
  • According to a BusinessDay piece, South Africa will send a high-level delegation in the coming two weeks to lobby against a review of bilateral relations. This comes after the US House of Representatives passed legislation calling for such a review, albeit the approval of the Senate and the President is still needed for it to become law. The South African delegation will be visiting the US for the annual African Growth and Opportunity Act (AGOA) summit on July 24-26 and officials want to use this occasion to defuse bilateral tensions.