MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

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

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UK To Reduce Oil And Gas Windfall Tax On Lower Prices

OIL

The UK government could reduce the current 75% windfall tax on oil and gas companies to 40%, if prices would return to normal levels for a sustained period, it said.

  • The government set the price floor at $71.40/bbl of oil and 0.54 pence per therm for gas, saying the level had been chosen based on 20-year historical averages. The mechanism would be triggered if prices fell below this level for two consecutive quarters.
  • The levy was introduced in May 2022 in response to soaring energy prices. The government said independent forecasts by the Office for Budget Responsibility indicated the mechanism would not be triggered before the windfall tax’s planned end date in March 2028.
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