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MNI: PBOC Net Drains CNY218.4 Bln via OMO Thursday

CHINA PBOC CONDUCTS CNY359.3 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1228 THURS VS 7.1307

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MNI: PBOC Net Drains CNY111.2 Bln via OMO Wednesday

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MNI: EUROZONE AUG FLASH MANUF PMI 45.6 (FCST 45.8); JUL 45.8

MNI: GERMANY AUG FLASH MANUF PMI 42.1 (FCST 43.3); JUL 43.2

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

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Venezuelan Oil to Europe Set to Return

OIL

The US is set to allow Spain’s Repsol and Italy’s ENI to ship small volumes of Venezuelan oil to Europe according to reports over the weekend.

  • The volumes would go towards an oil for debt swap that was halted two years ago due to the US stepping up sanctions against Venezuela.
  • The volumes could start moving as early as next month and opens the possibility of further volumes going forward as Europe seeks alternative supplies given the blocs commitment to ban Russian flows.
  • One of the conditions of the deal is reported that the oil has to go to Europe and cannot be resold elsewhere.
  • Chevron, ONGC and Maurel & Prom have lobbied for an oil for debt swap but have not been included.
  • Chevron received a six-month continuation license that preserves its assets and approval to talk with Venezuelan government officials about future operations.
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