For now, the European Commission (EC) will not introduce a ‘digital tax’. The reason being that a global minimum profit tax seems to be imminent and the EC wants to await further negotiations on this. The U.S. Treasury Secretary, Janet Yellen, also joined the EC meeting and has once again emphasized that the U.S. is an opponent of the European ‘digital tax’.
The Chinese central bank will relax its liquidity rules as of July 15. This will reduce Chinese banks’ reserve requirements by 0.5% and is expected to release about USD 154 billion in additional cash. The central bank indicates that this is a regular reduction now that the economy is recovering. However, several analysts believe that the policy guidelines have been adjusted to give Chinese banks more financial leeway due to increasing credit risk on outstanding loans.
ING research shows that Dutch households have saved around EUR 52 billion since March 2020. This amounts to more than EUR 6,500 per household. Per month, some EUR 3.5 billion was deposited in savings accounts in the Netherlands, 62% more than expected in normal circumstances. In May 2020, during the first lockdown, monthly deposits peaked at EUR 7.1 billion.
The 6M Euribor increased with 1 basis point to -0.51% compared to previous business day. The 10Y Swap is unchanged at 0.03% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
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