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

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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

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0.375% Oct-30

GILT AUCTION PREVIEW
  • This morning will see GBP2.5bln of the 0.375% Oct-30 gilt on offer in the last auction of both the week and the month.
  • This will be the last auction of the 0.375% Oct-30 gilt before the new Jul-31 gilt launches on 12 November.
  • The 0.375% Oct-30 gilt is has the second highest level of holdings of any outstanding gilt held in private hands (i.e. excluding government and BOE holdings).
  • All auctions of the gilt have been successful with tails ranging between 0.1-0.3bp and bid-to-covers ranging between 2.32-2.96x (with the two highest bid-to-covers seen at the two most recent auctions).
  • We expect another strong auction today.
  • RESULTS: Results will be available shortly after the auction closes at 10:00GMT with an additional GBP625mln available to successful bidders through the PAOF until 13:00GMT.
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