MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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10Y Yields Turn Lower On The Day Again

BTP

10Y BTP yields turn lower on the day again, heading through the session's previous lowest level of 4.875% in the process, and is now around 8bps lower since the US equity cash open.

  • Firmer dynamics in FI markets in Europe and the US, alongside reports that changes to ECB QT policy is unlikely in the near term outweigh fiscal related concerns in headlines circulated earlier today
  • The spread of 10-Yr Italian BTPs vs Bunds is 4.1bps wider at 206.9bps, off the high of 209.5bps today.
  • However, Italy remains the underperformer in the periphery space, with the 10-year Italy/Spain spread at the highest level since late February at 91.9bps, 1.4bps wider on the day.
  • The 2s10s curve bull flattens 2.3bps on the day, now at 87.7bps, with other peripheries seeing bull steepening dynamics.
  • The local docket is thin this week, with industrial production tomorrow not expected to move markets.
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