MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

MNI: GERMANY Q2 FLASH GDP  -0.1% Q/Q (+0.1% FCST, +0.2% PRIOR)

MNI: ITALY Q2 FLASH GDP  +0.2% Q/Q (+0.2% FCST, +0.3% PRIOR)

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

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2Y Auction Ahead, With Cash Yields 30bps Higher Than Last Month

CANADA
  • Canada sells C$6.5bn of the new 4.5% May’26, sticking to last month’s up-sized tap.
  • Recent bid-to-cover results have been mostly uneventful, with 2.38 in January and a five-auction average of 2.365.
  • 2Y GoCs heavily underperform Tsys ahead of the auction: +5.5bps vs +1.5bps for Tsys, pushing the Can-US differential to -26bps but only for its highest since Feb 1.
  • Yields of 4.185% are at highs since late Nov and sit some 30bps higher than at the January auction, a good test of demand at these levels.
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