MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY200 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

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

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

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

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2Y Yields Pare Little Under Half Of Yesterday's Historical Rally

US TSYS
  • Cash Tsys have seen a bear flattening as the front-end pared earlier further brief gains seen likely on Credit Suisse accounting headlines. The 26bp increase for 2YY follows yesterday’s 61bp decline, the largest one day decline since the early 1980s. With moves very much concentrated at the front end, the bear flattening sees 2s10s widen back out to -63bps at typing comparing with last week’s lows of -110bps.
  • 2YY +25.9bp at 4.236%, 5YY +19.9bp at 4.069%, 10YY +3.2bp at 3.605%, 30YY -0.6bp at 3.703%.
  • TYM3 trades 26+ ticks lower at 113-26+ close to session lows of 113-26 with heavy cumulative volumes of 700k. Having cleared tentative round number support at 114-00, it currently remains in the middle of yesterday’s wide range of 112-21 to 115-13.
  • Data: CPI clearly headlines the session at 0830ET (1230GMT, preview here), whilst real average earnings land at the same time as usual.
  • Fedspeak: Media blackout (for macro/mon pol elements) but now likely looked at far more closely than would otherwise have been the case, Gov. Bowman speaks at a community bankers’ event in Hawaii (1720ET).
  • No issuance.
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