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: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

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

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

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3.25% Jan-33 Gilt

GILT AUCTION RESULTS
  • A relatively wide tail of 1.0bp for the 10-year gilt auction (3.25% Jan-33 gilt), which also saw the LAP below the pre-auction mid-price (91.334 vs 91.339).
  • The last two 10-year gilt auctions have seen tight tails of 0.2bp and stronger bid-to-covers of 2.81/3.04x (versus 2.33x today). We did see a 1.1bp tail a the February auction, however, which is more comparable to today's 1.0bp tail.
  • The last couple of 10-year auctions were strong, this is a below average result and saw the price fall on the release of the result, but we are still off the lows of the day.
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