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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Ahead of the particularly busy week for.....>

OPTIONS
OPTIONS: Ahead of the particularly busy week for central banks (Fed, BoJ, BoE,
Norges Bank, SNB and more all due by the end of the week) implied vols are
inching higher across a number of different major pairs, with the soaring oil
price Monday also helping to contribute. The short-end of the USD/JPY vol term
structure in particular has bumped higher out to 18-months, with the Bank of
Japan decision due on Thursday helping support, as well as the gap higher at the
open in spot JPY. Jumpy implied vols across DMFX contrasts with lower options
volumes across many majors, with EUR/USD, USD/JPY and USD/CNY activity lower
than recent averages for this time of day.
-USD/HKD, USD/KRW and USD/INR are the standouts, with volumes exceeding recent
averages by a decent margin. Large volatility hedges in USD/HKD have drawn
focus, with a $200mln 7.78/7.85 six-week strangle and a $100mln 7.8015/7.8425
one-month strangle both trading in late Asia-Pac/early European hours.
-Reflecting the surge in the oil price, traders have sought hedges for further
downside in key oil importers, with a $150mln 1,1900/1,200 USD/KRW one-week call
spread crossing mid-European morning.
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