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

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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Bear Steepening

GILT SUMMARY

Gilts have traded weaker today with the curve bear steepening alongside gains for equities.

  • Cash yields re now 1-4bp higher on the day with curve 3bp steeper. Last yields: 2-year 0.0508%, 5-year 0.3568%, 10-year 0.8167%, 30-year 1.3216%.
  • The Jun 21 gilt future trades at 127.93, near the middle of the day's range (L: 127.73 / H 128.09).
  • Short sterling futures broadly 0.5-2.0 ticks lower in whites/reds/greens/blues
  • The BoE May MPC meeting comes into focus tomorrow. Consensus is unanimous in expecting no change to the main policy instruments. Most analysts expect the BoE to taper asset purchases at some point, although opinions differ on whether this will happen soon after the May meeting or later in the year.
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