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

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

Energy Base Effects Push PPI Higher, But Goods Pipeline Pressures Soften

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

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

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Bear Steepening Pre-CPI And 30Y Supply

US TSYS

Cash yields have risen with the curve steepening in the overnight session, with 30Ys underperforming ahead of supply today. Higher-than-expected Chinese inflation data set a bearish tone in Asia-Pac hours, with US CPI eyed warily.

  • The 2-Yr yield is up 3bps at 0.4509%, 5-Yr is up 3.6bps at 1.1169%, 10-Yr is up 3.0bps at 1.4813%, and 30-Yr is up 3.8bps at 1.8553%.
  • The highlight of Wednesday's schedule is the 0830ET release of October CPI. Headline is seen re-accelerating to 0.6% M/M vs 0.4% in Sep, with core up to +0.4% vs +0.2% prior. Additionally we get jobless claims at the same time.
  • 1000ET sees wholesale inventories data, with the monthly budget statement out at 1400ET.
  • The other notable event is $25B 30Y Bond auction at 1300ET. We also get $35B combined in 4-/8-week bills at 1130ET, plus $40B in 119-day bills alongside the 30Y auction.
  • NY Fed buys ~$3.225B of 7-10Y Tsys.
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