MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Higher At 7.1046 Fri; -5.03% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1046 FRI VS 7.1020

MNI BRIEF: Beijing Opposes U.S. Measures Against Chinese Steel

MNI China Daily Summary: Thursday, April 18

Japan Mar Core CPI +2.6% Y/Y; Energy Price Fall Narrows

JAPAN MARCH SERVICES PRICES +2.1% Y/Y; FEB +2.2%

MNI JAPAN MARCH CORE CPI +2.6% Y/Y; FEB +2.8%

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Bonds are better bid today

BOND SUMMARY
  • EGBs trade in fairly narrow ranges, but contract have been generally better bid, following the overnight risk on.
  • Fed officials are playing down that risk of higher inflation will persist.
  • Cheaper money for longer, and the dovish tone keeps Equities and Bond futures supported.
  • German curve trades bull flatter on the margin, while peripheral spreads move tighter as they outperform Germany.
  • Italy leads and is 3bps tighter on the session.
  • Gilts underperform slightly versus EGBs, with volumes here once again dominated by rolling position into September. Roll pace is at 20% ahead of 1st notice on the 27th.
  • US Treasuries are better bid on Risk on, and similar to Gilts, rolls are at the forefront, given the lack of Risk events and Data.
  • Looking ahead, Fed Barkin, Evans, Quarles, ECB Villeroy, Lane, and BoE Tenreyro are the scheduled speakers.
  • In Supplies, US 2yr $60bn
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