MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

CBRT Data Watch

NBH Data Watch

Pay concerns push back easing expectations; curve flattens

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

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Bonds Holding Lower Range

US TSY FUTURES
Bond futures reverse recent bounce, back near late overnight lows amid pre-auction short sets ahead final leg of Tsy's coupon sales w/ $35B 7Y note, while increasing Mar'23s/Jun'23 roll volume (Jun'23 takes lead next Tuesday) driving volumes.
  • Tsy 30YY currently 3.9327% (+.0185) vs. 3.9401% high, 10YY 3.9410 (+.0254), while 2YY 4.7016% (+.0083).
  • On the latter, Citi technicians note "acute focus is on 2y yields and whether it closes above 4.5% this month (completing a bullish outside month), as the price action resembles September 2017. We look for an initial return to the trend highs of 4.8%, and if that gives way, our longer-term double bottom target of 5.8-5.85%."
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